Soy Oil chart reading : side way range bound little downside biased.
US soybean futures stumble, albeit still within recent trading ranges, without any fresh supportive news. The uncertainty of 2011 US soy plantings are keeping traders looking ahead to next week's plantings report. Analysts are concerned wet Midwest conditions could lead to corn seeding delays, and possibly additional soybean plantings. Favorable weather conditions for Argentina crops finishing development and an absence of any significant near term demand attracted sellers as well, says Dan Basse, president of AgResource. CBOT May soybeans fall 1% lower to $13.51 1/4 a bushel. Nov soybeans slip 0.8% to $13.33 1/4.
Soybean Meal/Oil (Source: CME)
Soy product futures retreat in unison with soybean futures. Sluggish domestic demand and increased competition for exports from South America leaves futures without fresh support to buoy prices in the face of declining soybean futures, analysts say. CBOT May soyoil falls 0.7% to 55.48c per pound; May soymeal drops 1.7% to $360.00 per short ton.
Palm oil rebounds on technicals, crude markets
KUALA LUMPUR, March 23 (Reuters) - Malaysian palm oil futures rebounded on a positive technical outlook with support coming from crude oil markets as growing civil unrest in Yemen heightened concerns of supply disruptions. "Crude oil is one of the supportive factors for palm oil prices, but it just a temporary reaction. It might not have strong influence on broader commodities," said a trader with foreign brokerage in Kuala Lumpur.
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