Reuters : Malaysia CPO price up over 1 % on higher crude oil + news of China cutting taxes on imported goods.
US soy product futures rally in unison with soybean futures. Soyoil futures led the advances in the products, with strong gains in crude oil futures, and bullish outlooks for global vegoil demand amid talk of China lifting price controls for vegoil markets supported prices, analysts say. CBOT May soyoil ends up 2.1% at 58.80c per pound, and May soymeal gains 0.3% to $364.40 a short ton. (Source: CME)
US Food Exports To Morocco Hit Record High In 2010 - USDA (Source: CME)
U.S. food exports to Morocco have quadrupled since 2005 to a record $766 million in 2010, up 51% on the year before, according to a U.S. Department of Agriculture report. Helped by a free-trade agreement between the two countries, the U.S. now accounts for 19% of Morocco's agricultural and food imports, compared with 8% in 2005, the report from the USDA's Morocco office said. The largest imports were of soybean oil, at 197,901 metric tons, and soybean meal at 164,921 tons. Morocco also imported 101,440 tons of wheat out of a total of 766,079 tons for the whole year. "With the elimination or gradual phase-out of import duties, several U.S. export commodities became more price competitive, including dairy products, soybean meal, soybean oil and tree nuts," said the report.
Like many North-African and Middle Eastern countries, Morocco has been hit by food inflation in the past year as international grain prices have risen. The USDA also noted U.S. imports of Moroccan goods such as olive oil, fruits and vegetables also reached a record high of $168 million in 2010, compared with $90 million in 2005.
Palm oil prices climb 1 pct to track crude higher
JAKARTA, March 2 (Reuters) - Malaysian palm oil futures rose about 1 percent as traders eyed growing demand for biodiesel, as tensions in the Middle East boosted crude oil. "The palm oil market is firming," said one trader. "It is tracking crude oil ... The Malaysian palm oil is tracking external markets."
Oil World ups Argentine 2011 soybean crop forecast
HAMBURG, March 1 (Reuters) - Oilseeds analysis firm Oil World said on Tuesday it had raised its forecast for Argentina's 2011 soybean crop by 0.5 million tonnes from its previous estimate in February after parched crops received rain.
Argentina's 2011 soybean crop is likely to reach 48.50 million tonnes against 54.4 million tonnes in 2010, it estimated. On Jan. 18 had Oil World warned the Argentine crop could fall to or below 46 million tonnes.
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