Soybeans (Source: CME)
US soybean futures stumble to 2-week lows as improved crop weather and external market pressure weighs on prices. Investors reduced exposure in riskier grain markets as cooler, wetter crop conditions and ongoing concerns about the US debt ceiling's impact on the global economy encouraged traders to cut back, analysts say. Slower export demand added further weakness.
Soybean Meal/Oil (Source: CME)
Soy-product futures followed soybeans lower, with slower demand and spillover pressure from crude oil futures attracting sellers. CBOT November soybeans fell 1.2% to $13.72/bushel while December soymeal dropped 1.7% to $363.10/short ton and December soyoil declined 0.9% to 56.95c/pound.
Palm oil down on concerns over U.S. debt default
KUALA LUMPUR, July 25 (Reuters) - Malaysian palm oil futures dropped as traders booked profit after pricing in firm exports and eyed growing concerns of a U.S. debt default that may slow global economic growth and demand.
"There has been some selling pressure in commodity markets but not in a panic stricken way as yet. Good exports should hold the palm oil market up temporarily," said a trader with a foreign commodities brokerage.
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