Soy jumps 2 pct to 14-month top, corn at 2-yr high
SINGAPORE, Sept 20 (Reuters) - Chicago soy rose more than 2 percent to its highest since June 2009 on concerns that dry weather may hurt a soon to be planted crop in Brazil, while corn rallied to a new 2-year top amid strong demand and worries about U.S. yields. "I think as far as headline stories go, it is weekend frost in Canada which is serious, but time will tell how much impact it will have on the tonnage," said Brett Cooper, a senior manager of markets at FCStone Australia.
ITS : CPO export up 5% to 906,688 tonnes for period 1~20 Sep 2010
SGS : CPO export up 5.3% to 881,812 tonnes for period 1~20 Sep 2010
U.S. soy product futures closed lower with soybeans as trader booked profits. Market participants took money off the table after soyoil reached a nearly one-month high Thursday, a trader says. CBOT Dec soyoil touched a session high of 42.15 cents per pound, its highest price since Aug. 18. Strong demand has supported soyoil prices, and USDA on Thursday announced U.S. exporters sold 67,000 tons of soyoil to unknown destinations. Commodity funds sold an estimated 2,000 soyoil contracts and 1,000 soymeal contracts. CBOT Dec soyoil closed down 0.26 at 41.75 cents per pound, and CBOT Dec soymeal lost $1.40 at $296.30 per short ton. (Source: CME)
Palm oil off two-week lows on corn support
KUALA LUMPUR, Sept 17 (Reuters) - Malaysian crude palm oil futures gained 0.7 percent after touching a near two-week low earlier in the session as a surge in corn prices spread to other agriculture commodities.
"Crude oil and soyoil showed a little strength today," said a trader in Singapore. "The market is expected to trade rangebound between 2,600 and 2,620 ringgit."
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