Soy product futures ended mixed, with soymeal higher on lingering concerns about the future supply of soybeans for crushing, while soyoil drifted lower in step with stumbling crude oil futures. CBOT March soyoil ended 0.16 cents or 0.3% lower at 57.71 cents per pound, and March soymeal traded $2.10 or 0.6% higher at $383.60 a short ton. (Source: CME)
Palm bounces on USDA report showing tight oilseed supply
KUALA LUMPUR, Jan 13 (Reuters) - Malaysian crude palm oil bounced from three-week lows hit the previous day after key report showed a deeper-than-expected cut for U.S. soy stocks, signalling food demand was still strong
"The palm oil market has stopped its correction for the moment. It remains to be seen if this signals the start of a new rally or a pause before the market retraces again," said a trader with a foreign commodities brokerage.
Argentina sees soy below 50 mln T, wheat 14 mln T
BUENOS AIRES, Jan 12 (Reuters) - Argentina's government sees 2010/11 soybean production coming in below 50 million tonnes, down from a previous estimate of 52 million tonnes, as dry conditions take a toll on the crop, Agriculture Deputy Secretary Oscar Solis said on Wednesday,
Asked whether soy output would fall below 50 million tonnes, Solis said "for certain." But he did not give a specific forecast, saying it was too early to know how dry conditions would impact soy yields.
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