20110818 1007 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean and soy product futures finish solidly higher as weather conditions look unfavorably dry for the crop. Forecasts are turning drier for parts of the Midwest that were previously expected to receive beneficial rains, traders say. "Without a big rain event to help yields, beans will be very tight in the US and some rationing will need to take place," according to MFGlobal. CBOT November soybeans rise 17 1/4c at $13.66 3/4 a bushel.

Soybean Meal/Oil (Source: CME)
December soymeal gains $3.70 to $361.10/short ton, while December soyoil jumps 0.7c to 56.24c/pound.

Palm oil prices seen easing -industry body head
MUMBAI, Aug 5 (Reuters) - Palm oil prices are likely to soften around eight percent to 2,800 ringgits per tonne in next three months on higher output and a plunge in crude oil prices, the head of an industry body said on Friday at an industry meeting.
"We are expecting softening in prices ... crude oil is down and palm production is rising," said Wan Mohd. Zain Bin Wan Ismail, chairman of the Palm Oil Refiners Association of Malaysia, the world's second-biggest palm oil producer.

India's PEC buys 15,000 T RBD palmolein at $1,199.5/T-sources
NEW DELHI, Aug 1 (Reuters) - Indian state-run trading firm PEC Ltd has bought 15,000 tonnes of RBD palmolein at $1,199.5 per tonne, two government sources said on Monday, higher than a similar purchase last month by the firm.
The sources, who were involved in the tender process but asked not to be named, said the cargoes of cooking oil would be delivered at the southern ports of Chennai and Tuticorin between August 20 and 31. The price includes cost, insurance and freight.  

Palm oil up as traders bet on stocks below 2 mln tonnes
KUALA LUMPUR, Aug 17 (Reuters) - Malaysian palm oil futures edged higher as traders bet strong exports would rein in stocks below 2 million tonnes this month, although financial market volatility kept investors cautious.
"Trading is a tad lighter today thanks to investor caution. With exports continuing their strong performance, stocks are going to come down this month given that production will dip thanks to the holiday season," said a trader with a foreign commodities brokerage.

Argentine Aug soyoil exports up sharply- Oil World
HAMBURG, Aug 16 (Reuters) - Argentine soyoil exports will rise strongly in August and could reach a record of around 600,000 tonnes from 360,000 tonnes exported in July, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Along with firm demand, the ending of strikes in Argentine ports and some shipments delayed from July are likely to raise the August total, it said.

S.American soybeans face weather threat-Oil World
HAMBURG, Aug 16 (Reuters) - Argentine and Brazilian soybean harvest in early 2012 could face damage from a looming La Nina weather pattern which may reduce rainfall during crop development periods, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"Global supply problems may be compounded by a decline in South American soybean production in early 2012," Oil World said. "There are indications that La Nina is developing in the October/December quarter, probably creating dryness and crop stress, mainly in central Argentina and southern Brazil."

US soy weather turns better; Plains to turn hot again
CHICAGO, Aug 16 (Reuters) - Crop weather in the U.S. Midwest will remain conducive to plant development over the next week, while hot weather will return to the drought-stricken Plains, an agricultural meteorologist predicted Tuesday.
"There aren't any glaring problems but it's not perfect either, with only average precipitation over the next 10 days," said John Dee, meteorologist for Global Weather Monitoring.