20121003 1425 Soy Oil & Palm Oil Related News.

VEGOILS-Palm oil rebounds from near 3-year low - RTRS
03-Oct-2012 14:05
Prices bounce after falling to 2,230 ringgit, lowest since Nov 2009 Palm oil dropped 8.7 pct on Tues, steepest since 2008 crisis Futures down 27 pct so far this year Traders concerned about stock build in Malaysia
(Updates prices, adds detail)
By Chew Yee Kiat
SINGAPORE, Oct 3 (Reuters) - Malaysian palm oil futures rebounded from their lowest in nearly three years on Wednesday as investors looked for bargains, although traders said the recovery could be short-lived as fundamentals remain weak.
Palm oil, which on Tuesday suffered its steepest daily fall since the 2008 financial crisis on weaker-than-expected demand and rising stocks, dropped further in early trade, hitting 2,230 ringgit per tonne, a level not seen since November 2009.
But the lower prices tempted market participants and the benchmark December contract FCPOc3 had surged 2.9 percent from the previous day's close to 2,321 ringgit ($759) per tonne by the midday break, on track to snap five straight sessions of losses.
"When prices dropped so sharply, the market was severely oversold," said a trader with a local commodities brokerage in Malaysia.
"Today maybe there will be some rebound or technical pullback. I don't think it will last that long, but it will try to cover whatever gaps there are in technical charts."
Total traded volumes stood at 25,030 lots of 25 tonnes each, nearly double the usual 12,500 lots as the previous day's plunge prompted enticed traders. Futures have lost almost 27 percent so far this year.
Traders and plantation owners are bracing for September inventory levels to surpass August's 10-month high as strong production trumps demand, with palm oil exports in September hovering around 1.4 million tonnes, barely moving from a month ago. PALM/ITS PALM/SGS
"We expect this trend (of production outpacing exports) to continue through the fourth quarter, keeping inventory levels above 2 million tonnes, a psychological range seen as denoting an ample supply of CPO (crude palm oil) in the market," Alan Lim Seong Chun, research analyst with Malaysia's Kenanga Investment Bank, wrote in a note to clients.
"Hence, the CPO price upside should be limited."
In a bearish sign for palm oil, Brent crude futures slipped towards $111 per barrel on Wednesday, hurt by persistent concerns over global growth and oil demand, while Europe's festering debt crisis added to uncertainty. O/R
In other vegetable oils markets, U.S. soyoil for December delivery BOZ2 slipped 0.8 percent in Asian trade. The Dalian Commodity Exchange will resume trading on October 8 after a week-long holiday in China.

India's soyoil futures hit 1-year low following palm oil - RTRS
03-Oct-2012 13:02
MUMBAI, Oct 3 (Reuters) - Indian soyoil futures plunged 4 percent on Wednesday to hit their lowest in nearly a year, following a sharp fall in palm oil on Tuesday and as demand was weak in local spot markets.
The November soyoil contract NSOc2 on India's National Commodity and Derivatives Exchange was down 3.9 percent at 602.5 rupees ($11.45) per 10 kg by 0454 GMT, after falling to 601.9 rupees earlier, the lowest for the second-month contract since Oct. 14, 2011.
Malaysian palm oil futures suffered a steep 8.7 percent drop on Tuesday, sending prices to 2,250 ringgit per tonne, a level unseen since November 2009. (Full Story)
The Indian market was closed on Tuesday due to a national holiday.
India fulfils more than half of its edible oil requirement through imports, mainly palm oil produced in Malaysia and Indonesia.