Soy Oil chart reading : side way range bound.
Soybeans (Source: CME)
US soybean futures end lower, succumbing to broader-based selling pressure as investors reduced risk exposure across commodity asset classes. Guidance of lower crude oil and metal futures attracted selling across grain and soybean futures. Absence of fresh fundamental developments to direct prices initially promoted a choppy theme, but slower export demand and less threatening supply outlooks applied pressure to attract selling as prices consolidate below the top end of a four-month trading range, analysts said. CBOT July soy end down 0.3% at $13.82 3/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures end lower, with traders booking profits on recent gains in soymeal amid a lack of fresh supportive news to inspire fresh buying, analysts said. Soyoil ended slightly lower, with profit taking on long soymeal/short soyoil spreads offsetting some the pressure from crude oil declines on soyoil futures, analyst add. CBOT July soymeal ends down 0.9% at $370.10 per short ton, and July soyoil settles down 0.05% at 56.82 cents/pound.
High stocks, output drag palm to 1-mth lows
KUALA LUMPUR, June 13 (Reuters) - Malaysian palm oil futures hit over one-month lows , extending losses from the previous session, as expectations of stronger output and higher stocks continue to weigh.
"Fundamentally, high stocks and improving production triggered a sell-off among the people who went for a long position," said a trader in Kuala Lumpur.
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