Wednesday, September 28, 2011

20110928 1544 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean futures end higher, continuing to stabilize after a month long price slide amid renewed optimism that the EU debt crisis is nearing a resolution. Rallies in external financial markets attracted broader based buying, with ongoing uncertainty about crop size and tightening supplies, buoying prices, analysts say. However, futures pared early advances, succumbing to profit taking pressure on improved harvest outlooks and traders evening positions ahead Friday's inventory reports from U.S. Department of Agriculture. CBOT Nov soy end up 3 1/4c at $12.63/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures rise in step with broader based commodity rally. The return of investment fund buying across broader markets buoyed prices, with soyoil drawing support from soybeans and sharp gains in crude oil futures. CBOT Dec soyoil end up 0.7% at 52.78 cents/pound, and Dec soymeal finished up 0.1% at $330.50/short ton.

Palm oil bounces as investors hunt for bargains
KUALA LUMPUR, Sept 27 (Reuters) - Malaysian palm oil futures bounced as bargain hunters resurfaced after the market neared a one year low the previous day on concerns that developed countries were pushing the world into a recession.
"Sentiment is still poor but agriculture commodities like palm oil have the potential to weather the financial storm as the fundamentals are supportive," said a trader with a foreign commodities brokerage in Kuala Lumpur.

Isolated rain falls on early Brazil soy planting
SAO PAULO, Sept 26 (Reuters) - Planting of Brazil's new soybean crop will spread in the No.1 growing state of Mato Grosso as isolated showers continue to fall this week and next, forecasters Somar said on Monday.
The official planting season for soy started on Sept. 15 in the state but weather has been mostly dry over the center-west region that normally kicks off planting in Brazil .

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