Monday, June 20, 2011

20110620 1004 Soy Oil Related News.

Soy Oil chart reading : downside biased with possible pullback correction.

ITS CPO export up 22% to 969,804 tonnes for the period of 1~20 Jun 2011.
SGS CPO export up 18.8% to 973,211 tonnes for the period of 1~20 Jun 2011.

Soybeans (Source: CME)
US soybean futures stumble, with improved crop outlooks, falling crude oil futures and sagging demand spuring salling. Ongoing concerns about the global economy kept traders in a cautious mood, with the absence of fresh supportive news providing little incentive for buyers to step into the market, analysts say. Traders buying corn and selling soybeans on spreads as well as forecasts calling for rains to reach drought stricken areas of the south provided further incentives for buyers to head to the sidelines, analysts add. CBOT July soy down 17 1/2c at $13.33/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures end lower, consistent with the lower theme in soybeans. Soyoil futures dropped to a one month low, falling in unison with falling crude oil and soybean futures, analysts said. Soymeal futures stumble, moving in step with the lower theme filtering through soy complex futures. CBOT July soyoil settled down 0.7% at 55.92 cents/pound, and July soymeal ended down 1.3% at $349.00/short ton.

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