Soy Oil chart reading : pullback correction downside biased.
ITS CPO export up 16.5% to 323,655 tonnes for the period of 1~10 May 2011.
SGS CPO export down 1% to 323,664 tonnes for the period of 1~10 May 2011.
MPOB Official Data for the month of Apr 2011 vs Mar 2011
Export up 7.8%
Stock up 3.49%
Output up 8.02%
Soybeans (Source: CME)
US soybean futures rise on spillover strength from broad-based commodity markets. Soaring crude oil and precious metal futures serve as the catalyst to rekindle speculative buying following last week's sharp declines, analysts say. Futures received further support from improved conditions for corn planting in parts of the central and western Corn Belt, a feature that could leave less acreage to potentially be shifted to soybeans due to overall slow corn plantings. However, soybeans failed to rally at the same pace as neighboring corn and wheat futures, as sluggish export demand amid competition from record South American harvests limited advances. CBOT July soybeans settled up 9c or 0.7% at $13.35 a bushel.
Soybean Meal/Oil (Source: CME)
US soy product futures finish higher, climbing in unison with soybean futures. Broader based commodity gains underpin prices, with soyoil buoyed by soaring crude oil futures, analysts say. Crude oil influences soyoil due to its use in biofuels. CBOT July soyoil settles up 0.60c or 1.1% at 56.29 cents per pound, and July soymeal ends up $0.90 or 0.3% at $350.40 per short ton.
Palm bounces as markets stabilise after last week's rout
KUALA LUMPUR, May 9 (Reuters) - Malaysian palm oil futures rebounded in tandem with stronger commodity markets as solid U.S. payrolls data showed global economy was on track for recovery although fundamentals for the tropical oil remain uncertain. "Stable global market has pulled up palm oil prices, but there still full of uncertainty and volatility in this market," said a trader in Kuala Lumpur.
India's April oilmeal exports more than double y/y
NEW DELHI, May 6 (Reuters) - India's annual oilmeal exports more than doubled in April on robust demand from Vietnam and Japan, a leading trade body said on Friday, registering a sixth consecutive monthly rise.
Annual sales to Vietnam rose for two months in a row as the Southeast Asian country's economy picked up steam.
Argentine soy, corn crop forecasts rise-Rosario
BUENOS AIRES, May 6 (Reuters) - Prospects for Argentina's 2010/11 soy crop are improving as healthy yields in northern farming areas compensate for poorer conditions in Buenos Aires province, the Rosario grains exchange said on Friday.
Soybean output in the world's No. 3 exporter is expected to total 50.2 million tonnes, up from a previous forecast issued in April of 49.7 million tonnes, the exchange said in a report.
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