Soy Oil chart reading : side way range bound.
Soybeans (Source: CME)
US soybean futures end sharply higher, rallying on bullish market perceptions of prospective planting and quarterly grain-stocks data from federal forecasters. Both planting and supply forecasts were below trade expectations, rekindling market concerns about tightening old-crop inventories while the smaller 2011 acreage means soybeans can't afford to lose yield this summer, says Mike Zuzolo of Global Commodity Analytics. The USDA data are a sign the market has not raised prices enough to ration usage of already precariously low projected end-of-season inventories, analysts note. CBOT May soybean settled 2.8% higher at $14.10 1/4 a bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures ended higher Thursday, leaping to multi-week highs in unison with soybean futures. The outlooks for tighter availability of old crop soybean inventories and lower acreage figures lowering new crop soy supply forecasts for crushing served as catalysts to propel soyoil and soymeal prices, analysts said. CBOT May soyoil settled 1.46c or 2.5% higher at 58.78 cents per pound, and May soymeal finished $10.20 or 2.8% higher at $370.70 per short ton.
Palm oil firm as investors await key US data
JAKARTA, March 31 (Reuters) - Malaysian palm oil futures rose to a one-week high in a thin trading session as investors positioned themselves ahead of a key plantings report in the United States due later. "Up a little," said one palm oil analyst. "Perhaps due to (possible) news that less soybean will be planted, and hence positive for soy oil and palm oil."
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