Soyoil futures retreated Monday, under pressure from spillover weakness from crude oil futures, a lack of fresh demand news and adjustments in the meal/oil spread relationship. December soyoil settled 0.23 cent, or 0.6%, lower at 37.80 cents per pound. Speculative funds were estimated sellers of 4,000 lots in soyoil.(Source: CME)
Palm oil reaches 1-week high, tracks crude
KUALA LUMPUR, June 28 (Reuters) - Malaysian palm oil futures rebounded to a one-week high, tracking gains in crude oil as tropical storm Alex pressured exports and production in the Gulf of Mexico.
"The palm oil market is trading in line with other oils and it is expected to be good due to better exports this month", said a trader in Kuala Lumpur.
Indonesia's May palm oil exports fall nearly 34 pct y/y
JAKARTA, June 28 (Reuters) - Indonesia's palm oil exports in May fell 33.6 percent from a year ago because of lower palm oil production, the Indonesian Palm Oil Producers Association said on Monday.
Indonesia exported 1.039 million tonnes of palm oil products in May, falling from 1.57 million tonnes in May 2009.
"Most Indonesian producers experienced a low production month in May because of the change in weather. It could be the effect of El Nino last year was only felt this year," Joko Supriyono, secretary general of the association, said.
Argentina says reaches deal with China over soyoil
BUENOS AIRES, June 25 (Reuters) - Argentina has reached an agreement with China to end the Asian nation's freeze on Argentine soyoil imports, the government said on Friday, but some traders were skeptical that the trade dispute had been resolved.
"Thanks to the talks the Argentine government has been holding with China. soyoil exports to China have been normalized," Pablo Lopez, an agriculture ministry spokesman, told Reuters.
Soggy US Midwest crop belt to turn clear next week
CHICAGO, June 25 (Reuters) - The U.S. Midwest crop belt will get a break from weeks of rain next week, giving farmers a chance to finish the tail-end of soybean planting and help fields dry out, giving water-logged crops a boost, a forecaster said Friday.
"The good news is a drier period is coming up," said Joel Burgio, agricultural meteorologist with Telvent DTN.
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