Soy Oil chart reading : correction range bound downside biased.
Soybeans (Source: CME)
US soybean futures finish higher, finding strength after trading in both positive and negative territory. The market bounced in unison with neighboring grains, buoyed by reminders of tight supply particularly in the face of a lagging planting pace in the eastern Midwest, analysts say. Futures bounced higher later in the day, with the trimming of losses in crude oil, soaring grain prices and the inability of soybeans to attract sellers at the bottom of a recent trading range uncovering fresh speculative buying, analysts said. CBOT July soy ends up 1.1% at $13.41 a bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures ended higher, retracing earlier losses in unison with soybean futures. Soyoil was also influenced by the volatile movements in energy futures, in step with crude oil's midday drop and rebounding once crude began to trim its declines, analysts said. CBOT July soyoil ended 0.2% higher at 56.04c/pound; July soymeal ends 1.4% higher at $350.40/Short Ton.
Australia 2011 canola crop set to be largest in 12 yrs -industry
SYDNEY, May 17 (Reuters) - Australia, the world's third-largest canola exporter, is on track to reap its largest crop of the oilseed in 12 years due to favourable seeding conditions in eastern Australia, an industry official said on Tuesday.
A 2.4 million tonnes crop of the oilseed, also known as rapeseed, was likely to reaped later in the year, Australian Oilseeds Federation (AOF) executive director Nick Goddard said in a statement.
Brazil soy harvest draws to close -Celeres
SAO PAULO, May 16 (Reuters) - Harvesting of Brazil's record 72.55-million-tonne soybean crop has essentially come to an end for the season with the help of dry weather across the grain belt, analysts Celeres said on Monday.
In its latest weekly report, Celeres said that 99 percent of the new crop has been gathered, up from 97 percent the week prior. By this time a year ago, harvested had ended.
Argentine 2010/11 soy crop 82 pct harvested-gov't
BUENOS AIRES, May 16 (Reuters) - Dry weather helped Argentine farmers advance quickly last week in bringing in the country's 2010/11 soy crop, the government said in its latest weekly report.
As of Thursday, 82 percent of the 18.7 million hectares of Argentine farmland planted with soy had been harvested, up 8 percentage points compared to the week before, the report said.
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