US soy-product futures close lower with as traders take money off the table amid concerns about the global economy. Broad selling of agricultural commodities also hit soybeans, corn and wheat. Forecasts for beneficial rains in Argentina added pressure, as it is the world's top exporter of soy products. "The weather in Argentina is really quite good right now," according to World Weather. CBOT May soymeal falls $6.30 to $363.40/short ton while CBOT May soyoil loses 0.38c to 59.10c/ pound. (Source: CME)
Palm oil at 2-wk top on biofuel appeal, low stocks
KUALA LUMPUR, March 7 (Reuters) - Malaysian crude palm oil hit two-week highs before paring some gains as traders hoped stronger energy prices would strengthen the appeal of biodiesel as unrest in Libya threatens to cut crude oil supplies. "Most likely the government will come out with a solution to balance supply-demand in the country, and probably we could see another interest rate hike -- which is mostly expected by market players," said Zhang Juan Cong, an analyst with Dadi Futures in China's southern city of Hangzhou.
India's Feb oilmeal exports more than double
NEW DELHI, Mar 7 (Reuters) - India's oilmeal exports more than doubled in February from a year ago, the eighth straight monthly rise, on good demand from buyers in Japan, Middle East and China, data from a leading trade body showed.
Oilmeal exports from India, Asia's leading supplier of the animal feed, were 10 percent higher month-on-month at 703,400 tonnes, the Solvent Extractors' Association of India (SEA) said in a statement on Monday.
Argentine crops in mixed shape due to rains-gov't
BUENOS AIRES, March 4 (Reuters) - Argentine 2010/11 soy is in a patchy condition depending on how much rain has fallen, but many crops in the top growing region are developing well, the Agriculture Ministry said on Friday.
Argentina is the world's No. 3 exporter of soybeans and the top supplier of soyoil and meal, but weeks of dryness caused by La Nina earlier this year prompted analysts to lower their estimates for soy this season's output.
Palm oil output rise may help satisfy food demand
JAKARTA/KUALA LUMPUR, March 7 (Reuters) - Strong production of southeast Asian palm oil is the best hope of boosting cooking oil supplies as competitor soyoil gets soaked up to make biofuel, its attraction redoubled by unrest in Libya that has driven crude oil to more than $100 a barrel.
Vegetable oil markets had braced for a fall in palm oil prices in the second half of 2010, on expectations of strong output from top producer Indonesia, as it harvests a bigger acreage, and as No.2 supplier Malaysia improves yields.
Indian vegoil imports to fall on year-association
KUALA LUMPUR, March 7 (Reuters) - Imports of vegetable oils in the world's top buyer India, will fall more than 2 percent in the current marking year to September, due to improving domestic output, an industry official said on Monday.
India's imports of palm oil, soyoil and sunflower oil in last year were 9.2 million tonnes and are seen dropping to 9 million in 2011, B.V. Mehta, executive director of the Solvent Extractors' Association of India, told Reuters.
Malaysian palm stocks to stay low, prices seen up
KUALA LUMPUR, March 7 (Reuters) - Palm oil stocks in Malaysia, the world's No.2 producer, will be tight from February to April, a top industry official said on Monday, potentially fuelling prices and global food inflation. Malaysian Palm Oil Board (MPOB) Chairman Shahrir Samad said stocks in February, March and April are expected to be about 1.3 million tonnes to 1.4 million tonnes, down by up to 8.5 percent from January.
Brazil on brink of new soy boom, easing food fear
SAO PAULO, March 4 (Reuters) - When soy futures hit record highs in 2008, Brazilian farmers were in no position to capitalize on the boom. Crippling debts, wild currency swings and high fertilizer and fuel costs rendered them unwilling or unable to sow more acres.
Today, although prices are almost 20 percent lower, conditions have rarely been better. Farmers, now flush with cash, are preparing the first sustained expansion of the country's soy crop after a half decade of stagnation.
Upside seen in palm oil prices; 2011 purchases flat -CSM
JAKARTA, March 4 (Reuters) - Volatile palm oil prices have the potential for greater upside during the first half, as uncertainty in comparative vegetable oil yields offsets the risk of speculators liquidating positions, CSM , the world's largest bakery supplier, said on Friday.
The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives touched 3,967 ringgit ($1,308) on Feb. 10, a peak not seen since March 2008.
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