Soy Oil chart reading : side way range bound.
Soybeans (Source: CME)
US soy futures end higher, bucking losses in corn amid a weak US dollar and tight soy supplies. Analysts say action was in part a correction in the corn-soybean spread, which had narrowed recently. Technical chart support helped keep the market firm despite a 2.5% tumble in corn, as did weak US dollar, Prime Ag Consultants analyst Chad Henderson says. Still, soybean demand has been lackluster recently, and Henderson says "you're going to need supply disruptions to get above $14." Soybean planting still weeks away in most areas. May soy up 15 3/4c, or 1.2%, to $13.57 3/4 per bushel.
Soybean Meal/Oil (Source: CME)
CBOT soy products end higher in tandem with soybeans as a weaker US dollar supported commodities generally. While corn slumped on an improved weather forecast, the soy complex surged ahead with support from a weaker USD and gains in gold and other commodities. Traders say there was selling of corn and buying of soy. May CBOT soyoil up 0.61c to 58.14c per pound; May soymeal up $2.80 to $349.20 per short ton.
Palm oil up on firm overseas markets; exports drop (Source: Reuters)
Malaysian palm oil futures rose more than 1 percent on Wednesday as traders booked positions on firmer overseas markets, despite key exports data showing weakening demand. "Market players are short covering to correct the oversold situation," said a trader in Kuala Lumpur.
Soy battle to heat up as China steps back
SINGAPORE, April 20 (Reuters) - A slowdown in Chinese soybean purchases will leave substantial volumes from Brazil and Argentina to compete with new-crop U.S. beans after September, threatening the country's normal market dominance in the fourth quarter. Availability of South American beans could weigh on benchmark Chicago prices already down more than 4 percent this month as wheat and corn both rise.
Indonesian palm oil demand seen up 80 pct by 2015
JAKARTA, April 19 (Reuters) - Consumption of crude palm oil (CPO) in Indonesia, the world's top producer, will rise by about 80 percent to 18.7 million tonnes by 2015, due to greater demand from downstream industries, a government official said. Southeast Asia's largest economy consumed between 10.5 million and 11 million tonnes of CPO in 2010, but will increase this to 28 million tonnes by 2020, Abdul Rochim, an official at the Indonesian industry ministry told Reuters in an interview.
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