Soyoil futures edged higher, holding firm on technical buying and support from recent demand. The market managed to stabilize despite spillover weakness from crude oil, as Thursday's bounce off recent lows provided some encouragement to buyers ahead of the weekend, analysts said. December soyoil settled 0.15 cent, or 0.4%, higher at 36.87 cents per pound.(Source:CME)
China slowdown fears push palm to new 7 1/2-mth lows
KUALA LUMPUR, July 2 (Reuters) - Malaysian crude palm oil futures hit a fresh seven-and-a-half month low on Friday as sentiment was dampened by concerns that China, a major importer of palm oil, could slow purchases amid an economic slowdown.
"China's demand on palm oil in July and August could drop 20-30 percent compared to the same period last year," said a trader with Shanghai-based foreign brokerage.
Monsoon soaks India soybean area after June lag
NEW DELHI, July 1 (Reuters) - India's vital monsoon rains revived in the soybean-growing central region on Thursday, after a two-week lag that reduced June rainfall to 16 percent below normal, the second lowest in 15 years.
Heavy showers in the central Madhya Pradesh state would accelerate soybean planting in the world's top importer of edible oils and ease growing nervousness about monsoon rains.
Argentine record soy harvest ends - exchange
BUENOS AIRES, July 1 (Reuters) - Argentina's 2009/10 soy harvest closed with a record 55 million tonnes this week, due to plentiful rains that boosted yields in most of the country's farming areas, Buenos Aires Grains Exchange said on Thursday.
The soy harvest breaks a record set in the 2007/08 season by 7 million tonnes, the weekly report said.
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