The current upward trend in natural rubber and crude palm oil (CPO) prices will continue to sustain over the long term, says Rubber Industry Smallholder Development Authority (RISDA) chairman Tan Sri Rahim Tamby Chik. He was optimistic prices would sustain if both commodities do not depend on the export markets of Europe and the US but instead make further inroads into new emerging markets. (Malaysian Reserve)
Soybeans (Source: CME)
US soybean futures end higher, fueled by strong export demand and lingering uncertainty about South American production. Soybeans climbed to fresh four-month highs, able to withstand spillover pressure from corn and wheat. Ongoing concerns about smaller crop sizes in South America are attracting fresh export business, and with corn poised to grab more US acres from soybeans this year, traders are comfortable adding risk premium to prices, analysts say. CBOT March soybeans ended up 3 1/2c to $12.71/bushel. (
Soybean Meal/Oil (Source: CME)
Soy product futures end mixed, with soymeal unable to feed off the firm price theme in soybeans. Soymeal stumbled with other feed grains, garnering additional pressure from sluggish domestic demand, analysts say. Soyoil futures climbed, buoyed by strength in soybeans and crude oil futures. CBOT March soymeal ended down $2.30 at $330.20/short ton; March soyoil ended up 0.66c to 54.06c/lb.
Palm oil edges down; Greek deal limits losses
SINGAPORE, Feb 21 (Reuters) - Malaysian crude palm oil futures eased slightly on Tuesday as traders booked profits after the edible oil hit an eight-month high the previous day, although losses were limited by a Greek bailout deal.
"At the moment we have seen a bit of optimism as the European financial ministers have agreed on a Greek bailout," said Ker Chung Yang, an analyst at Phillip Futures in Singapore
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