Soy Oil chart reading : correction range bound downside biased.
Soybeans (Source: CME)
US soybean futures stumble on less-threatening supply forecasts and a tumble in corn. The USDA increased how much old crop it expects there to be at the end of this season, reflecting slower export demand amid increased competition from record South American production. Meanwhile, the threat of some intended corn acres shifting to soybeans in the eastern Midwest due to wet conditions aided today's lower theme. But a precariously tight new-crop inventory projection limited losses, said Global Commodity Analytic's Mike Zuzolo. CBOT July soybeans fell 6 1/4c to $13.31 3/4 a bushel and new-crop November slipped 0.1% to $13.21.
Soybean Meal/Oil (Source: CME)
Soy-product futures fall, with soyoil being hit by higher supply forecasts and spillover weakness from plunging crude futures. CBOT July soyoil ended down 0.9% at 56.29c/pound while July soymeal dropped 0.8% to $347.60/short ton. The declines are larger than that seen in soybeans.
Palm up 3rd day ahead of USDA report, strong demand eyed
KUALA LUMPUR, May 11 (Reuters) - Malaysian palm oil futures extended gains to a third day ahead of a key U.S. agriculture report that may show tighter grains and oilseeds supply in the months to come. "External markets are giving a boost to palm oil ahead of the U.S. report. There are some weather concerns in Europe with regards to grains that could boost all the agriculture markets," said a trader with a foreign commodities brokerage.
Brazil soy crop seen up at record 73.6 mln T-gov't
SAO PAULO, May 10 (Reuters) - Brazil's 2010/11 soybean crop was forecast at a record 73.6 million tonnes, up from 72.2 million tonnes estimated in April, government crop supply agency Conab said Tuesday.
This is Conab's eighth estimate of the crop. Brazil, which is finishing harvesting the 2010/11 crop, brought in 68.7 million tonnes of soybeans in the previous season.
Conab highlighted an increase in planted area and good weather conditions as key factors behind the rise in output for the harvest, set to finish in the second half of this month.
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