Soybeans (Source: CME)
US soybean futures rally to 1-month highs, continuing to follow the lead of corn and wheat. Hotter and drier weather forecasts kept a floor underneath prices as traders rebuild risk premiums. They're concerned stressful weather will linger into the crop's critical yield-producing stage in August. Meanwhile, dollar weakness on potential--however so slight--of QE3 attracted speculative funds back into commodities, notes Mike Zuzolo of Global Commodity Analytics. CBOT November soybeans end up 21 1/2c at $13.79 3/4 a bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures jumped in unison with soybeans, buoyed by broader-based commodity buying. Soyoil led the advances, energized by spillover support from crude and optimistic outlooks for a pick-up in world vegoil demand, analysts say. CBOT December soyoil finished up 2.1% at 58.53c/pound. Meanwhile, soymeal benefited from strength in neighboring feed-grain markets. December climbed 1.5% to $360.40/short ton.
Palm oil bounces on USDA report, wider discount to soyoil
KUALA LUMPUR, July 13 (Reuters) - Malaysian palm oil futures rebounded on Wednesday as a U.S. government report showing tight grain stocks owing to rising biofuel use spurred concerns of tighter food supplies.
"Crossing the 3,000 ringgit level will happen but for now, low corn stocks and pretty firm demand will prevent that. Crude oil ," said a trader with a foreign commodities brokerage.
India's June vegoil imports to hit highest level since Nov-survey
NEW DELHI, July 12 (Reuters) - India's vegetable oil imports may have risen 28 percent in June to their highest level since November as local supplies remain poor, with expectations buying will be buoyant again next month ahead of key festival feasts, a Reuters survey showed.
Domestic oilseed stocks are declining and the new crop is only just being planted, while buyers are looking ahead to India's festival season which runs from August to October and usually includes celebratory meals.
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