20110823 1019 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
CBOT soy futures end higher on crop worries and outside market support. Much of the Midwest missed expected rains over the weekend, which is bad news for a crop that is in a crucial growth stage and needed a drink, analysts say. Forecasts, while not terrible, are not favorable for the crop. Soybeans also had support from outside markets, including equities, as many commodities gained Monday. Sept soybeans end up 16 3/4c, or 1.2%, to $13.76 1/2 a bushel.

Soybean Meal/Oil (Source: CME)
Soy products climb, tracking soybean gains. Sept soyoil up 21 points to 55.6 cents a pound and Sept soymeal up $8.60 to $362.70 a short ton.

Palm oil up on exports, uncertain economic outlook eyed
KUALA LUMPUR, Aug 22 (Reuters) - Malaysian palm oil futures rose on strong exports, although there were concerns that demand may slow as the global economic outlook gets clouded by Europe's debt crisis and prospects of another U.S. recession.
"There is some recovery in palm oil from the losses last week due mostly to strong exports data," said a trader with a foreign commodities brokerage. "Palm oil should hold up above 3,000 ringgit but it all depends on how the financial markets perform in view of the economic uncertainties."

Argentina to approve planting Bayer's modified soy
BUENOS AIRES, Aug 20 (Reuters) - Argentina next week will approve the use of genetically-modified soy seeds made by German company Bayer  as part of its push to increase farm production, a top Argentine official said on Saturday.
Bayer has welcomed the expected approval but the company has not said if or when it plans to commercialize its "Liberty Link" seed and herbicide in Argentina.