Soy product futures ended mixed, with soymeal rallying on supportive outlooks for increased protein feed demand resulting from cold, snowy central U.S. weather conditions, analysts said. Soyoil futures stumbled for the second consecutive day, succumbing to profit taking pressure as traders booked profits after prices rallied in the past month, analysts said. However, supportive export demand and optimistic outlooks for the reinstitution of U.S. biodiesel tax credits limited price pressure. CBOT Jan soyoil ended 0.89 cents or 1.6% lower at 54.20 cents per pound, and Jan soymeal traded $3.90 or 1.1% higher at $346.10 a short ton. (Source: CME)
Palm eases from 33-mth highs on overseas demand, crude
KUALA LUMPUR, Dec 15 (Reuters) - Malaysian palm oil futures retreated from near three-year highs sapped by weaker overseas demand and crude oil prices, but losses were capped by tight supply concerns."The market reacted to the poor export figures, as we could not expect good demand with current expensive palm prices," said a trader in Kuala Lumpur.
Global Oct/Dec soymeal exports at record-Oil World
HAMBURG, Dec 14 (Reuters) - Global October/December 2010 soymeal exports are likely to reach a record for the time of year due to booming demand, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Global exports of soymeal for the period will reach 15.5 million tonnes, up by 3.1 million tonnes on the same time in 2009.
Oil World cuts forecast of Argentine soybean crop
HAMBURG, Dec 14 (Reuters) - Argentina is likely to harvest 50.50 million tonnes of soybeans in early 2011, down from 54.4 million tonnes in early 2010, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
This was 1.5 million tonnes down on its previous estimate in November and follows dry weather in the country.
La Nina threatens Argentine crops, may return
BUENOS AIRES, Dec 14 (Reuters) - La Nina, which is raising concerns over Argentina's corn and soy crops, could hit the South American country again next season and cause even worse damage to yields, a climate specialist said on Tuesday.
Argentina is one of the world's leading exporters of soy and corn, but dry weather linked to the La Nina climate event is fueling concerns that yields could suffer -- especially as corn plants enter key development stages.
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