U.S. corn ticks up, soy steady on Argentine weather
SINGAPORE, Dec 22 (Reuters) - U.S. corn futures ticked higher, rising for sixth straight session, while soybeans were little changed at 5-1/2 week top as hot weather and lack of rains in Argentina continued to raise supply concerns.
"There have been some concerns over the past few sessions on Argentine dryness. That is not a new concern and it is certainly on our watch list," said Luke Matthews, a commodity strategist at the Commonwealth Bank of Australia.
U.S. analyst cuts Argentine soy production forecast
CHICAGO, Dec 21 (Reuters) - Private U.S. crop analyst Michael Cordonnier said Tuesday he cut his forecast for 2010/11 Argentine soybean production due to hot and dry weather in key production areas of the No. 3 soybean exporter.
Cordonnier pegged the Argentine soy crop at 49 million tonnes, down from his previous estimate of 50 million.
Soy product futures climbed in unison with soybeans. Soyoil futures led the advances, grabbing a larger percentage in overall value of the soy products, amid strong world vegoil demand and outlooks for improved domestic usage in the biodiesel industry, analysts said. CBOT Jan soyoil ended 0.58c or 1.1% higher at 55.56 cents per pound, and Jan soymeal traded $1.10 or 0.3% higher at $352.60 a short ton. (Source: CME)
Palm oil up on weather potentially sapping output
KUALA LUMPUR, Dec 21 (Reuters) - Malaysian crude palm oil futures rose 1.2 percent as traders grew more concerned over heavy rains curbing production in the world's second largest producer of the vegetable oil."Palm oil could easily hit 4,000 ringgit early next year if the crazy weather continues," said a trader with a foreign commodities brokerage.
Indonesia to hike Jan palm export tax to 20 pct
JAKARTA, Dec 21 (Reuters) - Indonesia may hike its palm oil export tax to 20 percent in January, from 15 percent in December, in line with rallying international prices, industry sources familiar with the matter told Reuters on Tuesday.
The higher tax could slow exports in January as sellers in the world's largest producer hold shipments to avoid the hefty hike.
China sells 57,700 T rapeseed oil, 58 pct of offer
BEIJING, Dec 21 (Reuters) - China on Tuesday sold 57,700 tonnes of rapeseed oil out of 100,000 tonnes on offer from state reserves. The sales, once in two weeks since November, are aimed to cool food prices in the run-up to the holiday period.
The rapeseed oil was sold at an average of 9,255 yuan ($1,387) per tonne, slightly higher than the previous price after the rebound of domestic edible oil prices.
Rains to fan out over all Brazil soy areas-Somar
BRASILIA, Dec 20 (Reuters) - Brazil should see rains covering all its soy-producing regions by next week, forecaster Somar said on Monday, topping up moisture levels in areas that had been making do with a lot less rain.
Many areas should receive showers this week also as a cold front makes its way from the southernmost state Rio Grande do Sul, an important soy producer, up to other states growing the oilseed including Parana and Mato Grosso do Sul.
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