Reuters Survey :
India Feb 2011 vegetable oil imports seen down 26% to 518,625 tonnes VS Jan 2011
India Feb 2011 palm oil imports seen down 29%, soy oil imports seen up 69% VS Jan 2011
India Mar 2011 vegetable oil imports could fall again.
PALM OIL SHARPENS INFLATION PINCH
(Reuters) Palm oil is heading for record highs in 2011 on expectations for costly crude oil to bolster biodiesel demand and offset better harvests, ratcheting up the pressure on nations battling inflation. Benchmark palm oil will average 3,300 ringgit, or $1,088, a tonne this year, market participants at a palm oil conference in Malaysia told Reuters. This almost 16 percent over the 2008 average of 2,853 ringgit, and much higher than the 2010 average of around 2,700 ringgit.
US soy product futures finish mixed, with soymeal edging higher in unison with soybeans. Soyoil futures settle lower, unable to sustain a midday bounce on spillover pressure from crude oil futures and lower projected use of soyoil in biodiesel production, analysts say. CBOT May soymeal rise 0.2% to $353.70 per short ton, and CBOT May soyoil slips 0.3% to 56.93c per pound. (Source: CME)
Argentina Exchange Holds Crop Forecasts On Stable Prospects (Source: CME)
With Argentina's soybean harvest set to kick off later this month, production prospects are steady, with high yields expected from most fields, the Buenos Aires Cereals Exchange said in its weekly crop report. While some of the soy crops need additional rainfall in some areas, the exchange held its soybean forecast at 48.8 million metric tons. Argentina leads the world in soymeal and soyoil exports and ranks third in soybean shipments.
Meanwhile, farmers are moving forward with the early corn harvest, with 5.4% brought in from the fields so far. Early yields have averaged a low 5.8 tons per hectare, but average yields are expected to climb as the harvest progresses, the exchange said. The exchange held its forecast for commercial corn production at 19.5 million tons, down from the record production predicted earlier in the season due to drought, but close to average output in recent seasons. Argentina is the world's second-largest corn exporter.
Palm oil hits 2-week low on slow demand, rising stocks
KUALA LUMPUR, March 10 (Reuters) - Malaysian crude palm oil futures tumbled to a two-week low as traders unwound positions on signs of slowing demand and expectations global stocks of vegetable oils would rise."Malaysian exports data looks dismal for the first 10 days of March and production should be starting to rise again. The falls in Chicago soyoil are not helping," said a trader with a foreign commodities brokerage.
Malaysia Feb palm stocks rise unexpectedly
KUALA LUMPUR, March 10 (Reuters) - Malaysia's February palm oil stocks rose to a 2-month high as production unexpectedly strengthened and imports climbed, outpacing weak exports and potentially fuelling a sell-off in prices.
The market had been expecting palm oil stocks to fall further in February when heavy rains and floods stalled harvesting in the world's No.2 producer of the vegetable.
China Jan-Feb soy imports up 6.1 pct on year-customs
BEIJING, March 10 (Reuters) - China, the world's top soy buyer, imported 7.45 million tonnes of the oilseed in the first two months of the year, up 6.1 percent from the year-ago period, official Customs figures showed on Thursday.
Imports in February were 2.32 million tonnes, Customs figures showed, down sharply from 5.14 million tonnes in January.
Argentine soy, corn crops healthy, rain expected
BUENOS AIRES, March 9 (Reuters) - Argentina's soy and corn crops have good soil moisture reserves despite scant rainfall over the last two weeks, and more rains are forecast for the weekend, a specialist in crop weather said on Wednesday.
Argentina is the world's No. 1 exporter of soyoil and soymeal and its No. 3 soybean supplier, as well as a major producer of both corn and wheat.
Indonesia's soybean imports to be flat this year-assoc
JAKARTA, March 9 (Reuters) - Indonesia soybean imports are expected to be flat at 1.7 million tonnes this year, on steady domestic demand and production, said the chairman of the National Soybean Board on Wednesday.
"There is no significant increase in domestic demand. Production is likely to be flat this year because we don't see any increase in planted areas," said Benny Kusbini.
Palm oil set for record on MidEast fears, biofuels
KUALA LUMPUR, March 9 (Reuters) - Palm oil is heading for record highs in 2011 on expectations for costly crude oil to bolster biodiesel demand and offset better harvests, keeping up the pressure on countries battling inflation.
Going against the consensus of market players, however, some market participants see the high prices as unsustainable, set to peak in the next few months as the second-half dry season boosts output, especially in top producer Indonesia, which expects an earlier end to rainy weather.
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