US soy product futures ended lower as traders continued to take profits after sending the market to new highs recently. Traders said there was no fresh bullish news to rally markets that had already climbed to fresh bull-market highs recently. Worries about heat and dryness in South America will continue to underpin the markets, traders said. Jan soyoil closed down $0.044 cent to 56.38 cents per pound and Jan soymeal ended down $2.90 to $365.70 per short ton. (Source: CME)
U.S. corn, soy fall from over 2-year highs, wheat steady
SINGAPORE, Dec 29 (Reuters) - U.S. corn and soybean futures slipped easing from their highest in over two years scaled in the previous session, but supply worries triggered by dry weather in Argentina continued to support prices. "Soybeans, corn and wheat should continue the bullish trend next year, but there could be some profit-taking at the end of the year," said Kazuhiko Saito, chief commodities analyst at Fujitomi Co in Tokyo.
Palm snaps 7-day winning streak, supply concerns linger
KUALA LUMPUR, Dec 29 (Reuters) - Malaysian palm oil futures snapped a seven-day winning streak as traders booked profits although concerns over weak global vegetable oil production persisted."Palm is down on weaker Dalian's soyoil and U.S. soy complex as traders were squaring positions before year-end since most commodity prices rose over the last few days," said a trader in Kuala Lumpur.
US analyst lowers Argentina soybean crop forecast
CHICAGO, Dec 28 (Reuters) - Private U.S. crop analyst Michael Cordonnier said on Tuesday he lowered his forecast of Argentina's 2010/11 soybean production for a second straight week, to 48 million tonnes.
His previous weekly estimate was for 49 million tonnes.
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