24/3/05USD Recovery Negative For Vegoil Exports(Dow Jones)--Stonger USD negative for edible oil prices, could hitexports; EUR/USD now at 1.297 vs high of 1.348 mid-March. Stronger USD mayaffect soyoil, palm oil exports as it makes dollar-denominated commoditiesmore expensive for consumers, traders say.
Malaysia End-March Palm Oil Stocks Seen Down(Dow Jones)--Some traders estimating Malaysia's March palm oilproduction up 5%-6% on month at 1.10 million-1.11 million tons; exportsalso expected to be about 1.1 million tons. Local consumption likely tostay around average levels of 140,000-150,000 tons, though total importsdifficult to estimate, as levels fluctuate month-to-month, traders say.Overall, stocks (which were at record high at end-February) very likely tobe lower end-March, possibly around 1.45 million-1.5 million tons.
Brazil Cuts Soy Estimate As Expected(Dow Jones)--Brazil's Agriculture Ministry cuts 2004-05 soybean cropestimate to 53.1 million tons vs previous forecast of 57.0 million tons.Downward revision unlikely to have much impact on edible oil prices todayas cut already expected, traders say. Private analysts had reduced theirestimates much earlier, citing crop damage due to drought.