Soybeans
US soybean futures close higher as a plan to solve Europe's debt crisis inspires broad buying of commodities and equities. "The dollar was breaking and everybody was excited about throwing a trillion dollars at" Europe's debt crisis, says Chad Henderson of Prime Agricultural Consultants. He notes soy prices probably would have dropped without the EU accord and support from external markets because US soy export sales were well below expectations. CBOT January soybeans jump 24 1/4c to $12.44/bushel.
Soybean Meal/Oil
US soy product futures finish firmer as commodities rally on news of Europe's plan to tackle its debt crisis. Gains in crude oil gave strength to the products, as biodiesel is made from soyoil, traders say. Weakness in the US dollar added support because it makes US farm products more attractive to foreign buyers. Weekly export sales of soyoil and soymeal, issued today, were below expectations. CBOT December soymeal soars $6.50 to $323.50/short ton; December soyoil jumps 1.22c to 52.11c/pound.
Palm at one-month high on euro zone agreement
JAKARTA, Oct 27 (Reuters) - Malaysian palm oil futures rose to a one-month high, as a euro zone debt deal boosted sentiment, with higher crude prices and lower output expectations offering additional support.
"3,000 is not far from here," said a Kuala Lumpur-based trader. "The monsoon weather (season) is in play, and a supportive external market and higher crude oil."
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