20110811 1013 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean futures close slightly higher positioning ahead of Thursday's USDA report. Traders note uncertainty about the report, and the direction of grains markets generally. Gains were limited by favorable weather for the crop in the Midwest, and by slowing demand. Analysts expecting on average the USDA will hike its old crop carryout projection to 223 million bushels. Report comes out before Thursday's open. CBOT August CBOT soybeans were up 2c to $13.00 3/4 per bushel, while Nov beans ended up 1 3/4 cents to $13.01 1/2.

Soybean Meal/Oil (Source: CME)
US soy product futures end mixed to slightly higher, following modest gains in soybeans ahead of Thursday's USDA report. Soybean meal bounce back slightly after recent losses, an analyst says. Sep soymeal closes up $1.10, or 0.3%, to $340.5 per short ton. September soyoil settles flat at 53.13 cents per pound, while other contracts end slightly higher or lower. The USDA releases its supply and demand report before Thursday's open

Palm oil bounces on Fed moves
JAKARTA, Aug 10 (Reuters) - Malaysian palm oil futures rebounded on Wednesday, after four straight sessions of losses, tracking other commodities higher as cautious investors said the market was oversold on growth and debt worries.
"Yesterday was down and oversold, while other markets have also rebounded back," said an Indonesia-based trader. "People still need to eat ... and palm oil is still the cheapest (vegetable oil)."

China July soybeans imports jump 24 pct vs June
SHANGHAI, Aug 10 (Reuters) - China's soybean imports in July jumped 24.4 percent from the previous month to an eight-month high of 5.35 million tonnes, data from the General Administration of Customs showed on Wednesday.
July imports, which were up 8.1 percent from a year earlier, have been largely rising since February, although total imports in the first seven months are down 5.5 percent from a year earlier at 29.06 million tonnes.
 
China becoming more active soybean buyer-Oil World
HAMBURG, Aug 9 (Reuters) - China appears to be buying more soybeans on the global market after a prolonged period of weak purchasing and the United States is likely to benefit, Hamburg-based oilseeds analysts Oil World said on Tuesday.
In the first four to five months of the current 2010/11 season, Chinese soybean imports had risen strongly, resulting in record soybean stocks in Chinese ports, Oil World said.

Brazil soy crop edges further into record territory
SAO PAULO, Aug 9 (Reuters) - Brazil's 2010/11 soybean crop estimate was raised slightly to a record 75.3 million tonnes from the 75 million tonnes projected in July, government crop supply agency Conab said Tuesday.This was Conab's 11th assessment of the grain crop.
Brazil, which finished harvesting the 2010/11 crop in May, brought in 68.7 million tonnes of soybeans in the previous season.

Malaysia IJM Plantations sees lower palm oil output H2 2011
KUALA LUMPUR, Aug 10 (Reuters) - Southeast Asian palm oil production will not be as high as expected this year as the impact of the El Nino weather condition in 2010 may weaken yields, a top official from Malaysia's IJM Plantations  said on Wednesday.
Chief Executive Joseph Tek said the effect of the El Nino-driven drier weather can be noticed now with the development of lower oil-yielding male flowers and may extend till next year.