Soy Oil chart reading : correction range bound downside biased.
ITS CPO export up 6.3% to 1,440,173 tonnes for the period of 1~30 Jun 2011.
SGS CPO export up 5.95% to 1,434,464 tonnes for the period of 1~30 Jun 2011.
Soybeans (Source: CME)
US soybean futures finish higher after a choppy session as traders evened positions ahead of Thursday's key government updates on acreage and inventories. The market was supported by a combination of strength from external financial markets and supply uncertainties. However, profit-taking and traders looking to minimize risk ahead of Thursday's reports capped advances. CBOT November soy ended up 4c at $13.23/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures end mixed, with soyoil futures rising on support from higher crude oil, with traders taking on long soyoil positions vs short soymeal on spreads. Soymeal futures drifted lower, succumbing to pressure from declining cash basis levels amid declining livestock feed demand and increased competition for distillers dried gains in feed rations, analysts said. CBOT Dec soyoil ended up 0.42c/pound; Dec soymeal finish down $0.60 at $338.10/short ton.
Palm oil up on technical buying, strong export data eyed
KUALA LUMPUR, Jun 29 (Reuters) - Malaysian palm oil futures rose 1.5 percent on Wednesday as traders continued to adjust their positions and eye strong export data after the market fell to an eight-month low earlier this week.
"It's a good opportunity for short covering and the market will rally back to start afresh in July," said a trader in Kuala Lumpur.
Fresh showers to boost India soybean sowing
MUMBAI, June 28 (Reuters) - Soybean sowing in India's central Madhya Pradesh state, the biggest producer in the country, is likely to accelerate in a week, although it has picked up in second biggest producer Maharashtra after both states received good rainfall in the past two days.
There were concerns about soybean sowing in the two states that account for over 85 percent of total output due to poor rainfall in the first half of June.
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