Soy Oil chart reading : little upside biased.
Soybeans (Source: CME)
US soybean futures end higher, managing to stabilize from prior losses, as traders booked profits on recent short positions. The market was oversold after three days of selling pressure, particularly for a market facing tight projected end-of-year supplies, said John Kleist of e-bot trading.com. But he noted the advances were limited as slowing seasonal demand and a general sense of comfort in the market that South American production will relieve the strain on tight US stocks kept a lid on advances. CBOT May soy settled 3 1/4c higher at $13.76 1/2 a bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures ended mixed, with soymeal rebounding from recent declines with soybeans. It was helped by traders booking profits on short positions and long soyoil/short soymeal spreads, analysts said. The markets lacked fresh news to direct prices, with traders taking the opportunity to even some trades ahead of any possible risks in Friday's crop reports. CBOT May soymeal ended 0.6% higher at $355.60/short ton while May soyoil edge down 0.07c at 58.78c/pound.
Palm inches up on its growing discount to soyoil
Palm oil futures edged up on Wednesday as the discount of the tropical oil to competing soyoil widened, raising hopes of stronger demand although caution reined over the impact of China's rate hike."Earlier in China's interest rate hike cycle, there would have been a sell-down in commodities and vegetable oil markets," said a trader with a foreign brokerage in the Malaysian capital.
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