Soy Oil chart reading : little upside biased.
Soybeans (Source: CME)
US soybean futures end lower, stumbling on harvest progress in South America, which is seen limiting global demand for US soy. "Concern about slowing export demand for old-crop soybeans weighed in nearby contracts, particularly in the face of persistent rumors that China has rolled South American soy purchases as well as switched a few US soybean purchases to Brazil," according to Doane Advisory Service. New crop futures held steady, supported by corn's ongoing surge, as the bean market must keep prices attractive in an effort to not lose too much new-crop seeded acres to it. CBOT May soybeans settled down 9 3/4c at $13.84/bushel while November dipped 1/4c to $13.89.
Soybean Meal/Oil (Source: CME)
Soy product futures ended mixed, with soymeal backpedaling in step with declines in soybeans. Soyoil futures managed a climb today, garnering support from higher crude oil prices and strength in world vegoil markets, analysts said. Crude oil influences soyoil due to its use in making renewable fuels. CBOT May soyoil ended 0.20c or 0.3% higher at 58.88c per pound; May soymeal settled down $3.90 or 1.1% at $357.00 per short ton.
Malaysian palm oil extends gains on demand hopes
KUALA LUMPUR, April 4 (Reuters) - Malaysian palm oil futures extended last week's gains as higher prices of competing soyoil could kick in demand for the tropical oil at time when its production is on the rise. "Although we are expecting a seasonal pick-up in production as we enter into 2Q, the prospective insufficient soybean plantings in 2011 should keep prices of soyoil high and provide support to crude palm oil," said Citi analyst Penny Yaw.
More Argentine farmers harvesting soy -gov't
BUENOS AIRES, April 1 (Reuters) - Argentine farmers have stepped up the pace of the 2010/11 soybean harvest but yields are uneven so far due to severe dryness earlier this season, the Agriculture Ministry said on Friday.
Dry weather late last year cut into soy output forecasts for Argentina, the world's third-biggest soybean supplier, but rains in January and February brightened the outlook.
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