Soy Oil chart reading : pullback correction downside biased
Reuters: Indonesia government to lift July 2011 palm oil export tax to 20%
Soybeans (Source: CME)
US soybean futures rallied, driven by broader based gains. Weakness in the US dollar and outlooks for a resolution of the Greek sovereign debt crisis increased investors' appetite for riskier commodities, notes Mike Zuzolo, president Global Commodity Analytics. Forecasts calling for an extended hot, dry pattern in the Midwest in July encouraged traders to add some premium back into prices as well, Zuzolo adds. Signs of some deteriorating crop conditions in individual states reported by USDA yesterday helped buoy prices as well. CBOT Nov soy ended up 1.1% at $13.49 3/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures climb in unison with soybeans, feeding off the supportive tone in external commodity and currency markets. Ongoing concerns about tight soy supplies and the uncertainty of new crop production of soybeans helped buoy soyoil and soymeal futures, analysts said. CBOT Dec soyoil settled up 1% at 57.95cents/lb; July soymeal ended up 0.5% at $351.70/short ton.
Palm oil rises as investors eye demand uptick
JAKARTA, June 21 (Reuters) - Malaysian palm oil futures rose as firmer comparative vegetable oils and improving short-term demand expectations supported prices.
"We will see increased buying from some countries ahead of Ramadan," said on analyst. "That is quite positive.
Malaysia's 2011 palm oil exports may breach record-paper
KUALA LUMPUR, June 21 (Reuters) - Malaysia's palm oil exports this year may surpass the record 65 billion ringgit ($21.4 billion) achieved in 2008, thanks to higher prices of the commodity and better global demand, the Business Times newspaper reported on Tuesday.
Palm oil exports in the first five months of this year totalled 30.49 billion ringgit, according to industry body Malaysian Palm Oil Board, the paper said.
China grains, edible oil storage capacity expanded - report
BEIJING, June 21 (Reuters) - China has increased its grains and edible oils storage capacity to enable the government to control food price rises and cover deficits in years of poor harvests, the People's Daily reported on Tuesday.
State grain storage capacity had reached 390 million tonnes by the end of 2010, representing about 70 percent of annual domestic consumption, Zeng Liying, deputy head of the State Administration of Grain, was cited as saying in the report.
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