Food price boom puts palm oil on emerging markets' radar
JAKARTA/KUALA LUMPUR, Feb 4 (Reuters) - Palm oil output and stocks already lagging robust demand could come under further strain should the cooking ingredient become the next target for emerging markets seeking to dampen adverse effects of booming world food prices.
As governments from India and Thailand to Egypt act to quell soaring food inflation and public anger, world cooking oil supplies look uncertain as the impact of dry weather and social unrest in the Argentine soy crushing sector lingers.
Soy product futures ended lower, with soyoil futures leading the declines on spillover pressure from crude oil futures. Crude oil influences soyoil due to its use in making renewable fuels. Soymeal futures drifted lower, pulling back from earlier gains as traders took profit on prior gains in the absence of fresh supportive news, analysts said. CBOT March soyoil ended 0.57 cents or 1% lower at 58.41 cents per pound, and March soymeal traded $0.80 or 0.2% lower at $382.40 a short ton. (Source: CME)
Palm ends off 3-yr high on ringgit; weather concerns linger
KUALA LUMPUR, Feb 7 (Reuters) - Malaysian palm oil slipped from three-year highs hit earlier as traders booked some profits on the stronger ringgit, pausing a rally driven by erratic weather curbing output.
"Investors are uncertain about the weather condition, that's why prices went positive and minus. Some of them are liquidating their positions now, but there aren't lots of movements as many people still on (Lunar New Year) holiday," said a trader in Kuala Lumpur.
Malaysian palm deliveries set to pick up, rains still a concern
KUALA LUMPUR, Feb 7 (Reuters) - Malaysian palm oil exports are set to pick up this week as floods recede in a key producing region although heavy rains continue to pound other oil palm growing areas, raising the threat of weaker yields, planters and refiners said on Monday.
Last week, floods in the southern Malaysian state of Johor prevented estates from transporting up to 70,000 tonnes of crude palm oil for processing, which drove prices to a three-year high and triggering a scramble for Indonesian supplies.
India Jan oilmeal exports rise again, may fall in Feb
NEW DELHI, Feb 7 (Reuters) - India's oilmeal exports rose 67 percent in January from a year ago, the seventh straight monthly rise, on good demand from buyers in Japan, Vietnam, South Korea and the European Union, data from a leading trade body showed.
Oilmeal exports from India, Asia's leading supplier of the animal feed, were 15 percent lower month-on-month at 640,960 tonnes on a slowdown in soymeal exports, the Solvent Extractors' Association of India (SEA) said in a statement on Monday.
India 2011 rapeseed output may rise 16.1 pct-trade
NEW DELHI, Feb 5 (Reuters) - India's rapeseed output could jump 16.1 percent in 2011 to 6.85 million tonnes, helped by favourable weather conditions, a leading trade body said, which could mean lower imports of cooking oil by the world's top buyer.
Normal rains over growing areas raised areas under the main winter oilseed crop, and conducive weather conditions during the maturity also improved yields over a year ago, when the country was hit with the worst drought since 1972.
Argentine soy crops get a lift from rains - gov't
BUENOS AIRES, Feb 4 (Reuters) - Recent rains in Argentina's main soy-farming belt have lifted crops as they pass through key growth stages, though dry conditions are lingering elsewhere, the Agriculture Ministry said on Friday.
Heavier rainfall since mid-January has eased the impact of several months of dry weather linked to La Nina, but most crop analysts have lowered their forecasts for soy production to about 50 million tonnes.
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