Soy Oil chart reading : side way range bound.
Soybeans (Source: CME)
U.S. soybeans ended higher, managing to shake off the affects of a tumbling US stock market, a sharply higher US dollar and weakness in energy markets. Spillover strength from sharp gains in wheat futures helped trigger a rally in soybeans, with traders also adding some weather premium back into the market despite ideas that corn planting delays could lead to increased soybean acreage, according to a Doane Advisory Service Market note. Traders said wet weather delaying the tail end of harvest in South America added to the positive tone, with steady cash basis levels adding strength as slow demand was offset by slow producer selling. CBOT May soy was up 12 1/2c or 0.9% at $13.44 1/4 a bushel, and July soy ended up 12 1/2c or 0.9% at $13.55 3/4.
Soybean Meal/Oil (Source: CME)
Soy product futures ended higher, bouncing in unison with advances in soybeans. Spillover strength from grain futures buoyed the markets, enabling futures to withstand the impact of broader based weakness in outside, equity and energy markets, analysts said. CBOT May soyoil settled up 0.55c or 1% at 57.39 cents per pound, and May soymeal ended $2.60 or 0.8% higher at $347.80 per short ton.
Malaysian palm up as discount to soy widens
Malaysian palm oil futures inched up on hopes that buyers will switch away from more expensive rival soybean oil. Palm oil, at a discount of more than $180 to soyoil, may attract demand from price-sensitive China and India, the world's top two buyers of the vegetable oil. "The price of palm oil is relatively cheap compared to other vegetable oils," said a trader in Kuala Lumpur. "It is going to be firm unless there's a huge plunge in petroleum or soyoil."
Dry weather lifts Argentine soy harvest-gov't
BUENOS AIRES, April 15 (Reuters) - Argentine farmers made brisk progress on the 2010/11 soy harvest this week, thanks to dry weather, but yields are uneven due to excessive dryness earlier in the season, the Agriculture Ministry said on Friday.The ministry estimates this season's crop at 50 million tonnes in the world's third-biggest soybean exporter.Severe dryness late last year cut into soy output forecasts for Argentina but rains in January and February improved the outlook.
Palm oil output seen up 5-8 pct in 2011-Sampoerna Agro
JAKARTA, April 15 (Reuters) - Palm oil producer Sampoerna Agro sees output climbing as much as 8 percent this year from 289,000 tonnes in 2010, while planting will jump by at least 10 percent, an official from the Indonesian firm said on Friday. A combination of maturing plantations and improvement works to surrounding rivers to fight flooding, have combined to help boost production, Michael Kesuma, head of investor relations told Reuters. "This year we are targeting to grow 5-8 percent," Kesuma said. "In the first part of 2009, there was a lot of rainfall in South Sumatra... after that incident we analysed why it flooded."
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