Soybeans (Source: CME)
US soybean futures slid, fueled by investors reducing risk exposure amid global economic fears. Soybean futures have seen a lot of investment fund buying in recent weeks, a feature leaving the market vulnerable to a downside correction. Industry analysts are concerned about soybean demand holding up in the face of a struggling world economy, particularly with US dollar rallying. "Traders are not as confident of eroding soybean yields, but are confident that higher prices are eroding demand, said Mike Zuzolo, president Global Commodity Analytics and Consulting. CBOT Nov soy dropped 23 1/4c to $14.22 1/2/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures dropped in unison with soybeans, succumbing to broader-based weakness. Fear of a global economic slowdown hurting world demand for protein helped pin prices in negative territory, analysts say. Dec soymeal dropped 2.5% to $375.20/short ton, and Dec soyoil fell 0.4% to 58.04c/lb.
Palm oil at near two-week low on economic concerns
KUALA LUMPUR, Sept 6 (Reuters) - Malaysian palm oil futures fell to their lowest in almost two weeks as investors fretted over the worsening euro zone debt crisis that could put the brakes on economic growth and commodity demand.
"After a few months of strong exports, we expect the buying trend to slow a little. And of course, all eyes are on the debt crisis in Europe and the U.S. as this could slow economic growth," said a trader with a foreign commodities brokerage.
Brazil 11/12 soy crop seen at 75.2 mln T-Celeres
SAO PAULO, Sept 5 (Reuters) - Brazilian grains analysts Celeres said on Monday it expects the country's 2011/2012 soy crop to reach a record high 75.2 million tonnes, the same forecast as in August.
If confirmed, the crop will beat last year's 74.9 million tonnes, the current record. The total area planted with soybeans is also expected to rise in the 2011/2012 crop year.
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