Soy Oil chart reading : side way range bound.
Soybeans (Source: CME)
US soybean futures end higher, managing to stabilize after recent declines. After dropping nearly 6% since the start of April, coupled with tight supplies and solid demand, futures seemingly found some value, analysts say. A firmer cash basis for soybeans amid the absence of producer selling, and the uncertainties of the upcoming crop season -- in a year when large crops are counted on to replenish depleted supplies, buoyed prices as well. CBOT May soybeans rise 0.3% to $13.33 1/2 a bushel, and November soy adds 0.5% to $13.51 1/2.
Soybean Meal/Oil (Source: CME)
Soy product futures end mostly higher, finding stability after tumbling on a broad based sell-off Tuesday. Soyoil finished higher, buoyed by solid global vegoil demand and a recovery in crude oil futures, analysts said. Soymeal finished near unchanged, unable to hold initial gains on poor domestic demand, analyst said. CBOT May soyoil ended up 0.12c or 0.2% at 57.36 cent a pound, and May soymeal finished down $0.20 or 0.06% at $342.20 per short ton.
SURVEY: NOPA March Soy Crush Seen Up To 133.2M Bushels (Source: CME)
Analysts and traders expect soybean crush rates for March to climb to about 133.2 million bushels in the National Oilseed Processors Association monthly report, up from the previous month on seasonal processing trends, according to a survey of industry analysts. NOPA's report on the March soybean crush is scheduled to be released Thursday at 8:30 a.m. EDT (1230 GMT). The month-over-month increase in the crush reflects a seasonal upturn in processing, attributed to more days for crushing in March than in February. Estimates for the report ranged from as low as 127.5 million bushels to as high as 137.5 million bushels. In the previous report, crush for the month of February was measured at 124.9 million bushels. Analysts said the crush would increase by about 8.3 million bushels in the March report. The NOPA report includes figures only from member processors.
Aside from the additional three days for crushing in March than February, "I'm only looking for a slight per diem decline from February crush because it looks as though product exports held up," said Anne Frick, senior oilseed analyst with Prudential Bache in New York. However, traders and analysts say the despite the higher crush, processing in March was still well below year-ago levels, as processing limps along amid weaker crushing margins and slower domestic meal use. Meanwhile, NOPA soyoil stocks in March are expected to decline to 2.974 billion pounds, from 3.102 billion pounds in February. Estimates ranged from as low as 2.925 billion pounds to as high as 3.022 billion pounds. Soyoil stocks are seen declining in relation to slightly lower daily processing rates, but managed to avoid any significant decline in stocks amid year-over-year improvement in processing yields.
Palm oil at 2-week low; downward price pressure expected
JAKARTA, April 13 (Reuters) - Malaysian palm oil futures traded at a near two week trough, tracking vegetable oils lower as market players expected further downside price pressure due to a higher production cycle. "Everything else is dipping -- from crude oil to the Dalian," said one trader. "Palm fundamentals are also looking bearish, but today there is little fresh news other than outside things like crude oil."
China buys more palm oil, discount to soyoil narrows
KUALA LUMPUR, April 13 (Reuters) - China, the world's No.2 vegetable oil buyer, chased palm oil cargoes on Wednesday as traders switch over to the tropical oil during the warmer months and avoid soyoil imports on ample supply.
Oil World ups Brazil, Argentine soy crop forecasts
HAMBURG, April 12 (Reuters) - Hamburg-based oilseeds analysts Oil World said on Tuesday it raised its forecast of 2011 soybean harvests for both Argentina and Brazil as crop yields were better than expected despite recent unfavourable weather in both countries.
No comments:
Post a Comment