Soy product futures backpedaled, stumbling in unison with weakness in soybean futures. An absence of fresh supportive news opened the door for prices to retreat, with improved crop weather in Argentina, lower-than-expected weekly export sales and sharp declines in crude oil attracting sellers, analysts said. CBOT March soyoil ended 0.35c or 0.6% lower at 57.41 cents per pound, and March soymeal traded $3.90 or 1% lower at $369.10 a short ton. (Source: CME)
Argentina's 2010-11 Corn Output Seen At 20.35M Tons - Exchange (Source : CME)
Argentina's 2010-2011 corn production is set to total 20.35 million metric tons, the Buenos Aires Cereals Exchange said in its weekly crop report. The forecast is the first from the exchange, and is significantly lower than other private forecasts made earlier in the season. Hot, dry weather through December affected yields significantly, although showers in recent days have helped boost the crop's prospects, the exchange said. Corn planting is about 90% complete in Argentina, the world's second leading corn exporter.
The exchange's soybean forecast was held at 18.5 million hectares, with almost 90% of the planting complete. The soy crop also felt the effects of hot, dry weather in December, with late-seeded soy developing slowly. However, recent showers and expectations for more rain in the coming days are improving prospects, the exchange said. Argentina is third in the world for soybean exports and leads soymeal and soyoil shipments. The wheat forecast was held at 14.5 million tons, with almost three-quarters of the harvest complete.
The sunflower-seed forecast was also held at 2.7 million tons.
Palm oil bounces on erratic weather curbing output
KUALA LUMPUR, Jan 6 (Reuters) - Malaysian crude palm oil recovered driven by erratic weather slowing production in major vegetable oil exporting regions at a time of growing global demand. "The erratic weather shows no sign of easing, we may extend this weather-driven market well beyond the first quarter," said a trader with a foreign
Brazil 10/11 soy crop seen unchanged from Dec-govt
SAO PAULO, Jan 6 (Reuters) - Brazil's 2010/11 soybean crop was estimated at 68.55 million tonnes, unchanged from a forecast given in December, the government's crop supply agency Conab said on Thursday.
Harvesting of the crop will begin in the coming weeks.
Thailand to import palm oil as Asian price fears grow
BANGKOK, Jan 6 (Reuters) - Thailand will import 30,000 tonnes of crude palm oil, the first in three years, because of a domestic shortage, as other Southeast Asian countries took action to hold down prices as inflation worries grew.
The phenomenon has revived memories of the jump in food and commodity prices in 2008 that led to a panic about supplies and sparked unrest in some countries.
Indonesia extends cooking oil subsidy on inflation concern
JAKARTA, Jan 5 (Reuters) - Indonesia will continue to subsidise a 10 percent value added tax imposed on palm oil-based cooking oil this year to stabilise prices as the country seeks to control accelerating inflation, the trade minister said on Wednesday.
Indonesia's annual inflation picked up in December to a 20-month high of nearly 7 percent, above the central bank's 2010-end target range of 4-6 percent, leading analysts to call for rate hikes to head off inflationary pressures.
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