Soy Oil chart reading : side way range bound little upside biased
Soybeans (Source: CME)US soybean futures follow corn's lead, with the uncertainty of acreage and production in the face of tight supplies coupled with spillover strength from rebounding crude-oil futures underpinning prices. The influence of corn sparked buying across the grain and soy complex as market participants don't expect much in the way of changes out of the USDA's monthly report Thursday, with the average guess for small increases in carryout. CBOT July soybeans end up 0.5% at $14.01 1/2 a bushel.
Soybean Meal/Oil (Source: CME)
US soymeal futures rallied with soybeans, garnering additional support from concerns about tightening supplies amid reduced transportation capabilities the possible closure of some soy processing plants due to Missouri River flooding, analysts said. CBOT July soymeal ended up 1.2% at $372.80/short ton, and July soyoil settled up 0.02% at 57.94 cents/pound.
Palm oil at 3-wk low on high stocks, markets
KUALA LUMPUR, June 8 (Reuters) - Malaysian palm oil dropped to a three-week low on Wednesday as investors adjusted positions on weak technicals, lacklustre external markets and expectations of high stocks.
"External markets are not giving much direction and palm oil is getting weighed down by the high stocks," said a dealer with a local commodities brokerage.
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