Soyoil futures rallied Thursday, propelled by speculative and technical buying. The bullish influence of soaring crude oil prices sent futures on an upward path, with adjustments in the meal/oil spread relationship aiding the gains, Allendale Inc. analyst John Kleist said. Crude oil influences soyoil due to its use in making renewable fuels. December soyoil settled 0.65 cent, or 1.7%, higher at 39.70 cents per pound.(Source: CME)
Palm oil hits 10-week high on output concern, oil gain
JAKARTA, July 22 (Reuters) - Malaysian crude palm oil gained 2.52 percent after hitting two and a half month high on concern that rains may slow palm oil output and as gains in crude oil as well as soyoil offered support.
"The strength comes from outside market but there is also talk production will be below expectation because of overtly wet weather," a trader at a foreign-brokerage firm said.
India drops planned curbs on vegoil traders at Kandla port
NEW DELHI, July 22 (Reuters) - India's customs authorities have delayed a decision to bar traders from buying and selling vegetable oils headed for Kandla port, the main hub for palm oil imports in the world's top buyer of edible oils.
The move had rattled traders at Kandla, through which more than a third of India's total edible oils imports passed in June, because the customs order sought stronger documentation of consignments in an effort to widen the tax net.
Argentina cuts corn, soy harvest forecasts
BUENOS AIRES, July 21 (Reuters) - Argentina's Agriculture Ministry on Wednesday trimmed its monthly estimate for 2009/10 soy output to a record 52.7 million tonnes from a previous estimate for 54 million tonnes, saying the sowing area was smaller than it previously estimated.
Yields remained high, though, and the new estimate exceeded a record volume set in the 2006/07 season by 11 percent.
OIL: Crude steady above $79 after jump on storm fears
TOKYO, July 23 (Reuters) - U.S. crude futures held steady over $79 a barrel on Friday, after rallying the previous day as a potential storm threatened production in the Gulf of Mexico and strong corporate results lifted sentiment for oil.
Energy companies in the U.S. Gulf Coast were closely monitoring a tropical depression late on Thursday that could become a storm as it crosses the region, with some pulling workers from offshore platforms.
COMMODITY MARKETS: Oil nears $80; CRB hits one-month high
NEW YORK, July 22 (Reuters) - Oil ended at 11-week highs just below $80 a barrel on Thursday and copper rose to near two-month peaks, spurred by a weaker dollar and positive economic data on both sides of the Atlantic.
"Home sales data was great," said Burt White, managing director and chief investment officer at LPL Financial in Boston. "On an absolute basis, it's (bad), but, man, it is in the right direction and certainly crunched consensus, and that is great news."
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