Soybeans (Source: CME)
US soybean futures ended higher, supported but the ongoing threat of extreme heat negatively impacting soybean yields in the Midwest. The soybeans crop is still a few weeks away from its critical yield development stage in August, but the longer heat lingers in the region, the higher the risk threat to soy crops, analysts say. The market continued to factor in risk premium, unwilling to abandon higher price levels with 100 degree temperatures baring down on Midwest crops for the next week, analyst add. CBOT Nov soy end up 3c at $13.87/bushel.
Soybean Meal/Oil (Source: CME)
Soy product finish up with soybeans, as threats to the soybean crop provided support to underpin prices. Soymeal climbed on fears of fewer soybeans for crushing, while soyoil drew further support from strong gains in crude oil futures, analysts say. CBOT Dec soymeal rose 0.9% to $365.90/short ton, and Dec soyoil ended up 0.03% at 58.26 cents/pound.
Indonesia sees 6 pct growth in annual soybean demand
JAKARTA, July 14 (Reuters) - Indonesia's annual soybean consumption will grow by up to 6 percent because of an increase in population, but Southeast Asia's largest economy is unlikely to reach self-sufficiency in 2014, chairman of the National Soybean Board said on Thursday.
Indonesia is struggling to increase soybean production to stop its reliance on imported grains and aims to scrap imports by 2014, but domestic output has not increased significantly because of land constraints and low productivity.
Palm retreats on supply build up, economy concerns
KUALA LUMPUR, July 15 (Reuters) - Malaysian palm oil futures retreated on Friday from a three week high hit the previous day as traders booked positions on expectations on higher supply and uncertain global economic outlook.
"Talks of slower demand (in the future) and higher production have triggered profit-taking," said a trader in Kuala Lumpur. "The increase in exports would not have caused havoc to the palm oil market since we could have high stocks level end this month," he added.
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