Soybeans (Source: CME)
US soybean futures end lower, driven down by board based selling attributed to global economic worries. The uncertainty facing economic growth in the U.S. and Europe promoted a theme of traders reducing risk exposure, analysts say. However, soybeans held up well in the face heavy losses in equities, crude oil and a spike in the U.S. dollar. The soybean strength was a reflection of crop uncertainty, and ongoing concerns about the longer range view of the balance between supply and demand amid the threat of smaller U.S. output, analysts add. CBOT Nov soy finish down 5 3/4c or 0.4% at $13.61/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures fall with soybeans, but solid export demand offsets negative influence from macro markets. The uncertainty of new crop soybean production provided underlying price support, with soyoil futures drawing strength from a larger than expected amount of soyoil sold for export in the previous week, analysts say. Nevertheless, CBOT Dec soyoil end down 0.41c at 55.83 cents/pound, and Dec soymeal drop $1.70 to $359.40/short ton.
Palm oil flat as global economy weighs, output dip
JAKARTA, Aug 18 (Reuters) - Malaysian palm oil futures traded little changed as expectations of higher demand and lower output were offset by lingering worries about global economic growth.
"The market is quiet today and in a tight range," said a Kuala Lumpur-based trader. "People are looking for new developments before it can move."
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