Friday, December 2, 2011

20111202 1021 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean futures end lower, ending a three day recovery from prior declines. Concerns about soybean export demand in the face of favorable South American crop prospects and ongoing competition from Brazil in export markets, analysts say. Soybeans attempted to rally, but once support from equities and crude oil faded, traders focused on demand fundamentals, an area that is clouded by prospects from South American output and exports, analysts add. CBOT Jan soy ended down 3 1/4c at $11.28/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures end mixed, with traders buying soyoil at the expense of soymeal on spreads the dominant feature in the market. Analysts are encouraged about soyoil amid solid world vegoil demand, and its prospects for biodiesel as crude oil tops $100 a barrel, analysts say. CBOT Jan soyoil ended up 0.20c at 49.70 cents/lb, and Jan soymeal dropped $3.20 to $289.00/short ton.

VEGOILS-Palm oil rises on global economy outlook
SINGAPORE, Dec 1 (Reuters) - Malaysian palm oil futures rose, supported by an improved global economic outlook and a market correction after recording straight losses for more than five days.  
"The market is higher today tracking Dalian and CBOT. Signs that the European debt issue is stabilising also helped," said a trader with a foreign commodities brokerage in Kuala Lumpur.

Argentine soy crop seen at 52 mln T - industry
BUENOS AIRES, Nov 30 (Reuters) - Argentina's 2011/12 soy crop should reach 52 million tonnes, the head of the Acsoja industry group said on Wednesday, matching the latest forecast by the U.S. Department of Agriculture (USDA).  
Argentina is the world's third-biggest soy exporter and the top provider of soyoil and soymeal. The country's farmers have planted more than half of this season's estimated planting area and moist soils have aided their progress  .

Asian palm-based biofuel may struggle in U.S.
NUSA DUA, Indonesia Dec 1 (Reuters) - Indonesian palm-based biodiesel shipments seeking a foothold in the United States will face stiff competition from feedstocks such as corn oil and waste oils, which will become cheaper as more supplies hit the market, a top USDA official said on Thursday.
Indonesian processors must also first get a clear pathway from the Environmental Protection Agency (EPA) over concerns of higher emissions arising from converting the edible oil, said Michael Dwyer, director of the U.S. Department of Agriculture's global policy analysis division.

Indonesia palm output at 24.5 mln T in 2012-SMART
NUSA DUA, Indonesia, Dec 1 (Reuters) - Palm oil output in top producer Indonesia will rise as much as 6.5 percent to 24.5 million tonnes next year, while benchmark prices will drift lower until dry weather provides a boost from the second half, palm oil giant SMART  said on Thursday.
Production in Indonesia, the world's top palm oil producer, is estimated to hit 23 million in 2011, but could rise by between 1.0 million and 1.5 million tonnes next year, Daud Dharsono, president director at Indonesia's PT Sinar Mas Agro Resources & Technology, or SMART  told Reuters.

Dutch unhappy with Indonesia palm tax move
NUSA DUA, Indonesia Nov 30 (Reuters) - Palm oil plants in Europe will suffer from Indonesia's cut in export taxes in favour of refined palm oil over the crude grade, which will cut supplies of the crude feedstock, a top industry official told Reuters on Wednesday.
Frans Claassen, General Manager of the Dutch Product Board of Margarine, Fats and Oils (MVO) said the industry body had asked its government to bring up the issue with Jakarta this week at a bilateral meeting on the Indonesian island of Lombok.

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