Soybeans (Source: CME)
US soybean futures finish lower as the market continues its setback from last week's surge. Prices slide 4.5% this week after climbing 9.6% last week on an unexpected cut in USDA's year-end inventory outlook. Additional pressure comes from expectations farmers will continue to advance the soy harvest this weekend. "There's still pre-weekend hedge pressure that has to be absorbed," says Dave Marshall, an independent analyst. CBOT November soybeans fall 12 3/4c to $12.12 1/4 a bushel.
Soybean Meal/Oil (Source: CME)
Soy products also weaken, with December soymeal dropping $3.80 to $316.50/short ton and December soyoil slipping 0.14c to 51.25c/lb.
Palm oil perks up on euro zone resolution hopes
KUALA LUMPUR, Oct 21 (Reuters) - Malaysian palm oil futures inched up as investors waited for a weekend meeting of euro zone leaders for signs of resolving the region's debt crisis that could plunge the world into recession if left unchecked.
"It is all eyes on the euro zone. They better get it right this time as there is too much uncertainty in markets like palm oil that are not fully reflecting fundamentals," said a trader with a brokerage in Kuala Lumpur.
Argentina soy area seen 18.6 mln hectares-exchange
BUENOS AIRES, Oct 20 (Reuters) - Argentine farmers will plant soy on 18.6 million hectares (46 million acres), the Buenos Aires Grains Exchange said on Thursday in its first 2011/12 area estimate for the world's No. 3 soybean supplier.
The forecast marked a slight increase from the 18.5 million hectares seeded in the 2010/11 season, the exchange said in its weekly crop progress report.
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