KUALA LUMPUR (Dow Jones)--Malaysia''s exports grew a stronger-than-expected 16.6% on-year in September, helped by a sharp increase in shipments of palm oil, chemicals and chemical products and liquefied natural gas. Exports totaled MYR58.68 billion ($18.79 billion) in September, the Ministry of International Trade and Industry said in a statement Friday. The September export reading was ahead of the 13.9% on-year rise forecast by 11 economists polled by Dow Jones Newswires.
Soybeans (Source: CME)
US soybean futures end higher, gaining over 2% in value on optimism over euro zone progress and demand. Broad based investor buying across asset classes lifted prices for metal, energy, equities and grain and oilseed futures, analysts say. Easing concerns over the Greece debt situation once Greece appeared to reverse plans for a referendum on its financial bailout, allowed investors to grow confident in buying riskier commodity markets. Rumors of Chinese interest in buying US soy amid firm cash prices at export terminals added fundamental support to spark a relief rally after prices dropped to 3-week lows earlier in the week, analysts add. CBOT Jan soy end up 24 1/2c or 2% at $12.27 1/4.
Soybean Meal/Oil (Source: CME)
Soy product futures rise in step with soaring soybean prices. Rumors of increased export demand for soybeans and soyoil served as the catalyst for the higher prices, analysts say. Soymeal drew support from firm cash values amid slow farmer sales of soybeans, analysts add. CBOT Dec soyoil end up 2.3% at 52.03 cents/pound, and Dec soymeal finished up 1.3% at $314.50/short ton.
U.S. soy exports set for a rebound: Gavin Maguire
--Gavin Maguire is a Reuters market analyst. The views expressed are his own. To get his real-time views on the market, please join the Global Ags Forum. --
CHICAGO, Nov 3 (Reuters) - U.S. soybean prices have been under pressure lately and plumbed one-year lows below $12 a bushel last month on a combination of harvest sales pressure and subdued end-user demand.
But a change could be brewing for this market as we enter the peak season for U.S. exports to China and U.S. export prices for soybeans become increasingly competitive versus alternative origins for other export destinations.
Palm oil slips on Europe debt concerns
JAKARTA, Nov 3 (Reuters) - Malaysian palm oil futures dipped , as risk-averse investors were spooked by uncertainty surrounding the euro zone debt crisis, although expectations of lower output kept a floor under prices.
"This Greek sovereign debt issue has been dragging off and on," said a Kuala Lumpur-based trader. "There is a lot of uncertainty and that's the reason why palm cannot move (up).
Indonesia avoids palm tax changes, eyes India rice deal
JAKARTA, Nov 3 (Reuters) - Indonesia will not need to cut its palm oil export tax, if it agrees a rice import deal with India, the state procurement agency Bulog and trade ministry in the Southeast Asia country said on Thursday.
After meeting Indonesian officials in New Delhi on Wednesday, India said it was willing to sell 500,000 tonnes of rice to Indonesia but wanted Jakarta to cut its export tax on crude palm oil which has threatened India's domestic refining industry.
Argentina soybean exports seen 10.5 mln tonnes-attache
Nov 2 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Argentina:
"Soybean area for MY2011/12 is maintained at 19 million hectares, 300,000 ha lower than the official USDA estimate. Soybean exports for MY2010/11 are bumped up by 1.2 million tonnes to 10.5 million tonnes due to the strong pace during the first six months of the year. Sunflower area and production for MY2011/12 are expanded to 1.875 million hectares and 3.2 million tonnes respectively. Post maintains the estimate of sunflower crush for MY2010/11 at 3.4 million tonnes (up 350,000 from USDA official numbers) due to a sunflower seed harvest with record yields and higher production than expected."
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