SGS CPO export up 6.77% to 1,033,454 tonnes for the period of 1~20 Oct 2011.
Reuters: Palm oil outout at Indonesia's Bakrie Sumatera will rise by more than 35% this year 300,000 tonnes, according to Ambono Janurianto, Chief Executive at the planter.
KL-Jakarta talks to include CPO tax waiver
Prime Minister Datuk Seri Najib Razak and Indonesian President Susilo Bambang Yudhoyono are expected to discuss the waiver of crude palm oil (CPO) taxes in both countries. If both leaders were to agree to this proposal during their bilateral meeting in Lombok, Bali today, oil palm planters in Malaysia and Indonesia, and some six million smallholders, will benefit from higher palm oil prices. Current high CPO taxes in Malaysia and Indonesia have caused refiners to slash prices in order to compete, and this, in turn, has lowered the CPO prices. (BT)
Soybeans (Source: CME)
US soybean futures finish lower for the third consecutive day on profit-taking following last week's surge in prices. Additional pressure comes from fund selling sparked by losses in crude oil, traders note. The markets are linked because biodiesel is made from soyoil and funds often trade in a basket of commodities. Commodity funds sold an estimated 11,000 soybean contracts, a hefty amount, and helped drag down corn and wheat prices. "When beans took their last leg down late, then you found people selling other stuff," says Mike Krueger of The Money Farm. CBOT November soybeans drop 25 3/4c to $12.25/bushel.
Soybean Meal/Oil (Source: CME)
US soy product futures close lower with soybeans. Soyoil suffers the steepest losses amid pressure from losses in crude oil, traders say. Funds were selling the markets, unloading a moderate 4,000 soyoil contracts and 2,000 soymeal contracts, traders add. Market participants tomorrow will digest weekly export-sales data from USDA. CBOT December soyoil sinks 1.22c to 51.48c/pound, and December soymeal slides $5 to $319.30/short ton.
Palm oil bounces on euro zone report, short covering
KUALA LUMPUR, Oct 19 (Reuters) - Malaysian palm oil futures bounced on Wednesday on improving sentiment after a news report said European policy makers will increase financial firepower to resolve the region's debt woes.
"The declines yesterday were too much and there was some short covering," said a trader with a foreign commodities brokerage.
China to raise soybean imports again- Oil World
HAMBURG, Oct 18 (Reuters) - China's September 2011/August 2012 soybean imports are likely to rise to 58.50 million tonnes from 52.85 million in 2010/11 with continued Chinese buying set to support soy prices, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"China's dependence on soybean imports has already reached alarming proportions and is set to increase further in 2011/12 owing to declining domestic soybean output and rising demand," Oil World said.
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