Soy product futures end mixed, as soymeal rises with soybeans on optimistic outlooks for demand amid tight projected soybean supplies. However, ample nearby supplies limited advances to only a moderate recovery, analysts say. Soyoil stumbles on profit taking from recent gains and spillover weakness from lower crude oil futures. Crude oil influences soyoil due to its use in making renewable fuels. CBOT May soyoil ends 0.03 cents or 0.05% lower at 58.77 cents per pound, and May soymeal trades $8.10 or 2.2% higher at $372.50 a short ton. (Source: CME)
Argentina Grain Port Strike Continues; Deal Seen Near (Source: CME)
Argentine port workers Thursday continued to picket two important grain ports at a key shipping center north of the city of Rosario, as a dispute over service fees entered its second day. About three-quarters of Argentina's agriculture exports are shipped from river ports clustered around Rosario and nearby San Lorenzo. Argentina leads the world in soymeal and soyoil exports and is the third-largest soybean exporter. The cooperative that employs the picketing workers is demanding that grain exporters pay more for the port services it provides. "We're not too far apart" in the negotiations, Monica Games, administrative secretary for the cooperative, said in an interview.
So far, the effect of the strike has been limited, as only two of the 12 ports lining the banks of the Parana River near San Lorenzo have been shut down, Games said. In addition, port activity is at its lowest point of the year right now, as grain supplies from last season's harvest dwindles. However, the corn harvest has already started and the soy harvest will kick off in earnest toward the end of this month. China 2011 Agriculture Spending To Top CNY858 Bln -State TV The Chinese government plans to invest more than CNY857.97 billion this year in its agricultural sector, state television reported. The spending plan would represent an increase of about 5% over the spending in 2010.
Palm oil up 1.4 pct on crude oil, China import tax move
KUALA LUMPUR, March 3 (Reuters) - Malaysia's crude palm oil futures climbed 1.4 percent as traders bet that higher oil prices and news China plans unspecified import tax cuts on imported goods will boost demand for vegetable oils. "China has been getting aggressive again about importing agriculture goods after the Lunar New year holiday," said a Malaysian trader.
Higher local supply to cut India edible oil imports
NEW DELHI, March 3 (Reuters) - India's edible oil imports may fall by around 500,000 tonnes as domestic supply is expected to rise 15 percent to 7.5 million tonnes in 2010/11 on higher oilseeds output, a leading trader said on Thursday.
Higher local supply in the world's No. 1 edible oil buyer and lower imports could put a downward pressure on global prices.
Palm oil smallholders can more than double output-green group
JAKARTA, March 3 (Reuters) - Independent smallholder palm oil plantations in Indonesia could more than double production if given access to better farming techniques, and help combat deforestation, an environmental group said on Thursday.
Palm oil output in the world's top producer Indonesia hit about 22 million tonnes last year, and is seen below 22 million this year because of heavy rains.
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