Soy Oil chart reading : side way range bound.
Soybeans
US soybean futures ended mostly lower, under pressure from broader-based commodity weakness amid a rising US dollar, which is a negative influence on price as most raw materials are dollar denominated, making it more expensive for foreign buyers to import. Slower export and domestic demand also lent pressure, with freshly harvested, cheaper South American supplies an attractive alternative to US supplies, an analyst said. Yet, soybeans did find price support as a tight supply scenario places increased pressure on US farmers to produce bumper crops in 2011. CBOT July soy settled down 6 1/2c at $13.73 3/4 a bushel while November ended up 1/4c at $13.50 3/4.
Soybean Meal/Oil
Soy-product futures end lower in unison with soybeans. The influence of broader-based commodity selling added to the lower theme, with sharply weaker crude-oil futures a negative feature for soyoil. The July contract settled 0.24c lower at 57.22c/pound while July soymeal ended down $1.80 at $358.80/short ton.
Palm oil down as euro debt worries hit sentiment
JAKARTA, May 23 (Reuters) - Malaysian palm oil futures fell almost 1 percent, as renewed worries about euro-zone debt weighed on risk sentiment to help push prices lower. "It is a sentiment thing -- there is a lot of uncertainty in Europe, so this is hitting equity markets which is spewing over in palm oil," said a trader.
Rains delay Argentina's 2010/11 soy harvest -gov't
BUENOS AIRES, May 20 (Reuters) - Showers in Argentina's farming areas caused some delays in the country's 2010/11 soy harvest, the government said in its weekly report on Friday, although most of the crop has already been brought in.
The South American country is the world's No. 1 soymeal and soyoil exporter, as well as its third-biggest soybean supplier. The government expects the 2010/11 harvest to total 50.4 million tonnes.
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