Soy Oil chart reading : correction range bound little downside biased.
ITS CPO export down 12.8% to 719,302 tonnes for the period of 1~20 Mar 2011.
SGS CPO export down 9.5% to 734,897 tonnes for the period of 1~20 Mar 2011.
Soybeans (Source: CME)
US soybeans rally for a third consecutive day, with prices continuing to strengthen on supportive fundamental outlooks. Traders are concerned about global soybean supplies due to strong demand, and rising concerns that Brazil's crop may not be as large as expected. Market also received a boost from bullish acreage outlook from Informa Economics. The forecast, if confirmed this year, would be 1M less than expected and would force the market to pencil in a possible 50-60M bushel cut in projected end-of-year supplies in 2012, says Mike Zuzolo of Global Commodity Analytics. CBOT May soy rises 2% to $13.62 1/2; Nov soy gain 2.4% to $13.34 a bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures rallied in unison with beans. The threat of tight world soy supplies for crushing and the potential for that trend to continue into the 2011-12 market year that begins Sept 1, based on lower private acreage forecasts, helped elevate prices, analysts said. CBOT May soyoil settled 2.3% higher at 55.77c/pound while May soymeal finished up 2.6% at a 2-week high of $367.90/short ton.
Palm oil prices climb over 2 pct on easing Japan concern
JAKARTA, March 18 (Reuters) - Malaysian palm oil futures rose more than 2 percent tracking price of other commodities higher as investor fears over the impact of the nuclear crisis in quake-hit Japan receded.
"There is a lot of activity in the physical market -- bargain hunting is going on," said one dealer. "External markets are a lot better than a few days ago."
Argentine soy outlook steady, corn harvest slow
BUENOS AIRES, March 17 (Reuters) - Rains in Argentine soy areas relieved crops over the last week, but persistent dryness means output is not expected to exceed 48.8 million tonnes, the Buenos Aires Grains Exchange said on Thursday.
Argentina, the world's third-biggest soy supplier, had dry weather earlier this season, but heavy rains from mid-January onward brightened the outlook for the oilseed. Parched conditions have returned over the last two weeks.
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