Soy Oil chart reading : pullback correction downside biased.
Soybeans (Source: CME)
US soybean futures climb, supported by speculative buying tied to spillover support from neighboring grains and outside markets. Higher equity and crude oil futures and weakness in the dollar index attracted speculative buying, with traders covering positions from last week's sharp declines ahead of Wednesday's USDA crop report. Slow soybean planting progress at 7% complete, well below the five-year average of 17% added strength, but additional gains were limited by declining demand amid increased competition from record South American soy harvests, analysts said. CBOT July soybeans settled up 3c or 0.2% at $13.38 per bushel.
Soybean Meal/Oil (Source: CME)
US soy product futures were mixed, with soyoil rising on the supportive influence of climbing crude oil futures. Soymeal finished near unchanged levels struggling to find direction in the absence of fresh fundamental news, analysts said. Supportive soymeal cash basis levels in the western Midwest limited declines in futures, analysts said. CBOT July soymeal ended down $0.10 or 0.03% at $350.30 per short ton, and July soyoil rose 0.51c or 0.9% to 56.80 cents per pound.
Palm prices rise as sell-off seen overdone; data eyed
KUALA LUMPUR, May 10 (Reuters) - Malaysian palm oil futures rose for the second session in a row on Tuesday, as perceptions grew that last week's commodity sell-off was overdone, and investors awaited key data from the United States later this week. "Palm oil is reacting with the rest of the commodities, and there is some short-covering too," said one analyst. "There was also a technical rebound ... some economies are not as bad as it seems."
China April soy imports pick up vs March, but down 7.5 pct on yr
BEIJING, May 10 (Reuters) - China, the world's largest soy buyer, imported 3.88 million tonnes of soybeans in April, up 10.5 percent from 3.51 million tonnes in March, figures from the General Administration of Customs of China showed on Tuesday.
But April imports fell 7.4 percent from a year-ago period when China imported 4.19 million tonnes of the oilseed, which is crushed into edible oil and animal feed ingredients.
Brazil soy crop 97 pct harvested - Celeres
SAO PAULO, May 9 (Reuters) - Harvesting of Brazil's record 72.55 million-tonne soybean crop is drawing to a close with the help of dry weather across the grain belt, analysts Celeres said on Monday.
In its latest weekly report, Celeres said that 97 percent of the new crop has been gathered, up from 95 percent the week prior but behind the 99 percent at this time a year ago.
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