Soy product futures bounce in unison with soybeans, managing to recover from choppy price action that saw prices trade in both positive and negative territory. The market was a bit cautious ahead of Wednesday's crop reports, but strong world vegoil demand supported soyoil, while frigid Midwest temperatures spur talk of increased soymeal feed usage, analysts say. CBOT March soyoil ended 0.36c or 0.6% higher at 58.77c per pound, and March soymeal traded $3.30 or 0.9% higher at $385.70 a short ton. (Source: CME)
Palm oil recovers on tight supply concerns
KUALA LUMPUR, Feb 8 (Reuters) - Malaysian palm oil reversed losses as traders focused on prospects of tighter supplies after heavy rains and floods curbed production.
"Supplies are looking quite tight from January when the weather was at its worst and we could see further declines in February when countries like China restock," said a trader with a foreign commodities brokerage in Kuala Lumpur.
Brazil soy crop views rise into record territory
SAO PAULO, Feb 7 (Reuters) - Forecasts of Brazil's new soybean crop that recently started early harvest are increasingly being pushed into record territory by analysts based on improving yields from good rains.
Analysts Celeres on Monday raised its view of the new 2010/11 crop to a record 69.8 million tonnes, up from 68.1 million forecast in January due to improving yields following regular and plentiful rains over the past few months.
Rains benefit driest Argentine farming areas
BUENOS AIRES, Feb 7 (Reuters) - Rains over the last day in Argentina replenished soils and rejuvenated soy crops in farming areas where dryness had lingered, an agricultural meteorologist said Monday.
Heavier rainfall since mid-January has eased the impact of several months of dry weather linked to La Nina, but many crop analysts have lowered their forecasts for soy production to below 50 million tonnes.
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