Soy Oil chart reading : correction range bound little downside biased.
ITS CPO export up 29.7% to 794,322 tonnes for the period of 1~20 May 2011.
SGS CPO export up 28.3% to 819,257 tonnes for the period of 1~20 May 2011.
Soybeans (Source: CME)
US soybean futures finish little changed as market participants face uncertain demand. The USDA said private exporters struck deals to sell 110,000 tons of soybeans to China, the world's top importer of the oilseed, for delivery after Aug. 31. The purchases followed a period of slow demand from China, which shifted its business to South America. China may now be returning its business to the US, says Alan Bugler of Bugler Marketing & Management. Yet, US soy export sales for last week were low. CBOT July soybeans close flat at $13.79 1/2 a bushel.
Soybean Meal/Oil (Source: CME)
US soy-product futures finish slightly higher, extending recent gains on supply concerns. Soymeal reached its highest price since April 1 before the July contract trimmed gains to close up 40c at $361.40/short ton. The market has climbed 6% the past week. Soyoil touched a 2 1/2-week high, closing up 0.16c at 57.46c/pound.
May 19 (Bloomberg) -- India, the world’s biggest user of cooking oil after China, will ensure higher oilseed prices for farmers, helping them boost output of soybeans and peanuts and potentially reducing imports of palm oil.
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