Friday, June 18, 2010

20100618 1137 Soy Oil & Palm Oil News.

Soyoil futures ended lower, consolidating after a four-day bounce. Spillover weakness from crude oil, a lack of any surprises in weekly export sales and lingering disappointment over the U.S. Senate's failure to re-enact the biodiesel blender's tax credit weighed on prices, analysts said. July soyoil settled 0.21 cents or 0.8% lower at 38.05 cents per pound. Speculative funds were estimated sellers of 2,000 lots in soyoil. Fund activity is a measure of investment money flow in the market(Source: CME).

Palm oil rebounds from 7-mth lows on technicals, crude
KUALA LUMPUR, June 17 (Reuters) - Malaysian palm oil futures gained 0.8 percent  on technical buying as crude oil prices bounced off lows as investor risk appetite revived following a successful Spanish bond auction.
"Generally we are still concerned about the euro zone debt crisis," said a trader in Kuala Lumpur.

Canada Canola group sees longer China import ban
WINNIPEG, Manitoba, June 16 (Reuters) - China is unlikely to lift its restrictions on Canadian canola imports within the next year, the top official with the Canola Council of Canada said on Wednesday.
China banned imports of Canadian canola seed with the fungal disease blackleg last November, but later said that canola could enter certain ports until Aug. 1, 2010, the end of the Canadian crop year. Canada said on Monday that China had extended those limited shipping conditions for another year.

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