Soy Oil chart reading : side way range bound little downside biased.
Reuters: Indonesia to set Apr 2011 Palm Oil export tax at 22.5%.
Soybeans (Source: CME)
US soybeans ends higher after trading in both positive and negative territory during the session. Futures were torn between traders booking profits following sharp advances late last week and support from underlying fundamentals. Investors were initially cautious of pushing prices in the absence of fresh supportive news, says Tim Hannagan of PFG Best. New-crop soybeans led the gains, with lower-than-expected private planted-acreage forecasts serving as the catalyst. Traders added risk premium to new-crop contracts as insufficient increases in acreage will require higher-than-normal crop yields come summer if more tight supply is to be avoided. CBOT May soybeans settled up 1/2c at $13.63/bushel while November climbed 11c to $13.45.
Soybean Meal/Oil (Source: CME)
US soy product futures finish mixed, with soyoil climbing on support from higher crude oil futures prices, analysts say. Crude oil influences soyoil due to its use in making renewable fuels. Soymeal futures drifted lower, succumbing to pressure from adjustments in the soymeal/soyoil spread relationship, traders said. CBOT May soyoil up 0.2% at 55.88c per pound, and May soymeal slips 0.4% to $366.40 per short ton.
China Minister: Drafting Measures To For Vegoil Self-sufficiency (Source: CME)
China is drafting measures to increase its domestic output of oilseeds including soybean, peanut and rapeseed by 2015, in an effort to maintain its self-sufficiency of edible oil supply, the Hong Kong-based Phoenix Satellite Television reported over the weekend. The government aims to keep self-sufficiency of edible oils at current 40%, Chinese Agricultural Minister Han Changfu said in the report.
Palm off ten-day highs as export slowdown weighs
KUALA LUMPUR, March 21 (Reuters) - Malaysia's palm oil futures ended off a ten-day high on lower exports, underscoring fears that the global economy will slow with this month's earthquake and tsunami hitting Japan.
Losses were limited as some traders picked up bargains after Japanese authorities took a major step in managing a nuclear crisis by connecting all six earthquake-damaged reactors to power supply.
Brazil soy belt dries out, more rains en route
SAO PAULO, March 18 (Reuters) - Rains finally eased over Brazil's soy belt that was in the midst of a record harvest, after early March downpours delayed or flooded some important growing regions.
But an extended outlook beyond next week forecast heavy rains returning to the the growing regions that are entering into the peak of harvest, meteorologists Somar said Friday.
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