Soybeans (Source: CME)
US soybean futures end lower for third consecutive day, falling on a host of negative influences. Pressure from external financial markets fueled the declines, with slower export demand, cautious end user buying and favorable weather conditions for South American crops keeping buyers sidelined, analysts say. Soybean prices slid to three week lows, as renewed concerns about the European debt crisis sparked worry of slower global demand, analysts add. Soy traders were focused on macroeconomic factors in the absence of fresh demand news to underpin prices. CBOT Jan soy ended down 14 3/4c at $12.02 1/2/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures end lower in unison with soybean futures. Prices were driven lower by broad investor selling across asset classes in the absence of market specific news to buoy prices, analysts say. CBOT Dec soymeal ended down $1.40 at $316.10/short ton, and Dec soyoil was ended down 0.60c at 51.17 cents/pound.
New weather fears support palm oil futures
KUALA LUMPUR, Nov 1 (Reuters) - Malaysian palm oil futures edged up on concerns that heavy rains at the end of the year could stall harvesting and inundate estates just as export demand remains robust.
"Better exports and concerns that the weather will affect palm oil production are giving some support to the futures market," said a trader with a foreign commodities brokerage.
China weekly soy crushing at high level -CNGOIC
BEIJING, Nov 1 (Reuters) - Chinese crushers processed 1.3 million tonnes of soybean into soymeal and soyoil last week, with crushers running at a higher capacity in the coastal areas due to improved crushing margins, the China National Grain and Oils Information Centre (CNGOIC) said on Tuesday.
The centre expected the country's soy imports in November would hit 5.2 million tonnes, in line with its earlier estimate, but higher than 4.13 million tonnes in September, and 4.8 million tonnes for October estimated by the commerce ministry.
Brazil soy planting to accelerate as skies clear
SAO PAULO, Oct 31 (Reuters) - The planting of Brazil's soybean crop is already well ahead of schedule due to strong October rains, and drier weather over the next two weeks will likely speed up field work.
Grain analysts Celeres said on Monday that planting of the forecast record 75.2 million tonne crop has covered 35 percent of the expected area, ahead of the 25 percent planted last year and over the past five years on average at this time.
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