Soy Oil chart reading : side way range bound.
Soybeans (Source: CME)
US soybean futures rallied, finishing at a two-week high on support from outside markets and larger than expected weekly export sales. Soybeans for July delivery ended up 20 1/2c at $13.89 3/4 a bushel. Combination of weak US dollar, and gold futures climbing to historic highs attracted buyers as many investors trade grain and oilseed futures in basket of commodities, said analyst Bill Nelson with Doane Advisory Service. Stronger than expected weekly export sales reported by the federal government, particularly with new sales to China provided a fundamental boost to prices, Nelson said.
Soybean Meal/Oil (Source: CME)
Soy-product futures end higher, with soymeal continuing to rebound from prior losses on signals of a pick up in domestic and export demand. Soyoil ended higher, but emerged as the weakest link in the soy complex on slower demand and a lack of definitive price movement in crude oil futures over the course of the session, analysts said. CBOT May soymeal ended $9.60c or 2.7% higher at $358.80/short ton while May soyoil climbed 0.2% to 58.27c/pound.
Indonesia to cut May palm oil, cocoa export tax -official
JAKARTA, April 21 (Reuters) - Indonesia will cut its palm oil export tax for May to 17.5 percent from 22.5 percent and reduce its cocoa bean export tax to 10 percent from 15 percent, Deddy Saleh, director general of foreign trade at the trade ministry, said.
The palm oil tax aims to ensure domestic requirements are met in Southeast Asia's biggest economy and to reduce volatility in local cooking oil prices.Indonesia, the world's top producer of palm oil, is expected to produce 21-23 million tonnes of palm oil this year, having outpaced Malaysia as the top palm oil producer in 2007. In May last year, the palm oil export tax was 4.5 percent. Last month, top industry analyst James Fry said the tax was distorting the flow to the market.
Palm oil creeps up, traders eye Indonesia export tax cut
Malaysian palm oil edged up sas higher external markets provided support, although investors expect more declines when top producer Indonesia cuts its import tax for next month, shifting orders away from Malaysia. "There is no real impetus for palm oil to go much higher. Indonesia's changes to the export tax will take away demand from Malaysia and the benchmark here will fall," said a trader in Kuala Lumpur. "The stronger ringgit is not helping either."
Most of Argentina's soy crop harvested-exchange
BUENOS AIRES, April 20 (Reuters) - More than 54 percent of Argentina's 2010/11 soy crop has been brought in despite wet weather over the last week that delayed harvesting, the Buenos Aires Grains Exchange said in its weekly report on Wednesday. Progress in harvesting soybeans advanced 11.5 percentage points compared with the previous week's report, issued on Thursday, bringing the total amount of harvested soybeans to 28.5 million tonnes, the exchange said.
U.S. soy contest to heat up as China slows imports
SINGAPORE, April 20 (Reuters) - A slowdown in Chinese soybean purchases will leave substantial volumes from Brazil and Argentina to compete with new-crop U.S. beans after September, threatening the country's normal market dominance in the fourth quarter. Availability of South American beans could weigh on benchmark Chicago prices , already down more than 4 percent this month as wheat and corn both rise.
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