Palm off 3-year high; tight supply concerns remain
KUALA LUMPUR, Feb 10 (Reuters) - Malaysian palm oil futures ended off three-year highs hit earlier as traders booked some profits after a slew of industry data showed tight vegetable oil supplies at a time when demand has picked up.
"There is general strength in the market even though some players have taken profits. Exports are doing very well and we could see a further stock draw this month," said a trader with a local commodities brokerage.
Area, rains push Brazil soy crop to record - gov't
SAO PAULO, Feb 9 (Reuters) - Brazil raised its official view for the new soybean crop into record territory due to a greater planted area and better weather than previously expected, which falls in line with a trend in independent forecasters.
The 2010/11 soybean crop was projected at a record 70.1 million tonnes, up from the 68.55 million tonnes forecast in January, the government's crop supply agency Conab said Wednesday.
Palm oil deficit in 2011; upward price momentum -SMART
JAKARTA, Feb 9 (Reuters) - Rains and flooding coupled with robust emerging market demand, will push the global palm oil market into deficit this year, keeping upward pressure on prices, palm oil giant SMART said on Wednesday.
Palm oil output has been hit by seasonally heavy rains in recent months, stalling harvesting by top Southeast Asian producers and helping push benchmark Malaysian palm oil futures to three-year highs at 3,948 ringgit ($1,301) a tonne.
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