Thursday, April 28, 2011

20110428 0935 Soy Oil & Palm Oil Related News.

 Soy Oil chart reading : side way range bound.

Soybeans (Source: CME)
US soybean futures ended lower, in step with neighboring grain futures, succumbing to broader-based investor selling across the grain complex at CBOT. Further pressure was derived from demand, with traders looking for a continued pattern of slowing exports and soy crushing, as South America pumps fresh supplies onto the world market, analysts said. Trade was also focused on planting weather, with wet conditions in the eastern Midwest remaining a threat to early corn seedings, which could possibly shift some corn acreage to soybeans. Soybeans for July delivery dropped 4 3/4 cents to $13.84 1/2 a bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures retreated in unison with soybeans, succumbing to the broader based weakness seen across the grain complex at CBOT. The lower theme was consistent, but soyoil garnered mild support from a rebound in crude oil to limit losses, analysts said. July soymeal finished down 0.7% at $361.80 per short ton, while July soyoil dropped 0.4% to 58.41 cents a pound.

Palm oil hits one-week low on technical selling
Malaysian palm oil futures touched a one-week low on Wednesday, tracking comparative oils and crude prices lower, with technical selling also weighing on prices. Benchmark July crude palm oil on Bursa Malaysia Derivatives Exchange closed at 3,277 Malaysian ringgit ($1,096) a tonne, its low for the day and the weakest since April 20. 

Bad weather to cut EU 2011 rapeseed crop-Oil World
HAMBURG, April 26 (Reuters) - Poor weather may cut the European Union's 2011 rapeseed crop to a three-year low of 20.13 million tonnes from 20.59 million tonnes in 2010, Hamburg-based oilseeds analysts Oil World said on Tuesday.
A hard winter and a dry spring in several countries are pressuring yields, especially in Germany, which may lose its position as the EU's top rapeseed producer to France, the firm said.

Argentine soy crop forecasts too big -Oil World
HAMBURG, April 26 (Reuters) - Official forecasts of Argentina's 2011 soybean harvest are too large and do not pay enough attention to unfavourable weather damaging crops, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Argentina's Agriculture Ministry last week raised its forecast of the country's 2011 soybean crop by 0.4 million tonnes to 50.4 million tonnes, still down from 53.9 million  tonnes harvested in 2010. 

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