U.S. soy product futures climbed with soybeans on spillover support and technical buying, traders say. The soy complex felt borrowed strength from the grains, which climbed nearly 4% on tightening supply outlooks and expectations for strong demand. Corn, in particular, helped pull up the soy complex because corn and soybeans compete for acreage in the spring, says Brian Hoops, president of Midwest Market Solutions. Commodity funds bought an estimated 2,000 soymeal and 3,000 soyoil. Dec soymeal closed up $7.20 at $303.30 per short ton, and Dec soyoil was up 0.66 cent at 40.86 cents per pound.(Souce: CME)
Palm up on short covering due to supply worries
KUALA LUMPUR, Sept 3 (Reuters) - Malaysian crude palm oil futures closed more than 1 percent higher on short-covering ahead of the Muslim festive season, but a firmer ringgit capped gains, a trader said. Muslims worldwide will mark the end next week of the month-long Ramadan fasting period, when plantation workers in top palm oil producers, Indonesia and Malaysia, usually go on long holidays, triggering worries of tight supplies.
"There is some technical rebound in anticipation of a long holiday next week, and the delay of Malaysian Palm Oil Board data is not good news for the market too," said a trader in Kuala Lumpur, referring to monthly palm oil figures released by the industry regulator.
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