Chart reading : correction range bound downside biased possibly testing higher resistance
FCPO is likely to open gap up testing higher resistance.
FCPO is likely to open gap up testing higher resistance.
Soybeans (Source: CME)
US soybean futures rally for the second consecutive session, as prices strengthen on a rebound in outside financial markets. Tight projected US end of year stocks, strong demand and worries of crop losses from heavy rains in Brazil rekindled investor buying interest in the market, said Dave Marshall, independent advisor and broker. The rains in Brazil raised fears of lost yield potential as well as making transportation of grains to export ports difficult, Marshall added. Brazil is the world's second largest producer of soybeans behind the U.S. and counted on to relieve the strain on tight US supplies. CBOT May soybeans were up 48 1/4c or 3.7% at $13.35 1/4.
Soybean Meal/Oil (Source: CME)
Soy product futures soared in unison with soybean futures. Soyoil futures benefitted from the sharp rise in crude oil futures, while soymeal received further support from rising feed grain prices and adjustments in spread relationships between soymeal and soyoil, analysts said. CBOT May soyoil ended 1.56 cents or 2.9% higher at 54.52 cents per pound. May soymeal settled $14.10 or 4.1% higher at $358.60 per short ton.
Bearish soybeans bets build over the near term: Gavin Maguire
CHICAGO, March 16 (Reuters) - Traders have sharply increased bets that 'old crop' soybean prices will endure spells of further weakness over the coming months, but seem to expect new crop prices to retain a bullish bias over the rest of the year.
Within the past month, open interest in put or sell-side options tied to current prices in July futures has more than doubled and is now more than a third larger than call interest in the same contract for the mid-summer slot. In contrast, buy-side interest at the same price in the yet-to-be-planted 2011 soy crop remains more than twice as high as sell-side interest, and has just hit a new peak for that contract as traders continue to brace for fresh strength in the soy market over the longer haul.
Japan worries weigh on palm oil prices
JAKARTA, March 17 (Reuters) - Malaysian palm oil futures dipped as much as 1 percent as persistent uncertainty surrounding the economic impact of the devastating Japanese earthquake and tsunami weighed on prices.
"It is trading in a tight range," said a trader. "External factors are still full of uncertainty regarding Japan. Whatever happens to Japan will affect the global economy, especially equities."
Corn acres to gain on soy, fall below USDA-Allendale
CHICAGO, March 16 (Reuters) - U.S. farmers will boost corn acreage 3.5 percent this year while cutting back on soybean plantings, as they seek to capitalize on high demand for the grain, a private crop forecaster said on Wednesday.
Both corn and soybean acreage are likely to come in below the U.S. government's most recent estimate of 2011 plantings, according to research and brokerage firm Allendale Inc.
No comments:
Post a Comment