Soy Oil chart reading : downside biased with possible pullback correction.
Soybeans (Source: CME)
US soybean futures ended higher, managing to stabilize after plunging for most of the week. The market was supported by end-of-week bargain-hunting, with improved planting weather for corn in the western Midwest expected to limit acreage shifts to soybeans, analysts said. Trading was choppy, with advances limited by sluggish export demand and the ongoing threat acres shifting to soybeans in the eastern Midwest and Delta amid wet longer-range weather forecasts. CBOT July soybeans settled up 4 1/4c at $13.26/bushel.
Soybean Meal/Oil (Source: CME)
US soy-product futures end mixed, with soymeal rebounding in step with soybeans. Soyoil experienced two-sided price action, ending modestly lower amid spillover weakness from late declines in crude oil. CBOT July soymeal settled 0.6% higher at $349.50/short ton while July soyoil ended 0.04c lower at 55.69c/pound.
Palm oil slumps to 6-week low on U.S. commods sell-off
KUALA LUMPUR, May 6 (Reuters) - Malaysian palm oil futures dropped to a six-week low, after a broad sell-off in U.S. commodities in the previous session over concerns of weak economic growth. "Palm oil is getting much cheaper and we should eventually see a technical bounce as demand will start to come in, especially from China and India," said a trader with a foreign commodities brokerage in Kuala Lumpur.
Argentine soy, corn forecasts unchanged-exchange
BUENOS AIRES, May 5 (Reuters) - Argentina's 2010/11 soy harvest is expected to come in at 49.2 million tonnes, unchanged from the week-ago estimate, the Buenos Aires Grains Exchange said in a report on Thursday.
The South American country is the world's No. 1 soymeal and soyoil exporter, as well as its third-biggest soybean supplier.
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