Soybeans (Source: CME)
US soybean futures ended higher, settling up for the sixth straight day as traders continued to cover shorts, fearful of a drier weather trend in South America. Investors that amassed short positions in the market as prices slid to 14 month lows last week are reducing risk ahead of the Christmas holiday and end of year, analysts say. Traders are putting some value back into prices, as a threat to South American crops could lead of increased US export demand, analysts add. CBOT March soy ended up 8 1/2c at $11.71 3/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures end mixed, with soyoil rising on spillover support from crude oil and spreading between it and soymeal. It drifted lower as traders booked profits amid lagging domestic demand. CBOT March soymeal ended down 50c at $302.30/short ton while March soyoil jumped 2% to 50.08c/pound.
Palm oil at near two-week high on weather concerns
SINGAPORE, Dec 22 (Reuters) - Malaysian crude palm oil futures edged up as traders focused more on heavy rains potentially disrupting production than fixating on concerns of euro debt crisis eroding global economic growth.
"The market has shifted from demand driven to output driven. There's short covering on weather vagaries," said a trader with a local commodities brokerage, referring to the heavy local rain fall as well as the La Nina weather pattern.
Indonesia keeps Jan palm oil, cocoa export tax unchanged
JAKARTA, Dec 22 (Reuters) - Indonesia, the world's top palm oil producer, has kept its export tax for crude palm oil at 15 percent for January, unchanged from the previous month, an industry ministry official said on Thursday.
The government also left its January cocoa bean export tax at last month's level of 5 percent, said Deddy Saleh, director general of foreign trade at the Indonesian trade ministry.
Top Brazil soy state on brink of record harvest
SAO PAULO, Dec 21 (Reuters) - Producers in Brazil's largest soy producing state, Mato Grosso, are days away from beginning the harvest of record corn and soy crops, while tenacious dry weather elsewhere in Brazil's grain belt threaten to hurt yields.
Rainfall patterns this season are exhibiting how a typical La Nina phenomena affects Brazil's grain belt: Moisture in the southern states such as Rio Grande do Sul falls below average, while tending toward above average further to the north in the center-west states such as Mato Grosso.
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