Soy Oil chart reading : pullback correction downside biased
Soybeans (Source: CME)
US soybean futures fell to their lowest level in 5-weeks, sliding on broader base selling amid strong gains in the U.S. dollar. The market took its guidance from external financial markets, with the surge in the dollar and plunge in crude oil and equities encouraging investors to reduce risk in the market, analysts said. Slower export demand and favorable near term weather for developing crops aided the lower tone. However, futures ended well off session lows, as support from tight supplies and the uncertainty of a long growing season encourage traders not to take too much risk premium out of prices, analysts add. CBOT Nov soy end down 1.1% at $13.17 1/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures fell in unison with soybeans and broader commodity markets. Widespread selling as a result of dimmer global economic views, soaring US dollar and slumping crude oil generated pressure to overshadow supportive May inventory figures from the Census Bureau, analyst said. CBOT Dec soyoil dropped 1.9% to 56.38 cents/pound, and July soymeal ended down 1.9% at $340.60/short ton.
Palm oil hits 7-mth low as output seen rising
JAKARTA, June 23 (Reuters) - Malaysian palm oil futures touched a seven-month low on Thursday, as comparative oils and expectations of higher second half production in Southeast Asia weighed on prices.
"Essentially the recovery in the yields will cause prices to normalize after some weather problems earlier this year," a Singapore-based analyst said.
Indonesia may cap palm oil export tax at 20 pct-official
JAKARTA, June 23 (Reuters) - Indonesia, the world's top palm oil producer, may cap its maximum edible oil export tax at 20 percent instead of 25 percent, an official at the industry ministry said on Thursday.
The existing crude palm oil export tax system, aimed at securing domestic supply and reducing volatility in cooking oil prices, allows the government to impose tax rates from 1.5 to 25 percent.
Paraguay farmers see 2010/11 soy crop at 8.4 mln T
ASUNCION, June 22 (Reuters) - Paraguay's 2010/11 soy harvest came in at a record 8.4 million tonnes, in line with the government's forecast, a research institute representing farming and exporting groups said on Wednesday.
Paraguay is the world's No 4 soybean exporter, though it trails far behind neighboring agricultural giants Brazil and Argentina. The small country's economy is highly dependent on increasing oilseed exports for economic growth.
European vegoils: Palm oil lower on rising stocks
ROTTERDAM, June 22 (Reuters) - Palm oil on the European vegetable oil market eased on Wednesday on prospects that growing palm oil output will lead to larger palm oil stocks, market sources said.
"Despite the lower asking prices and a weaker dollar business was not very active because most buyers were holding back expecting levels to drop even further," one broker said.
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