Soybeans (Source: CME)
US soybean futures end lower amid broad commodity selling as traders reacted to a plethora of bearish influences. A stronger US dollar, weak export demand, uncertainty about the fallout of MF's bankruptcy and ongoing concerns about Europe's debt crisis kept buyers cautious. However, the lack of market-specific news and limited farmer selling produced a choppy trend, with prices settling well off early lows. CBOT January soy ends down 8 3/4c at $12.17 1/4 a bushel; the session low was $12.03 1/2.
Soybean Meal/Oil (Source: CME)
Soy product futures end lower in unison with soybean futures. Prices were driven lower by broad investor selling across asset classes in the absence of market specific news to buoy prices, analysts say. CBOT Dec soymeal ended down $1.40 at $316.10/short ton, and Dec soyoil was ended down 0.60c at 51.17 cents/pound.
Palm oil drops on global economy concerns
KUALA LUMPUR, Oct 31 (Reuters) - Malaysian palm oil futures dropped as investors booked profits after a cargo surveyor reported strong export data for October and the market remained cautious over the state of the global economy.
"Palm oil investors are taking profits on external developments and there appears to be a technical resistance to hitting above the 3,000 ringgit level," said a trader with a foreign commodities brokerage.
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