Soybeans (Source: CME)
US soybean futures end higher, fueled by broad speculative buying as macroeconomic fears ease for the moment following the central-bank coordination aimed at improving liquidity for European banks. Sharp declines in the US dollar served as the catalyst for soy's gains as traders are optimistic the weaker dollar will spur export demand. However, futures ended well off intraday highs, paring gains amid lingering fears of slower-than-expected demand. CBOT January soy ends up 6 1/4c at $11.31 1/4 a bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures bounced in step with advances in soybeans. The supportive influence of external financial markets buoyed prices, with soymeal garnering additional support from traders covering shorts at the end of the month after Tuesday's declines, analysts say. CBOT Jan soymeal ended up $4.20 at $292.20/short ton, and Jan soyoil ended up 0.07c at 49.50 cents/lb.
Palm oil dips; weather concerns cap losses
SINGAPORE, Nov 30 (Reuters) - Malaysian palm oil futures slipped on euro zone caution and thin trading volumes, but losses were limited by erratic weather that threatens to tighten supply in palm oil producer Malaysia.
"The market is simply tracking external markets such as the CBOT. It has been the third day that it is trying to break below the 3,050-ringgit level," said a dealer in Kuala Lumpur.
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