Soy Oil chart reading : side way range bound little downside biased.
Soybeans (Source: CME)
US soybean futures end higher, bucking the lower theme in neighboring grains. Support stemmed from fears that farmers won't sow enough acres this spring to replenish depleted soybean supplies and concerns about wet conditions delaying harvest in Brazil, says Jack Scoville, analyst with Price Futures Group. New-crop soybeans led the advances as the threat of insufficient acreage increases would require higher-than-normal yields come summer if another year of tight supply is to be avoided. Nearby futures gains lagged as the market has grown comfortable with old crop supply levels. CBOT May soy rose 3 3/4c to $13.58 1/4 a bushel while November rose 0.5% to $13.50 1/4.
Soybean Meal/Oil (Source: CME)
Soy-product futures end mixed, with soyoil rallying to 2-week highs on optimistic outlooks for world vegoil demand, analysts said. But soymeal stumbled, succumbing to pressure from declining domestic usage. US meal use in February was reported at the lowest monthly total since 1996, resulting from the shift to distiller grain use in many feed rations, analysts said. CBOT May soyoil settled 1.3% higher at 56.84c/pound while May soymeal finished down 0.7% at $357.20/short ton.
Palm down on slower demand, higher output prospects
KUALA LUMPUR, March 25 (Reuters) - Malaysian palm oil futures fell 0.3 percent as traders took positions on expectations of higher output and lacklustre demand in March. "I believe exports of this month are not going to be higher than 1.15 million tonnes, we need higher demand to reduce the end-stocks," said another trader in Kuala Lumpur.
Industry says Pakistan palm oil import to pick up in April
ISLAMABAD, March 25 (Reuters) - Pakistan may import up to 150,000 tonnes of palm oil in April because of less carry over stock, but buying will slow down during the peak summer months of May and June, a top industry official said on Friday.
Pakistan, the world's fourth-largest buyer of vegetable oil, bought less in February because of heavy imports in the preceding months, but buying picked up in March, with 110,400 tonnes purchased from Malaysia between March 1-25.
Rain pounds Brazil center-west soy harvest - Somar
SAO PAULO, March 24 (Reuters) - Heavy rainfall drenched most of the big soybean producing states in Brazil's center-west grain belt in recent days with the region in full harvest, but skies should start to clear on Thursday, forecaster Somar said.
The southern growing region of No. 1 soy state Mato Grosso received 95 millimeters (3.7 inches) of rain over the past three days, with the central region of the state getting 58 mm.
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