20110817 0949 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean futures end down, failing to benefit from the price strength in grain futures. Favorable weather conditions for developing Midwest soybeans, with rains and cooler conditions forecast this week weighed on prices, analysts say. Stable crop condition ratings reflecting recent weather improvements and external financial market pressure added further weakness to offset a midday spike in neighboring wheat and corn futures, analysts add. CBOT Nov soy end down 1 3/4c at $13.49 1/2/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures end mixed, with traders reducing risk exposure in the markets in the absence of fresh prices directing news. The uncertainty of soy production potential and talk of increased meal content in soybeans this year allowed soyoil the gain against soymeal on spreads, analysts say. CBOT Dec soyoil end up 0.08c at 55.54 cents/pound, and Dec soymeal end down $0.30 lower at $357.40/short ton.

Palm oil gains on data, short-term output outlook
JAKARTA, Aug 16 (Reuters) - Malaysian palm oil rose for a fifth straight session, supported by well-received data and expectations of lower output, with gains capped by ongoing macro uncertainty.
"The reason for the strength, aside from stocks markets, is the USDA report that they are expecting worse than expected soybean harvests," said a Singapore-based analyst. "Temporarily it should be supported but at the end of September, there should be some downside, on the back of peak harvesting season.