Soybeans (Source: CME)
US soybean futures ended higher, retracing previous declines amid disappointing crop condition ratings and support from a weaker US dollar. The threat of poor crop conditions ahead of soybeans critical pod filling stage of development encouraged traders to add risk premium back to prices, analysts said. The uncertainty of the US and global economy in conjunction with the drop in the dollar, making US inventories competitive with Brazilian supplies added support to prices, analysts added. CBOT Nov soy climbed 1.2% to $13.88 3/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures closed higher, rallying in unison with soybean futures. The threat of smaller soybean crops, based on falling crop ratings, buoyed soymeal and soyoil, with talk of the potential for increased export demand in world markets aiding the advances in both products, analysts said. CBOT Dec soymeal end up 1.7% at $369.30/short ton; Dec soyoil was up 0.9% at 57.47c/pound.
Palm futures up as output seen slowing; US debt eyed
KUALA LUMPUR, July 26 (Reuters) - Malaysian palm oil futures bounced back in light trade as investors bet on talks of slower production due to drier weather in major planting areas, although uncertainty about the global economy still weighed.
"Weather is still in play, any significant movement in grains futures and the global market is going to impact Malaysia palm oil," said a trader with foreign brokerage in Kuala Lumpur.
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