Soy Oil chart reading : side way range bound little downside biased.
Soybeans (Source: CME)
US soybean futures slide for a third consecutive day on spillover weakness from corn and slowing demand. Slower Chinese demand and record South American supplies provide little incentive for buyers to underpin prices. Market draws further pressure from investors shifting positions from grains to more profitable gold and silver, said Dan Basse of AgResource Co. A weaker dollar and residual demand can't offset the bearish influence of tumbling corn prices that fell on hopes for improved planting opportunities. CBOT July soy was down 31 cents or 2.2% at $13.53 1/2 a bushel, and New crop Nov ended down 30 3/4c or 2.2% at $13.37 3/4.
Soybean Meal/Oil (Source: CME)
Soy product futures tumble in unison with soybeans, succumbing to the broader based investor selling in grain and oilseed futures. Market saw traders reduce risk exposure in the face of slower demand for soybeans, analysts say. Higher-than expected soyoil inventories reported by Census Bureau, add pressure to soyoil. Soymeal prices fell, yet Census data showing strong domestic demand for meal in March limited losses, analysts said. CBOT July soyoil ended down 2.5% at 56.93 cents per pound, and July soymeal dropped 2.1% to $354.20 per short ton.
Palm oil gains on crude; further price weakness expected
Malaysian palm oil futures rose , snapping a three-day losing streak, supported by firmer crude oil prices, although investors expect a further weakness due to a rising production cycle. "Palm oil is mostly following outside markets," said one trader. "You have crude oil trading higher ... we saw some recovery this morning."
Malaysia 10/11 soybean imports seen down-attache
WASHINGTON, April 27 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Malaysia:
"Faced with competitively priced imported soymeal, Malaysia is expected to buy less soybeans in 2010/11. However, the United States is expected to be the top supplier with a market share of 58 percent. Argentina should continue to dominate over 85 percent of the domestic soymeal import market in 2010/11 while Malaysia's imports of US soymeal are expected to plunge to only 40,000 tonnes.
Indonesia scraps soybean oil import tax in duty overhaul
JAKARTA, April 27 (Reuters) - Indonesia has scrapped import duties on a number of raw materials and goods, including soybean oil, in a drive to boost domestic manufacturing industries, a government official said.
Soybean oil, chemical feedstocks such as ethylene for plastics, and various machines for the textile and electronics industries were among 182 products that saw import duty scrapped from 5 percent previously, said Bambang Brodjonegoro, acting head of the fiscal office.
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