Tuesday, March 29, 2011

20110329 0900 Soy Oil & Palm Oil Related News.

Soy Oil chart reading : side way range bound little downside biased.

Soybeans (Source: CME)
US soybean futures end lower, backpedaling from earlier gains on late profit-taking. Spillover weakness from a 2.7% slide corn futures, the negative influence of outside financial markets and declining near-term demand applied pressure to reverse early price strength, analysts said. Increased export competition from South America and traders looking to reduce some risk ahead of Thursday's USDA planting-stocks reports led traders to book profits on initial gains. However, declines were limited by ongoing fears 2011 acreage will fall short of levels needed to replenish tight old crop stocks. CBOT May soy ended down 0.7% at $13.48 1/2 a bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures stumbled Monday, retreating in unison with a profit taking setback in soybeans. Traders said volume was light, with participants taking a cautious approach ahead of Thursday's key planting and stocks reports from federal forecasters, analysts said. CBOT May soyoil ended down 0.31c or 0.5% at 56.53 cents per pound, and May soymeal finished $3.60 lower or 1% at $353.60 per short ton.

Palm oil firms; investors brace for more dips
JAKARTA, March 28 (Reuters) - Malaysian palm oil futures rose more than 1 percent before partly reversing gains with sentiment driven by comparative vegetable oils, although many investors expected downward price pressure in the coming months.  "The market is holding firm on the back of Friday's CBOT (price)," said a palm oil trader in Kuala Lumpur.

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