US soybean futures end lower, continuing to correct from recent highs on government data showing less threatening year-end supplies while there was also broader-based commodity weakness. Traders trimmed premium from the market as futures lacked fresh support to justify higher prices, analysts said, nevermind the weekend approaching and the dollar rising. CBOT July soybeans end down 0.5% at $13.87 1/4 a bushel.
Soybean Meal/Oil (Source: CME)
Soymeal futures continued to garner support from firm cash prices amid the risk of supply disruptions due to flooding on the Missouri River while soyoil stumbled, succumbing to spillover weakness in soybeans and crude-oil futures. CBOT July soymeal ended up 0.1% at $373.30/short ton while July soyoil settled down 1% at 56.85c/pound.
Palm oil dips as glut of data drags prices lower
JAKARTA, June 10 (Reuters) - Malaysian palm oil prices eased flirting with one-month lows on a flurry of bearish data that could lead to further losses later in the session. "It's quite bearish and slightly higher than many people's expectations," said one trader. "It's a bit on the high side and will pressure prices." "USDA was more on the bearish side," he added. "People were expecting a higher stocks forecast ... there could be some short covering and prices may go down further."
India's May vegoil imports seen up as local supply falls
NEW DELHI, June 10 (Reuters) - India's vegetable oil imports may have risen by 37 percent in May, the second straight monthly rise, as local supply dropped on depleting oilseeds stocks ahead of the summer planting season, a trend that is likely to continue next month, a Reuters survey showed on Friday.
Palm oil imports, which account for the bulk of India's cooking purchases, are expected to have risen 50 percent in May over the previous month, according to a survey of eight traders.
Malaysia's palm oil stocks at 16-month high
KUALA LUMPUR, June 10 (Reuters) - Malaysia's May palm oil stocks rose nearly 15 percent to their highest in 16 months as production overtook exports, potentially weighing on benchmark futures.
May output rose 13.7 percent to 1.74 million tonnes from April as yield continued to soar after two years of unfavourable crop conditions.
China imported 4.56 mln tonnes of soy in May - Customs
BEIJING, June 10 (Reuters) - China, the world's largest soy buyer, imported 4.56 million tonnes of soybeans in May, up 17.5 percent from 3.88 million tonnes in April, figures from the General Administration of Customs of China showed.
Imports of vegetable oils in May were 390,000 tonnes, down 20.4 percent from the previous month.
Argentina soy output seen at 50.3 mln T-exchange
BUENOS AIRES, June 9 (Reuters) - Argentina's 2010/11 soy output is seen totaling 50.3 million tonnes, up slightly from the 50.2 million tonnes forecast last month, the Rosario grains exchange said on Thursday.
Argentina is the world's No. 3 soybean exporter and the biggest soymeal and soyoil supplier. The Agriculture Ministry expects this season's soy crop, which farmers have nearly finished harvesting, at 50.4 million tonnes.
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