Soy Oil chart reading : correction range bound downside biased.
Soybeans (Source: CME)
US soybean futures stumbled, slumping to a 3 1/2 month low on spillover pressure from corn dropping to its daily trading limit. Market also drew pressure from USDA revealing US soybean supply expanded from last year despite strong demand earlier in the year, analysts say. Nonetheless, driving force behind the declines was sharply lower corn prices, with corn's slide attracting broader-based selling across grain futures. CBOT Nov soy ended down 2.2% at $12.94/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures tumbled, sliding in unison with sharp declines in soybeans. The easing of tight supply fears in soybeans, slower demand and generally negative price sentiment following USDA's surprising acreage and stocks reports pinned prices in negative territory, analysts say. CBOT Dec soyoil dropped 1.5% to 56.15 cents/pound, and Dec soymeal slipped 2.1% to $330.90/short ton.
Palm inches up on technicals, overseas markets
KUALA LUMPUR, Jun 30 (Reuters) - Malaysian palm oil futures rose 0.3 percent on Thursday, buoyed by firmer overseas markets and technical buying, although lower-than-expected exports data capped gains.
"Technically palm oil market was oversold and some buyers wanted to pull the prices back up, but the supply-demand fundamental is still very weak to give support," said a trader in Kuala Lumpur.
US report will tell if crop sowings shrink in rain
WASHINGTON, June 29 (Reuters) - Bad weather and floods wiped out a small but possibly key part of U.S. grain and soybean crops in a year when supplies are already tight, a government survey of growers was expected to show on Thursday,
Adverse weather forced a downturn in plantings and also will lead to a larger-than-usual abandonment of fields due to poor crop development, creating additional uncertainty, said traders ahead of an annual report from the Agriculture Department on crop sowings.
New Britain Palm Oil eyes 20 pct output jump in 2011
JAKARTA, June 30 (Reuters) - Improving farming techniques at planter New Britain Palm Oil (NBPO) is likely to result in output jumping by about 20 percent this year to more than 500,000 tonnes, the company's executive director said on Thursday.
Production at the Australiasian palm oil producer was 479,000 tonnes last year, Alan Chaytor told Reuters.
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