20130116 1002 Soy Oil & Palm Oil Related News.

ITS CPO export down 25% to 570,510 tonnes for the period of 1~15 Jan 2013.

SGS CPO export down 22.2% to 571,481 tonnes for the period of 1~15 Jan 2013.


Soybean Complex Market Recap (CME)
March Soybeans closed down 6 at 1412. This was 4 up from the low and 24 1/4 off the high.
March soybeans traded both sides of the unchanged today but ended the day in negative territory. Profit taking and losses in the soybean meal market helped to limit gains on the day. A slightly drier forecast for areas of Argentina and Southern Brazil kept buying support in the market but scattered showers are expected in areas of Northern Brazil which should ease drier areas. CIF basis bids for soybeans in the Gulf of Mexico were steady to slightly weaker midday. Demand remains strong for US soybeans but river levels on the Mississippi have risen in the last week which is helping to promote better grain movement southbound to the Gulf of Mexico. Production estimates in South America continue to show signs of optimism but traders contend that weather in the month of February could be the key to the production capabilities for both Argentina and Brazil. Some suggests that soybean prices could trend lower if the weather cooperates and as demand shifts away from the US border.

U.S. soybean crush biggest since January 2010 –NOPA (Reuters)
U.S. soybean processors crushed 159.899 million bushels in December, the biggest crush in nearly three years, the National Oilseed Processors Association said on Monday.

VEGOILS-Palm oil up on soyoil gains; record stocks weigh on prices
Tue Jan 15, 2013 5:14am EST
* Malaysia's Jan. 1-15 exports down 20.7 pct from a month
ago -ITS
    * Shipments for same period down 22.2 pct on month -SGS
    * Malaysia sets Feb crude palm oil export tax at zero
percent
    * Palm oil signals mixed -technicals

 (Updates prices, adds SGS export data)
    By Chew Yee Kiat
    SINGAPORE, Jan 15 (Reuters) - Malaysian palm oil futures
edged up on Tuesday, tracking increases in the price of rival
soybean oil, but gains were capped by persistently weak exports
and record high stocks in the world's second largest producer of
the edible oil.
    Exports of Malaysian palm oil products for Jan. 1 to 15 fell
20.7 percent to 570,510 tonnes from a month earlier, cargo
surveyor Intertek Testing Services said on Tuesday.
    Another cargo surveyor, Societe Generale de Surveillance,
reported a steeper 22.2 percent fall for the same period.
Shipments were also lower in the first 10 days of the month.

    The drop came amid China's stricter quality control rules on
edible oil imports that may have prompted some exporters to hold
back shipments.
    Exports to Europe also took a hit as buyers refrain from
purchasing palm oil, which solidifies in winter.  
    "The market is up a bit, tracking gains in Dalian and
Chicago soybean oil," said a trader with a foreign commodities
brokerage in Malaysia. "Exports were down but they were slightly
better than the first 10 days and we hope for further
improvement in the second half of the month."
    The benchmark March contract on the Bursa Malaysia
Derivatives Exchange gained 1.1 percent to close at 2,397
ringgit ($796) per tonne, taking its cue from U.S. March soyoil
futures, which had gained 2.5 percent in the previous
session as bargain hunting and hopes of Chinese buying boosted
soybeans.
    Total traded volume stood at 42,040 lots of 25 tonnes each,
higher than the usual 25,000 lots.
    Technical analysis shows mixed signals for Malaysian palm
oil as it is not clear that a downtrend starting from the Jan. 2
high of 2,524 ringgit will be reversed, Reuters market analyst
Wang Tao said.
    Malaysia will set its crude palm oil export tax for February
at zero percent, unchanged from January, a government circular
showed on Tuesday, and traders hope the zero percent tax will
help clear record-high palm oil stocks, which stood at 2.63
million tonnes in December.
    Brent crude rose above $112 per barrel on Tuesday, although
a lack of an agreement over the U.S. debt ceiling and a forecast
increase in the country's oil inventory still weighed on prices.

    U.S. soyoil for March delivery edged 0.2 percent higher in
late Asian trade. The most active May soybean oil contract
 on the Dalian Commodity Exchange closed 0.5 percent
higher.  


Vietnam may put emergency tariffs on soyoil and palm oil imports
GENEVA | Tue Jan 15, 2013 6:12am EST
Jan 15 (Reuters) - Vietnam is considering putting emergency import tariffs on soyoil and palm oil to prevent a flood of imports damaging its own producers, according to a World Trade Organization filing seen by Reuters on Tuesday.
Under WTO rules, countries may temporarily impose such tariffs - known as "safeguard measures" - if they can show that there is a serious threat to domestic producers, but other WTO members can challenge the decision to do so.

Vietnam said the National Company for Vegetable Oils, Aromas and Cosmetics of Vietnam (VOCARIMEX) had requested the government use safeguard measures and it was considering doing so on imports of refined soy oil, RBD (refined bleached and deodorised) palm olein oil and RBD palm stearin oil.

VOCARIMEX had submitted data showing an increase in imports that was causing or threatening to cause as serious injury to the domestic industry, it said, without giving details.

"The data currently available also showed a situation of sharply declining in domestic production and market share, productivity, and profits or losses, in conjunction with the increase in imports," the filing said.



Palm oil imports by China are set to plunge this month after the government imposed more stringent inspections on shipments, potentially increasing global inventories. Imports may be 300,000 metric tons in January, less than half of those in December, according to the median of estimates from six traders and researchers compiled by Bloomberg. (Bloomberg)

Malaysia will set its crude palm oil  export tax for February at zero percent, unchanged from January, a government circular showed. The Southeast Asian country calculated a reference price of RM2,110.72 per tonne for crude palm oil for February, effectively setting the export duty for the grade at zero. Reuters also reported that exports of Malaysian palm oil products for Jan. 1-15 fell 20.7% to 570,510 tonnes from 719,817 tonnes shipped during Dec. 1-15, according to cargo surveyor Intertek Testing Services. (Reuters)