Tuesday, July 12, 2011

20110712 0955 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean futures hover near unchanged levels, with uncertainty about weather and its impact on yields and production offsetting the selloff in many other asset classes. Traders anticipating slightly bearish crop data in Tuesday's crop report applied weakness, but mixed opinions on weather and global economic worries led to caution and limited price movement, says PFG Best's Tim Hannagan. CBOT November soybeans ended 1/2c higher at $13.47/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures mostly steady, moving in unison with soybean futures. Markets followed the ups and downs of soybeans, with traders unwilling to aggressively push prices ahead of tomorrow's USDA reports and uncertainty of soybean crop weather, analysts said. CBOT Dec soyoil finished down 0.05c at 57.26c/lb; Dec soymeal rose $1.70 to $351.70/short ton.

Palm up on weather concerns affecting soy, stocks data may weigh
KUALA LUMPUR, July 11 (Reuters) - Malaysia palm oil futures inched up on Monday, buoyed by competing soyoil markets that gained on prospects of unfavourable crop weather.
"Malaysia market was helped by soybean and soyoil futures that went up due to worries on weather in U.S.," said a trader in Kuala Lumpur.

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