Soy product futures settled higher, rallying in step with soybeans amid broad-based commodity buying. Soyoil was the upside leader of the products, garnering additional support from strong global vegoil demand and fears weather issues for Malaysian and Indonesian palm oil crops will trim world vegoil supplies, analysts said. Strong gains in crude oil aided the supportive tone. Crude oil influences grain and oilseeds due to their use in making renewable fuels. Soyoil, a byproduct of soybeans, is the primary feedstock for U.S. biodiesel production. CBOT January soyoil ended 1.29 cents, or 2.4%, higher at 55.45 cents per pound, and January soymeal traded $5.20, or 1.5%, higher at $342.80 a short ton. January oil shar was 44.67%, while the January soybean crush margin ended at 60 1/4 cents. (Source: CME)
India November Vegetable Oil Imports Fall 11% To 668,917 Tons (Source: CME)
India's vegetable oil imports in November fell 11% from a year earlier to 668,917 metric tons due to higher availability of domestic oilseed crop and rising global prices, the Solvent Extractors' Association of India said. Edible oil imports during the first month of the marketing year that began Nov. 1 totaled 652,262 tons, down from 712,677 tons, the trade body said. India is the world's second-largest vegetable oil importer after China and meets more than half of its requirements through imports.
Import price of crude palm oil rose about 55% to $1,088 per ton, while soyoil price increased more than 30% to $1,192/ton. "Local oilseeds crushing has also improved, compared with last year," said B.V. Mehta, executive director of the trade body. According to the Central Organization of Oil Industry and Trade, India's summer-sown oilseeds output in the crop year that began Oct. 1 is likely to rise 12.4% to 15.4 million tons from 13.7 million tons in the previous year. India's edible oil imports this marketing year are likely to remain unchanged from previous year's 8.8 million tons, Sushil Goenka, president of the Solvent Extractors' Association, said earlier this month.
Palm at 30-mth highs on weather concerns, China
Malaysian palm oil futures hit a 30-month high on Monday, bolstered by concerns over supply tightness during the monsoon season and a firmer Chinese soyoil market. "Production is going to fall in December, as output has been sizing down due to heavy rains that started two months ago," said a trader with foreign brokerage in Kuala Lumpur.
China edible oil supply guaranteed ample - NDRC
BEIJING, Dec 13 (Reuters) - Domestic supplies of edible oils are guaranteed to be ample, said the country's top economic planner on Monday, refuting a media report of possible shortages during the Spring Festival.
"With a surge in soybean imports this year, state oilseed and oil stocks are ample, while enterprise stocks are plentiful and production levels are normal," said the National Development and Reform Commission in a statement published on its website.
India's Nov vegoil imports dip on higher local crush
NEW DELHI, Dec 13 (Reuters) - India's vegetable oil imports in November fell 11.3 percent from a year earlier on higher local soybean crushing compared with the previous month, a leading trade body said on Monday.
"Soybean crushing was good last month. It trimmed overseas requirement," said B.V. Mehta, executive director of the Solvent Extractors' Association of India.
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