Soy Oil chart reading : side way range bound little upside biased.
MPOB Official Data for the month of May 2011 vs Apr 2011
Export up 4.3% at 1.4 million tonnes.
Stock up 14.8% at 1.92 milion tonnes.
Output up 13.7% at 1.74 million tonnes.
ITS CPO export up 22% to 395,041 tonnes for the period of 1~10 Jun 2011.
SGS CPO export up 27.2% to 411,852 tonnes for the period of 1~10 Jun 2011.
Soybeans (Source: CME)
US soybean futures ended lower, driven by government data showing less threatening year-end supplies. Larger projected inventories reported by U.S. Department of Agriculture generated price pressure, with increased South American production and lower export forecasts painting a bearish supply picture. The report encouraged traders to trim premium from the market, after rallying prices on thoughts of lower supplies, said Mike Zuzolo, president Global Commodity Analytics and Consulting in Lafayette, Ind.
Soybean Meal/Oil (Source: CME)
Soy product futures ended mixed. Soymeal managed to withstand weakness from soybeans on lingering concerns about tighter meal supplies in the western Midwest on the potential for supply disruptions from Missouri River flooding, analysts said. Soyoil drifted lower, succumbing to pressure from increased supply forecasts from USDA. CBOT July soymeal ended up 0.03% at $372.90/short ton, and July soyoil settled down 0.9% at 57.40 cents/pound.
Palm oil gains ahead of USDA; crude supports
JAKARTA, June 9 (Reuters) - Malaysian palm oil climbed more than 1 percent on Thursday as investors positioned themselves ahead of the release of a U.S. government agriculture report later, with additional support from strong crude prices.
"We've been down a couple of days but there is a strong showing in crude," said one trader. "People are taking this as an opportunity to cover positions because it offers protection against the USDA tonight.
Missouri River floods stricken agribusiness in Midwest
CHICAGO, June 8 (Reuters) - From stranded shipments of soymeal feed to the potential for vast swaths of crop land to be flooded, high water on the Missouri River is disrupting trade and could cost millions of dollars in lost revenue for agribusinesses in the U.S. Midwest, industry sources said.
The situation is unfolding on the heels of massive flooding by the Mississippi River last month that submerged large areas of crops in the South at a time of tight grain supplies.
Brazil soy crop raised again to record high -gov't
SAO PAULO, June 8 (Reuters) - Helped by favorable weather, Brazil harvested a record soy crop in the 2010/11 season, about 1.4 million tonnes bigger than that forecast a month ago, government crop supply agency Conab said on Wednesday.
Output reached an unprecedented 75 million tonnes, up from the 73.6 million tonnes projected in May, Conab said in its ninth estimate of the crop, whose harvest finished last month.
No comments:
Post a Comment