20110505 0942 Soy Oil & Palm Oil Related News.

 Soy Oil chart reading : side way range bound little downside biased.

Reuters: India's PEC tenders to buy 15,000 tonnes of palm olein oil.

Reuters Survey :
Malaysia April 2011 Crude Palm Oil
- Exports seen up 5.3% at 1.3 million tonnes from March 2011
- Stocks seen up 9% at 1.76 million tonnes from March 2011
- Output seen up 8.8% at 1.54 million tonnes from March 2011 



Soybeans (Source: CME)
US soybean futures retreat for the third-consecutive day, succumbing to the day's broad commodity selling. The theme of large investors reducing risk in commodities kept pressure on prices, with slower export demand and the threat of some intended planting of corn shifting to soybeans aiding the lower tone, analysts said. Soybeans for July delivery dropped 0.9% to $13.52/bushel.

Soybean Meal/Oil (Source: CME)
US soy-product futures fell in unison with soybeans, succumbing to widespread investment-fund selling across the commodity sector. Soymeal and soyoil weren't immune to the selling, with weakness in crude-oil futures attracting sellers to soyoil as well. Crude influences soyoil due to its use in making biofuels. CBOT July soyoil settled 0.9% lower at 57.17c/pound and July soymeal ended 0.7% lower at $352.50/short ton.

Palm oil off 2-wk low on supply build up, external markets
KUALA LUMPUR, May 4 (Reuters) - Malaysian palm oil futures ended off two-week lows on growing stocks and reduced risk taking, although higher crude oil limited losses. "The market has been dragged lower by improving output, mainly in Malaysia but also in Indonesia," said Standard Chartered analyst Abah Ofon in a note to clients.

Egypt oilseed output seen up in 2011/12-attache
WASHINGTON, May 3 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Egypt: "Egyptian oilseed production forecast to increase in 2011/2012 as farmers plant more cotton. Production of both cotton and soybean meal and oil is also forecast to increase as a result of the expected increase in the production of cotton and imports of soybeans.

Oil World raises Brazilian soybean crop forecast
HAMBURG, May 3 (Reuters) - Hamburg-based oilseeds analyst Oil World on Tuesday raised its forecast of Brazil's 2011 soybean harvest by 0.5 million tonnes as crop yields were better than expected despite recent unfavourable weather.
Oil World now forecasts Brazil's 2011 soybean crop at a new record 72.5 million tonnes compared with 72 million tonnes it forecast in April and 70.5 million tonnes expected in March. Brazil harvested 68.6 million tonnes in 2010.

India backs off talk of cutting soyoil imports
BUENOS AIRES, May 3 (Reuters) - India, the top buyer of Argentina's soyoil, is not planning to reduce orders despite warnings Argentine import curbs on Indian goods could hit trade in the edible oil, an Indian official said on Tuesday.
India replaced China as the No. 1 importer of Argentine soyoil a year ago when Beijing halted imports of the soybean product in retaliation for Argentine import curbs on Chinese manufactured goods.