Soy Oil chart reading : side way range bound little upside biased
Soybeans (Source: CME)
US soybean futures pull back from strong gains last week in a sell-off driven by improving weather conditions. Traders expect a weekly USDA report today will show a significant advance in plantings from last week, with many predicting soybeans will be more than 70% planted. A week ago, 51% of the crop was in the ground. Report is "going to show one of its biggest jumps of the year" in soybean and corn planting, predicts Tim Hannagan, analyst for PFG Best. CBOT July soybeans drop 31 1/4c to $13.83 1/4 a bushel.
Soybean Meal/Oil (Source: CME)
US soy products futures finish sharply lower with soybeans as favorable weather increases optimism about the crop being planted across the Midwest. Traders expect farmers will make significant progress planting oilseeds, thanks to warmer conditions. They "entered today looking for a decent planting week to start," notes Tim Hannagan, analyst for PFG Best. Improved weather eases concerns about output that had been supporting the soy complex. CBOT July soymeal drops $9 to 359.40/short ton, while July soyoil loses 0.7c to 58.03c/pound.
Malaysia's May palm stocks seen climbing to 16-mth highs
KUALA LUMPUR, June 6 (Reuters) - Malaysian palm oil stocks likely soared to a 16-month high in May as strong production growth overtook a modest increase in exports, a Reuters survey showed on Monday.
Stocks in the world's No. 2 producer of the vegetable oil probably jumped 11.3 percent to 1.86 million tonnes, a level unseen since January 2010, a median survey of five plantation houses showed.
Palm oil flat as traders await data blizzard
JAKARTA, June 6 (Reuters) - Malaysian palm oil traded flat with China shut for a holiday and as investors stayed on the sidelines ahead of a flurry of data due at the end of the week. "A lot of players are staying on the sideline and volume is very small," said one trader. "Without direction from the Dalian, you see that crude oil hasn't changed much.
Ukraine 2011 rapeseed harvest may rise 8 pct
KIEV, June 6 (Reuters) - Ukraine is likely to increase its 2011 rapeseed harvest by about 8 percent to 1.59 million tonnes, analyst UkrAgroConsult said on Monday.
But the latest forecast is smaller than 2.06 million tonnes expected in March due to a smaller harvested area.
Argentine farmers hoard soy, bet on higher prices
BUENOS AIRES, June 3 (Reuters) - Argentina's 2010/11 soy harvest is almost finished, but growers are hoarding millions of tonnes of beans on their farms, gambling that sizzling global prices will climb even higher.
Healthy profit margins this year and a bumper harvest estimated at close to 50 million tonnes mean farmers in the world's No. 3 soy exporter can afford to take a risk and keep their sales to a minimum, industry analysts say.
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