Soy Oil chart reading : side way range bound little downside biased.
Soybeans (Source: CME)
US soybean futures tumbled, dropping more than 2% on broad-based commodity selling. Market was caught up in commodity wide long liquidation, with investors reducing risk exposure, reflective of the fall in energy and metal futures, said Mike Zuzolo, president Global Commodity Analytics. Forecasts calling for soggy fields of the eastern Midwest and Delta to remain wet, added to defensive tone. The longer flooded fields keep farmers from seeding corn, it increases potential for farmers to switch some intended corn acres to soybeans, Zuzolo adds. CBOT July soybeans ended 29 1/4c or 2.1% lower at $13.63 3/4 a bushel.
Soybean Meal/Oil (Source: CME)
US soy product futures tumble in step with declines in soybeans. Soyoil futures led the declines in the products, garnering additional pressure from a slide in crude oil futures and weakness in world vegoil markets, analysts say. CBOT July soyoil futures end 0.89c or 1.5% lower at 57.71 cents per pound, and July soymeal settle $7.40 or 2% lower at $354.90 a short ton.
Palm almost flat as output ramp up erases earlier gains
KUALA LUMPUR, May 3 (Reuters) - Malaysian palm oil futures ended almost flat on Tuesday after a long weekend holiday as gains from a rebound in exports last month were erased by prospects of higher output.
"There is some support from the export data but there has to be a significant flow of orders, strong external markets to make palm oil an explosive story," said a trader with a foreign commodities brokerage.
Ukraine soybean output seen up in 2011/12-attache
WASHINGTON, May 2 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Ukraine: "Soybean production is expected to increase in 2011/12 due to supportive market trends and an assumption of unrestricted exports. Domestic production of soy is being driven by growing domestic demand for animal feed. Soy imports are shrinking.
Soy feed products that contain genetically modified an herbicide resistant trait, are temporary allowed to be used for animal feed purposes in Ukraine. However, neither cultivation nor import of soybean seeds for planting is permitted.
Brazil soy crop raised to record 72.6 mln T-Celeres
SAO PAULO, May 2 (Reuters) - Brazil's 2010/11 soybean crop forecast was raised to a record 72.55 million tonnes, up from 70.56 million tonnes seen in early April, grains analysts Celeres said on Monday.
In its tenth report on the current crop, Celeres said average Brazil yields should reach 3.019 tonnes per hectare, up from 2.936 tonnes per hectare seen in April.
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