Soy Oil chart reading : pullback correction downside biased
Soybeans (Source: CME)
US soybean futures stumble, ending at a five-week low on spillover weakness from grain futures. Market was consumed in broad-based selling in grain futures, falling on domino effect of tumbling wheat and corn futures, said Citi analyst Mario Balletto in Chicago. Favorable near-term weather forecasts for developing crops enticed traders to take a more cautious approach to the market. Slowing demand added further pressure to keep sellers in control of price direction, with fund liquidation in ag commodities pinning prices in negative territory, analysts say. CBOT Nov soy ended down 1.3% at $13.32 1/2/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures fell in unison with soybeans and the rest of the grain complex at the CBOT today. Broader-based fund selling kept buyers on the run, with slowing demand and a lack of a crop threat for soybeans leaving soy products pinned in negative territory, analysts note. CBOT July soymeal dropped 1.3% to $347.10/short ton; Dec soyoil fell 0.8% to 57.50c/pound.
Palm flat as output rise offsets improving demand
JAKARTA, June 22 (Reuters) - Malaysian palm oil futures traded flat on Wednesday, flirting with near one-week highs, as expectations of a higher production cycle offset a likely short-term demand uptick.
"The market today is slightly down," said one trader. "People are looking for direction and new leads in the market.
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