Thursday, October 6, 2011

20111006 1008 Soy Oil & Palm Oil Related News.

Soybeans (CME)
US soybean futures end higher, driven by a broad-based recovery in commodity markets. Easing concern over the state of the world economy encouraged traders to add some risk, particularly with signs of stability in external financial markets, analysts say. Soy futures were viewed as oversold after steep losses dropped prices near one-year lows. However, harvest pressure and a lack of demand emerging from recent price breaks limited advances, analysts add. CBOT Nov soy end up 3 3/4c at $11.63 3/4/bushel.

Soybean Meal/Oil (CME)
Soy product futures bounced in unison with soybeans, supported by traders returning to commodity markets after pressure in external financial markets eased. The absence of fresh demand news limited advances, with traders viewing the bounce as more of a correction from recent losses than any new fundamental development, analysts say. CBOT Dec soymeal finished up $3.10 at $305.20/short ton, and Dec soyoil end up 0.20 cents at 49.20 cents/pound.

Short-selling drives palm to one-year low; rebound likely
KUALA LUMPUR, Oct 5 (Reuters) - Malaysian palm oil fell to their lowest level in a year on short-selling, but traders said prices could bounce back on hopes that Europe's debt woes may be contained and a global economic recession avoided.
"Let's see if this palm oil firm has enough bullets to maintain it's selling. It whacked and the market hit a low of 2,789 ringgit but bounced up just as fast," said a trader with a foreign commodities firm.

Argentina 2011/12 soybean area seen up 3 pct-attache
Oct 4 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Argentina:
"Soybean area for MY2011/12 is reduced to 19 million hectares indicating only a slight increase of about 3 percent from the previous year as more land is expected to be planted with corn," it said.

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