Soybeans (Source: CME)
US soybean futures end near unchanged, erasing most of the market's early gains, as traders remain cautious in an uncertain global economy. Spillover weakness from lower grain futures and outside markets paring early advances helped temper investor enthusiasm, analysts say. A weaker US dollar and higher crude oil and equities promoted early price strength. However, without fresh fundamentally supportive news and lingering fear of slowing global demand, traders took profits to pare early advances. CBOT Jan soy ended down 1/4c at $12.02 3/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures end flat, backpedaling from initial gains in the absence of fresh fundamental support to buoy prices. The market mirrored the choppy action in soybeans as traders remained cautious in an uncertain economic climate. CBOT December soymeal ends down 20c at $310.50/short ton as December soyoil fell 0.05c to 50.85c/pound.
India Food Minister: Sought Cut In Indonesia's Crude Palm Oil Export Tax (Source: CME)
India has sought a cut in Indonesia's export tax on crude palm oil in lieu of cheap rice supplies after the Southeast Asian nation altered its tax regime to encourage more exports of higher value refined oil. "The sudden hike in export tax on crude oil by Indonesia will badly hurt the Indian industry, so we have sought a reduction," Indian Food Minister K.V. Thomas told reporters after a meeting with an Indonesian delegation, which sought 500,000 metric tons of low-cost rice from India. Indonesia, the world's biggest palm oil producer and exporter, reduced its export tax on refined, bleached and deodorized palm olein in bulk to 8% from 15% and raised the duty on crude palm oil to 16.5% from 15% effective Sept. 15. The tax change hurts Indian refiners as it has become cheaper to import the refined edible oil rather than process imported crude oil from Indonesia, one of the leading suppliers to the South Asian country.
Palm oil up on weather concerns, euro zone weighs
KUALA LUMPUR, Nov 2 (Reuters) - Malaysian palm oil futures rose 0.2 percent as traders looked to a developing La Nina weather pattern that could curb output, although gains were limited on uncertainty over the euro zone debt crisis.
"External factors are going to dominate palm oil futures, " said a trader with a foreign commodities brokerage.
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