Soy Oil chart reading : side way range bound little upside biased.
Soybeans (Source: CME)
US soybean futures stumbled, backpedaling as traders took profits following recent rallies. Market was a bit overbought, following a 4.1% jump in prices in the past week, analysts said. Support from tighter government supply forecasts was offset by harvest progress and outlooks for more competition for soybean export sales from South America. Futures drew further pressure from lower cash basis levels at ports in Brazil and talk of China rolling back cargoes of previous purchases in export markets amid poor domestic crush margins, analysts added. CBOT May soy settled 16 1/2c or 1.2% lower at $13.93 3/4 a bushel; Nov soy ended down 5 3/4c or 0.4% at $13.89 1/4.
Soybean Meal/Oil (Source: CME)
Soy product futures lower, with soymeal stumbling in unison with the profit taking setback in soybeans. Soyoil futures end lower as well, but did manage to trim earlier declines on spillover support from crude oil futures, analysts say. Crude oil influences soyoil due to its use in making renewable fuels. CBOT May soyoil settled 0.10c or 0.2% lower at 58.68 cents per pound, and May soymeal ended $9.80 or 2.6% lower at $360.90 per short ton.
Palm oil hits one-week peak after US plantings report
JAKARTA, April 1 (Reuters) - Malaysian palm oil futures rose to a one-week high after a key plantings report in the United States showed soybean stocks were tight. "The market is up today on the back of the USDA report," said a trader. "Planting average for soybean is higher than the previous years. The problem is the stocks."
Argentine soy harvest gathers momentum - exchange
BUENOS AIRES, March 31 (Reuters) - Argentina's 2010/11 soy harvest intensified in the last week in key growing regions and crop yields varied depending on the amount of rainfall received during the season, the Buenos Aires Grains Exchange said on Thursday. The South American country is the world's No. 1 soymeal and soyoil exporter, as well as its third-biggest soybean supplier, and it was affected by dry weather earlier this season.
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