20130103 0933 Soy Oil & Palm Oil Related News.

Soybean Complex Market Recap (CME)
January Soybeans finished down 13 1/4 at 1405 1/2, 38 3/4 off the high and 7 up from the low. March Soybeans closed down 16 1/2 at 1393. This was 6 3/4 up from the low and 42 off the high.
January Soymeal closed down 13.5 at 407.1. This was 2.1 up from the low and 17.9 off the high.
January Soybean Oil finished up 1.36 at 50.52, 0.6 off the high and 0.45 up from the low.
March soybeans saw double digit losses on the day after the bear camp quickly sold into this morning's initial rally. Outside markets were mostly supportive with gains seen in crude oil, copper, and stocks. The US Dollar erased all of its earlier losses which helped to pressure grain markets. Soybean meal traded lower but oil saw sharp gains after Congress passed a $1 per gallon tax credit for biodiesel producers through 2013. Central and Southern Brazil continues to see light showers while the northeastern region is trending slightly drier. Argentina will dry down this week. Early harvest has begun in areas of Mato Grosso and early yields are reportedly near year ago levels but most expect improvement by the middle of January with some estimates coming in at 50 or more bushels per acre. Planting in Argentina was pegged at 82% last week, up 6 1/2% from the week prior. Some traders still view the current USDA estimates for production in Brazil and Argentina at 81 and 55 million tonnes respectively as a bit too high but given the mostly favorable weather, some traders are pushing Brazil production above 81 million tonnes.

VEGOILS-Palm hits 2-month high on U.S. fiscal deal, demand outlook
Wed Jan 2, 2013 5:17am EST
* Malaysia's zero tax structure may boost demand
    * China's stricter import rule may hurt
    * Traders eye Malaysia palm oil inventory data due next week

 (Updates prices, adds milestone)
    By Chew Yee Kiat
    SINGAPORE, Jan 2 (Reuters) - Malaysian palm oil futures rose
to a 2-month high on Wednesday as the United States averted a
fiscal crisis and as traders look forward to better demand for
the edible oil on a lower export tax structure.
    Investors were relieved after U.S. lawmakers approved a deal
preventing huge tax hikes and spending cuts that would have
pushed the world's largest economy into recession and hurt
global commodity demand.
    Market players were also betting on Malaysia's zero export
tax in January to spur demand and help clear record-high stocks.
    "The zero export tax will be long-term positive. But the
short-term impact may be neutralised by tighter edible oil
import rules by China," said Alan Lim Seong Chun, research
analyst with Malaysia's Kenanga Investment Bank.
    Stricter quality measures set to be enforced by Beijing on
Jan. 1 could hurt demand for palm oil.
    At market close, the benchmark March contract on
the Bursa Malaysia Derivatives Exchange gained 2.7 percent to
2,503 ringgit ($825) per tonne, off its intraday high at 2,524
ringgit, a level last seen since Nov. 2.
    Total traded volumes stood at 33,431 lots of 25 tonnes each,
higher than the usual 25,000 lots.  
    Traders are looking out for official data on Malaysia's palm
oil December inventory level due next week, which is expected to
ease slightly from November's record-high 2.56 million tonnes.
    But they said the drop could be limited as Malaysian palm
exports during December fell as much as 7.9 percent from a month
ago, according to cargo surveyor data.    
    Brent crude oil hit a one-month high above $112 per barrel
on Wednesday after the U.S. Congress approved a deal to avert a
fiscal crisis, while promising data from top energy consumer
China also supported prices.
    Soybean oil markets in the U.S. and China were closed for
the New Year holiday.        

Malaysia's Felda Global appoints new CEO
KUALA LUMPUR | Wed Jan 2, 2013 6:58am EST
Jan 2 (Reuters) - Malaysian palm oil-to-sugar producer Felda Global Ventures Holdings Bhd has appointed Mohammed Emir Mavani Abdullah to replace Sabri Ahmad as chief executive once his contract ends in July 15.
A former adviser to the United Arab Emirates' finance minister, Mohammed Emir now holds directorships in government linked Malaysia Nuclear Power Corporation and the Malaysian Petroleum Resource Corporation.
"The appointment is part of succession planning and to ensure smooth phasing in of the new leadership after the expiry of contract of the current Group President/CEO," Felda Global told the stock exchange on Wednesday.