Soy Oil chart reading : downside biased with possible pullback correction.
Soybeans (Source: CME)
US soybean futures retreated for the fourth consecutive day, succumbing to the broad-based selling across commodity markets. The theme of large investors reducing risk in commodities kept pressure on prices, with slower export demand and the threat of some intended planted corn acres shifting to soybeans aiding the lower theme, analysts say. Soybeans for July delivery dropped 30 1/4 cents, or 2.2%, to $13.21 3/4 a bushel.
Soybean Meal/Oil (Source: CME)
US soy product futures tumble in unison with broader commodities. Soyoil led the products lower, with a nearly 10% drop in crude oil futures weighing on the market, analysts say. Crude oil influences soyoil due to its use in biofuel. CBOT July soyoil settled 2.5% lower at 55.73 cent/pound and July soymeal ended 1.4% lower at $347.50/short ton.
Palm oil bounces on technical buying; high stocks weigh
KUALA LUMPUR, May 5 (Reuters) - Malaysian palm futures recovered on Thursday on technical buying after hitting a two-week low the previous day although growing stocks limited gains. "The market today is surprisingly strong. There is some hope for exports to rise further in May but the strong stock build-up due to production will keep the rise in prices very, very modest," said a trader with a foreign commodities brokerage.
Cool rain stalls Midwest corn and soy
Continued rains and cool temperatures in the Midwest are stalling corn seedings and delaying spring fieldwork ahead of the soybean planting season. The corn planting pace continues to fall far behind average levels, leading to concern about potential production declines.
Dryness plagues the Plains hard red winter wheat region as the crop begins jointing an heading in the south. Some chance of rain over the next week in the east and north, away from the large acreage areas of the southwest.
Malaysia's April palm oil stocks seen at 6-month high
KUALA LUMPUR, May 5 (Reuters) - Malaysian palm oil stocks probably hit a six-month high in April from a month earlier as strong production outpaced modest growth in exports, a Reuters survey showed on Thursday.
Stocks in the world's No.2 producer likely rose nine percent to 1.76 million tonnes, marking the highest level since October but moderating the growth pace from March, a median survey of five plantation houses showed.
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