Soy Oil chart reading : side way range bound.
Soybeans(Source: CME)
US soybean futures ended flat as prices stabilized in the absence of fresh news to produce definitive movement in either direction. The market has reached a price level that factors in tight supplies and uncertain 2011 production and planting, analysts said. However, slow export and domestic demand, plus the threat of plantings delays for corn possibly shifting some intended corn plantings to soybeans, limits further upside price movement. CBOT July beans end up 3/4c at $13.80 1/4 a bushel.
Soybean Meal/Oil(Source: CME)
Soy-product futures end little changed, following the lead of soybeans, stabilizing in unison with them amid a consolidation move in the absence of fresh fundamental news to direct prices. CBOT July soyoil closed flat at 57.46c/pound and July soymeal settled down 80c at $360.60/short ton.
Palm oil hits six-week high on strong exports, markets
KUALA LUMPUR, May 20 (Reuters) - Malaysian palm oil futures hit more than six-week highs as upbeat exports data and broad gains across commodity markets buoyed sentiments. "Local export data is good and overseas markets have given extra support for Malaysian palm oil," said a trader with foreign brokerage in Kuala Lumpur. " The market is trying to test the level of 3,400 ringgit."
Indonesia forest moratorium softens blow for planters
JAKARTA, May 20 (Reuters) - Indonesia revealed a long list of exemptions on Friday to a two-year moratorium on new permits to clear forest, a concession to the hard-lobbying plantation industry in the world's top palm oil producing nation but vexed some green groups.
The moratorium, taking effect on Friday after a five-month delay, will exempt permits already given in principle by the forestry ministry and extensions of existing permits, as well as projects to develop supplies of energy, rice and sugar.
Argentine soy yields low as harvest nears end
BUENOS AIRES, May 19 (Reuters) - Argentine farmers made good progress to bring in 2010/11 soybeans over the last week, but yields were unexpectedly low, the Buenos Aires Grains Exchange said on Thursday.
Dry, hot weather in March affected soy crops in the South American country, the world's top supplier of soyoil and soymeal, hampering the development of late-planted beans.
Argentine corn, soy forecasts unchanged-govt
BUENOS AIRES, May 19 (Reuters) - Argentina's 2010/11 soy harvest is expected to come in at 50.4 million tonnes, the government said in its monthly crop report on Thursday, unchanged from last month's forecast.
Argentina's 2010/11 corn harvest is expected to be 20.9 million tonnes, the report said, the same as the government's forecast a month earlier.
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