Soy Oil chart reading : side way range bound little upside biased
Soybeans (Source: CME)
US soybean futures climbed, managing to stabilize after yesterday's sharp slide. Uncertainties of 2011 acreage and production with planting in the eastern Midwest continuing to lag, encouraged traders to maintain risk premium in the market, analysts said. Traders also took the opportunity to cover some positions ahead of Thursday's USDA reports. Weakness in US dollar provided some outside support to buoying futures as well, analysts add. CBOT July soybeans ended 0.8% higher at $13.94 a bushel; Nov soy rose 0.9% to $13.85 1/4.
Soybean Meal/Oil (Source: CME)
US soy product futures ended mixed, with soymeal futures rallying in unison with soybeans. Strength of soybean prices brought stability to soymeal, while soyoil came under pressure from profit taking on soyoil/soymeal spreads, analysts said. CBOT July soymeal settled up 2.4% at $368/shart ton, July soyoil finished down 0.2% at 57.93 cent/pound.
Palm oil falls to near 3-week low, data eyed
JAKARTA, June 7 (Reuters) - Malaysian palm oil slipped to a near three-week low as technical selling and weak oil markets weighed on prices, while investors positioned themselves ahead of a flurry of data due at the end of the week. "Market down today," said one trader. "Soybean and crude oil dropped ... but it's also technical."
India's May oilmeal exports jump sharply
NEW DELHI, June 7 (Reuters) - India's annual oilmeal exports jumped nearly 85 percent in May, rising for the seventh straight month, on higher oilseed output and improved demand from traditional buyers in Asia, a trend that is likely to continue in the coming months.
Oilmeal exports rose by 84.5 percent to 320,266 tonnes in May from the same month a year ago, top trade body Solvent Extractors' Association of India said in a statement.
Argentine dockworkers meet, threaten more protests
BUENOS AIRES, June 6 (Reuters) - Argentine dockworkers and representatives of fertilizer producer Mosaic will resume talks on Tuesday in a bid to avert protests at leading grains export terminals, union leaders said on Monday.
"If they sit down to negotiate and admit they need to apply (the dockworkers') collective wage agreement, there won't be any more problems," Edgardo Quiroga, union secretary at the San Lorenzo branch of the CGT umbrella federation, told Reuters.
Argentine farmers finish harvest in soy belt- gov't
BUENOS AIRES, June 6 (Reuters) - Argentina's soy growers have finished bringing in 2010/11 beans in the main soy-farming belt, slowing corn gathering as they give the oilseed priority, the Agriculture Ministry said in its latest crop report.
Argentina is the world's No. 3 soy exporter. The government estimates the current crop at 50.4 million tonnes, only slightly down from last year's record 52.7 million tonnes despite dry weather early in the season.
Brazil soy sales ahead of last year's - Celeres
BRASILIA, June 6 (Reuters) - Sales of Brazil's record 73.6 million-tonne soybean crop remained ahead of those completed by this time last year with prices stable as a stronger local currency offset higher rates in dollars, analysts Celeres said on Monday.
The world's second biggest soybean producer and exporter after the United States harvested a record 68.5 million tonnes of soy in 2009/10, according to Celeres.
Golden Agri's 2011 production growth may exceed 10 pct
SINGAPORE, June 7 (Reuters) - Singapore-listed Golden Agri Resources' crude palm oil production could rise by more than 10 percent this year if weather conditions remain favourable, its executive director said on Tuesday.
"If the weather conditions are good, we could hit numbers which are in excess of 10 percent," executive director Rafael B. Concepcion Jr told Reuters in an interview.
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