Soy Oil chart reading : side way range bound little upside biased.
Soybeans (Source: CME)
US soybean futures finish at a nine-week high on concerns plantings will fall short of expectations. Planting started slowly due to soggy conditions and remains sluggish in wet areas of the eastern Midwest and northern Plains, analysts say. Gains accelerated as the nearby July contract triggered pre-placed buy orders when it topped last week's high of $13.98 1/4 a bushel. "That was kind of the catalyst to get the funds in there to drive the markets higher," says Brian Hoops, president of Midwest Market Solutions. CBOT July soybeans close up 20 3/4c at $14.07.
Soybean Meal/Oil (Source: CME)
US soy-product futures close higher with soybeans on concerns about slow planting and tight supplies of the oilseed. Processors are bidding up for soybeans even though "margins still remain poor in the crush industry," says Karl Setzer at MaxYield Cooperative. "Buyers have sales on the books they need to cover with raw soybeans, no matter what the cost." Soybeans are crushed into meal and oil. CBOT July soymeal rises $5.30 to $366/short ton, while July soyoil gains 0.48c to 58.91c/pound.
Palm oil inches up on demand hopes, stocks weigh
KUALA LUMPUR, June 2 (Reuters) - Malaysian palm oil futures rose 0.3 percent on Thursday as traders await signs of Asian and Middle Eastern countries stockpiling ahead of the Muslim holy month of Ramadan in August.
"I was hoping for a decline in prices to lure in these buyers. It would have started earlier, although the strong export data in May and firm external markets have kept prices up," said a trader with a foreign commodities brokerage in Kuala Lumpur.
Brazil soy exports rise in May vs April - govt
SAO PAULO, June 1 (Reuters) - Brazilian exports of soybeans rose in May from April, contributing to the strongest monthly trade surplus so far in 2011, trade ministry data showed on Wednesday.
Brazil finished harvesting a record soybean harvest of roughly 72 million tonnes in May.
Linn Group lowers US corn, soy plantings f'casts
CHICAGO, June 1 (Reuters) - The Linn Group on Wednesday lowered its forecast of U.S. 2011 corn plantings to 87.233 million acres, from its May 18 estimate of 89.538 million.
The Chicago commodity research and brokerage firm also cut its estimate of U.S. 2011 soybean plantings to 74.894 million acres, from its mid-May estimate of 75.094 million.
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