Soyoil futures ended lower, retracing early gains on end of the session profit taking. The market lacked the underlying fundamental strength to justify extending the markets recent gains, analysts said. Solid export demand provided strength, while abundant supplies dampened upside momentum. December soyoil settled 0.10 cents or 0.2% lower at 42.00 cents per pound.(Source:CME)
Palm at new 4 1/2-month high on short-covering
JAKARTA, Aug 5 (Reuters) - Malaysia crude palm oil futures surged to a fresh 4-1/2 month high as investors covered short positions after a poll showed July's palm oil stock may hit a one-year low, as demand outpaced a weak recovery in production.
"With speculation that July end-stock would hit a 1-year low, traders wasted no time in covering their short position," said a trader in a local brokerage firm in Kuala Lumpur.
India's July oilmeal exports up, buck 8-month trend
NEW DELHI, Aug 5 (Reuters) - India's July oilmeal exports rose over a third from a year earlier, reversing the falling trend of the last eight months as a weaker currency helped boost sales to China, Japan and South Korea.
Oilmeal exports rose an annual 39 percent to 241,182 tonnes in July, and were 52 percent higher than the previous month, the Solvent Extractors' Association of India said in a statement on Thursday.
China soybean output may fall 3.3 pct this yr -think tank
BEIJING, Aug 5 (Reuters) - China's total soybean output in 2010 is expected to reach 14.5 million tonnes, down 3.3 percent from last year, the China National Grains and Oils Information Center said on Thursday.
The think tank said in a research report that soybean acreages for this year were already down 4.6 percent to 8.4 million hectares.
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