Soyoil futures ended higher, emerging as the strongest leg in the soy complex Monday. There was strength in world vegoil markets, with Malaysian palm oil futures rallying to 15-month highs and concerns about reduced sunflower oil production as a result of European droughts buoying prices, said Bill Nelson, analyst with Doane Advisory Service. Firm energy prices and a healthy near term export program aided the advances as well. December soyoil settled 0.37 cents or 0.9% higher at 42.49 cents per pound. Soymeal futures stumbled, under pressure from adjustments in the meal/oil spread relationship. August soymeal settled $2.50 or 0.8% lower at $311.10, and December soymeal ended $1.50 or 0.5% lower at $294.40 per short ton. (Source:CME)
China demand, weather woes drive palm to 15-mth top
KUALA LUMPUR, Aug 9 (Reuters) - Malaysia crude palm oil futures soared to hit over one-year highs on strong demand from China and concerns that dry weather in the United States may stunt oilseed rival soybean crops.
"The market gained because of external factors. The uptrend sentiment is still intact because players worry about the U.S. weather," said a trader with a foreign commodities brokerage firm.
OIL: Crude extends gain after 1 pct rise, eyes data
TOKYO, Aug 10 (Reuters) - U.S. crude futures extended gains above $81 a barrel on Tuesday after rising 1 percent a day earlier ahead of industry data later in the day expected to show a decline in U.S. crude inventories.
Oil prices have faded from last week's high of nearly $83 a barrel, dropping 1.6 percent on Friday in the wake of a disappointing U.S. nonfarm payrolls report.
No comments:
Post a Comment