US soybean futures drop to 1-month lows, succumbing to broad-based selling amid fears of a global economic slowdown. Widespread reduction of risk across broader markets served as the catalyst for soybeans' losses, with sharp losses in equities and crude oil encouraging investors to limit exposure in riskier commodity markets. Improved weather for developing crops fueled further pressure, says Don Roose at US Commodities. CBOT November soy dropped 1.8% to $13.11 1/2 a bushel.
Soybean Meal/Oil
Soyoil futures were also influenced by spillover pressure crude oil's sharp declines and soymeal drew weakness from slower domestic demand. December soymeal slid 1.7% to $346.50/short ton while soyoil dropped 2% to 54.44c/pound.
Soy at 1-mth low on US credit downgrade; corn, wheat fall
SINGAPORE, Aug 8 (Reuters) - U.S. soybeans slid to a one-month low on Monday, while corn and wheat dropped after Standard & Poor's downgraded the United States' top-tier credit rating, raising concerns over growth in the world's largest economy.
"It is more of a macro story today, it is continued flight to safety and that suggests outflow of capital from agricultural commodities," said Brett Cooper, a senior markets manager at FCStone Australia. "I think the market has probably priced in much of the fundamental news at the moment."
Palm oil hits lowest since Oct after US credit downgrade
KUALA LUMPUR, Aug 8 (Reuters) - Malaysian palm oil futures dropped on Monday to its lowest in more than nine months, as investors were concerned over global economic growth and the outlook for commodity demand after the United States lost its top AAA credit rating.
"Investors are cutting back some positions but in palm oil the declines are not so pronounced as it is the cheapest vegetable oil and consumers will fall back on this," said a trader with a foreign commodities brokerage.
Malaysian palm oil output to fall after July peak-MPOB
KUALA LUMPUR, Aug 8 (Reuters) - Malaysia's palm oil production has hit its highest for this year in July and will start a downward trend expected to last until December, a top official of industry regulator Malaysian Palm Oil Board said on Monday. "Crude palm oil production in August and September is expected to decline as foreign labourers which constitute a higher percentage of harvesters take long leave for Eid," Choo Yuen May said in an online presentation.
India's vegoil import seen up 5.7 pct in 2011/12- Mistry
MUMBAI, Aug 6 (Reuters) - India's vegetable oil imports in the 2011/12 financial year beginning in November could rise by up to 5.7 percent, to 9.2-9.3 million tonnes, despite steady domestic output as rising prosperity will boost demand, a leading industry analyst Dorab Mistry said on Saturday.
India, the world's biggest importer of edible oils, is expected to import 8.8 million tonnes in the current year ending in October, according to industry forecasts.
U.S. soy to benefit most from coolness, showers
CHICAGO, Aug 5 (Reuters) - Cooler temperatures and showers were expected through most of next week in the U.S. crop belt which will halt deterioration of the corn crop and particularly enhance production prospects for soy, an agricultural meteorologist said Friday. "The corn crop already has been hurt but this will stabilize the crop, and the most benefit will be for soybeans," said Andy Karst, meteorologist for World Weather Inc.
Talks about Malaysia introducing its own sustainable palm oil certification scheme have surfaced many times. But now they could become a reality following the recent directive by the Government for local oil palm authorities to work together to formulate a draft on the Malaysia Sustainable Palm Oil (MSPO) certification.
- The proposed MSPO will see Malaysia joining Indonesia, which has launched its own palm oil certification body the Indonesian Sustainable Palm Oil (ISPO) in the middle of last year. Indonesia has put in place over 100 ISPO requirements that were compulsory for all palm oil growers since January this year.
- While the MSPO may unlikely be introduced within the next one to two years, industry observers said the formation of the ISPO and the MSPO would indeed challenge the role of pioneering “voluntary” palm oil certification body - the Roundtable on Sustainable Palm Oil (RSPO). (Starbiz)
A draft on the Malaysia Sustainable Palm Oil (MSPO) certification scheme is currently being formulated with the Malaysian Palm Oil Board (MPOB) earmarked as the main moderator, said an industry source. He told StarBiz yesterday that MPOB was getting feedback from the palm oil fraternity after a directive from the Plantation Industries and Commodities Ministry.
- “We heard Sirim Bhd will also be roped in for the MSPO certification scheme to make the scheme mandatory for all local oil palm planters. “Everything is still at its preliminary stage but the Government is serious about introducing its national green palm oil certification scheme as an alternative to the current voluntary Roundtable on Sustainable Palm Oil (RSPO) certification,” said the source. (Starbiz)
Palm oil output in Malaysia, the world’s second-biggest grower, may increase by 6.5% to 18.1m metric tons in 2011, according to the Malaysian Palm Oil Council. Prices of the tropical oil may average at RM3,300 a ton in the second half of 2011, Faudzy Asrafudeen, director of marketing and market development, said on the council’s website. (Bloomberg)
Malaysia's palm oil production has hit its highest for this year in July and will start a downward trend expected to last until December, a top official of industry regulator Malaysian Palm Oil Board said on Monday. "Crude palm oil production in August and September is expected to decline as foreign labourers which constitute a higher percentage of harvesters take long leave for Eid," Choo Yuen May said. "This downward trend is expected to continue until December following normal downwards trend for oil palm fruits production each year," she added. (Reuters)
Palm oil slumped to the lowest level in more than nine months as crude oil led declines among commodities after the U.S. lost its top credit rating, fueling concern that the global economic slowdown will worsen.The October-delivery contract lost 1.9 percent to close at RM2,994 (US$987) per metric ton on the Malaysia Derivatives Exchange, the lowest level since Oct. 21. Futures declined 1.5% last week. (Bloomberg)
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