In The News - 21/07/2005
Malaysian
exports of oil palm products for July 1 to 20 could fall 26 percent to 642,032
tonnes from the 867,479 tonnes tracked for June 1 to 20, Societe Generale de
Surveillance, a cargo surveyor, said on Wednesday.
Year-on-year,
the figure should be down 9 percent from SGS's estimate of 704,061 tonnes for
July 1 to 20, 2004.
SGS
said its latest estimate comprised 577,139 tonnes of palm oils and 64,893 tonnes
of oleochemicals and lauric oils.
In
the palm oil category, 63,976 tonnes were made up of RBD palm oil, 307,209
tonnes of RBD palm olein, 71,789 tonnes of RBD palm stearin and 48,960 tonnes of
crude palm oil.
China
was the biggest buyer of Malaysian oil palm products for July 1-20, taking
159,220 tonnes, followed by Japan with 46,801 tonnes and United States with
42,901 tonnes.
European
Union countries, another major destination, accounted for 114,965 tonnes of the
export total.
Soybean
futures at the Chicago Board of Trade ended higher on Wednesday on a late
recovery tied to a forecast for hotter rather than cooler weather next week in
the Midwest, traders said.
Commercial
buying of 700 to 800 August by Bunge also aided the advances in soy as did late
purchases of November by FIMAT Futures, CIS and Refco.
CBOT
soy closed 5 cents per bushel higher to 5 cents lower. August <SQ5> was up
2 at $6.84-1/2 per bushel. New-crop November <SX5> was up 3-1/2 at
$6.94-1/2.
Volume
was estimated by the exchange at 75,740 futures, down from 112,245 on Tuesday,
and 42,428 options.
The
soybean market turned up after falling early on Wednesday amid another bout of
technical selling and on some rainfall in the Midwest crop region, traders said.
"I
think it was down mainly because over the next 48 hours there's expected to be
some much-needed rain in Wisconsin and northern Illinois. Beans still have the
ability to put on some yield at this point," said Dale Gustafson, analyst
for Citigroup.
Dry
weather in key growing areas of the Midwest has recently been boosting soybean
futures prices and rainfall now should boost soy production prospects, the
traders said.
Volatile
dealings were expected to continue with spot August soy on Wednesday shifting in
a nearly 20 cents per bushel range.
Hotter
weather is expected by the weekend in the U.S. Midwest crop region and
occasional showers are likely from Wednesday through the end of next week, a
private forecaster said on Wednesday.
"It
isn't ideal for crops but there will be a few showers mixed with the heat so it
could have been worse," said Meteorlogix forecaster Joel Burgio.
"There is quite a mixture of weather for the next 7 to 10 days."
Meteorlogix's
six- to 10-day outlook for the Midwest from Monday through Friday is for normal
to above-normal temperatures and normal to below-normal rainfall.
Exports
were quiet overnight and cash basis bids for soybeans in the Midwest late on
Tuesday were steady to weak amid a slowdown in farmer selling.
Soymeal
futures closed $2.90 per ton higher to 80 cents lower. August <SMQ5> was
up $2.90 at $217.00 per ton.
Soymeal
volume was estimated at 33,296 futures and 3,568 options.
The
late gains in soy helped buoy soymeal futures to a firm close, traders said.
Soyoil
futures closed 0.35 cent per lb higher to 0.03 lower. August <BOQ5> was up
0.27 at 24.73 cents per lb.
Soyoil
volume was estimated at 28,502 futures and 2,987 options.
The
late rally in soy also aided the advances in soyoil, traders said, as did
commercial buying. Bunge bought 1,000 December, pit sources said.
Malaysian
palm oil futures closed weak overnight. Traders in Kuala Lumpur said palm sagged
on overall bearish fundamentals.
Exports
overnight Tuesday included news that Iran had purchased 35,000 tonnes of
Brazilian soyoil.
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