Soy Oil chart reading : side way range bound.
Soybeans (Source: CME)
US soybean futures drifted lower, succumbing to spillover weakness from neighboring grain futures and weather forecasts suggesting less acreage switching from corn to soybeans. The soybean market got caught up in the sharp declines of wheat and corn, with weather promoting corn seedings in the eastern Midwest this week and reducing the threat of increased soybean plantings, says Mike Zuzolo of Global Commodity Analytics and Consulting. Further pressure was received from slower demand, while weakness in the US dollar limited price declines. CBOT July soybeans end down 0.3% at $13.76/bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures inch lower, sliding on a retreat in soybean futures and end-of-month position evening. However, support from a weaker US dollar and rising crude-oil futures limited declines. CBOT July soyoil end down 0.2% at 58.49c/pound and July soymeal drops 0.1% to $355.30/short ton.
Palm eases after surveyor confirms strong export trend
KUALA LUMPUR, May 31 (Reuters) - Malaysian palm oil futures eased as some traders booked profits after a cargo surveyor confirmed a strong export trend, with the market on track for its best monthly performance this year.
"Exports will set market direction. Stocks will be growing but its impact on prices will be moderate because strong demand due to the weaker ringgit and restocking will keep prices higher," said a trader with a foreign commodities brokerage.
India's 2011/12 soybean area seen down on cotton rally
MUMBAI, May 31 (Reuters) - Soybean acreage in India is likely to edge lower in 2011/12 as cotton could replace it in some areas after the fibre crop gave much higher returns to farmers than the oilseed, industry and government officials said.
Soybean is the main summer-sown oilseed crop in the south Asian country and fluctuation in output dictates India's edible oil imports, mainly of palm and soyoil, and oilmeal exports.
It is mainly a rain-fed crop for the world's biggest importer of edible oil, and the monsoon rains -- expected to be normal this year -- play a crucial part in deciding yields.
Brazil soy crop sales reach 67 pct - Celeres
SAO PAULO, May 30 (Reuters) - Sales of Brazil's record 72.55-million-tonne soybean crop were well ahead of last year at this time as strong prices and demand are driving deals, analysts Celeres said on Monday.
In its latest weekly report, Celeres said sales of the current crop that ended harvesting earlier in May stood at 67 percent by May 27, up from 59 percent of the previous crop at this time last year. Sales of the crop were on par with historical averages, however.
Argentine economy thrives as grain, soy prices soar
ROSARIO, Argentina, May 30 (Reuters) - High grain and soybean prices have driven global food inflation to the point of causing riots in Africa, but no one is complaining on the banks of the Parana River in Argentina's central farm belt.
In the port city of Rosario, profits from grains exports have funded construction of some of Argentina's tallest skyscrapers over the last year, helping to make Argentina's devastating 2001/02 financial crisis a distant memory.
No comments:
Post a Comment