Soy Oil chart reading : correction range bound little upside biased.
Soybeans (Source: CME)
U.S. soybean futures tumbled near 4-week lows, succumbing to a broad-based commodity sell-off. Concern about the nuclear risk in Japan triggered a sell-off in commodities, with a sharp decline in crude oil as Goldman Sachs encourages investors to reduce risk in raw material markets, analysts say. Meanwhile, concerns that China could cancel some soy purchases from the U.S. and rising South American production forecasts were bearish fundamental factors adding further pressure to soybeans, according to Doane Advisory Service. However, tight supplies are still concern for soybeans, as farmers are expected to expand corn and cotton plantings this spring at the expense of soybean acres. CBOT May soy ended 38 3/4c or 2.8% lower at $13.29 3/4.
Soybean Meal/Oil (Source: CME)
Soy-product futures tumble on widespread selling in commodity markets, with soyoil slipping to 2-week lows on spillover pressure from a sharp slide in crude oil and soymeal plunging to a 4-week low, with a slowdown in global soymeal feed demand aiding the defensive tone, an analyst said. CBOT May soyoil settled 2.7% lower at 57.24c/pound and May soymeal fell 2.1% to $342.40/short ton.
Palm oil dips 2 pct on stock data hangover, crude
JAKARTA, April 12 (Reuters) - Malaysian palm oil futures eased almost 2 percent on Tuesday, weighed by weaker comparative vegetable oils and lower crude prices.
The benchmark June crude palm oil contract on Bursa Malaysia Derivatives traded down 1.4 percent
at 3,368 Malaysian ringgit ($1,115) a tonne. It earlier went as low as 3,355 ringgit.
"Look at the export figures yesterday -- it is worrying," said one trader. "External factors are crude on the way down, and corn also down.
China to sell 3 mln T state soy reserves, imports to hurt
BEIJING, April 12 (Reuters) - China, the world's top soy importer, will sell 3 million tonnes of domestic soy from state reserves to some crushers at a below-import price of 3,500 yuan ($535.325) per tonne.
"The sale could hurt buying interest by crushers for South American soy for July and August shipment."
China sells 99,700 T rapeseed oil reserves ahead of lower harvest
BEIJING, April 12 (Reuters) - China sold all 99,700 tonnes of rapeseed oil offered from state reserves at regular auctions on Tuesday, as the domestic market braces for lower rapeseed output ahead of the harvest next month.
Trading volumes and average prices were both higher than the previous sale. Traders were expecting that China's rapeseed output may fall as much as 20 percent this year from last year's 13.15 million tonnes.
Forecasts for Malaysian, Indonesian palm oil production
KUALA LUMPUR, April 12 (Reuters) - Strong palm oil production in Southeast Asia for the first quarter of 2011 may see government agencies and analysts revise up their forecasts.
On Tuesday, industry analyst Dorab Mistry revised up his Indonesian production estimate to 25 million tonnes from an earlier estimate of 24 million tonnes, going much higher than industry and government forecasts.
Argentine Feb soy crushing up 43.9 pct vs Feb 2010
BUENOS AIRES, April 11 (Reuters) - Argentine soy crushing increased 43.9 percent in February from February 2010, to 2.02 million tonnes, thanks to a record 2009/10 crop, the government said in its latest monthly report.
Argentina is the world's top supplier of soyoil and soymeal and the third-biggest exporter of unprocessed beans.
India's March vegoil imports to fall on rapeseed harvest
NEW DELHI, April 11 (Reuters) - India may have cut vegetable oil imports by 18 percent in March as a big rapeseed harvest improved domestic supplies, a Reuters survey showed, and the trend should continue next month, putting downward pressure on international prices.
Palm oil imports are expected to have fallen 20 percent in March over the previous month, according to the survey of eight traders, while soyoil imports could fallen 46 percent -- the first decline in four months.
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