Soybeans (Source: CME)
US soy futures end higher amid worries about the South American crop. Dry weather in Argentina fueling concerns about potential yield loss, although traders say the growing season is still early. A weaker dollar added to the support. Traders also say the market's inability to pierce support at $11 prompted short-covering. Prices rallied despite losses in corn. CBOT March soy ends up 11 3/4c, or 1.1%, to $11.11 3/4 a bushel.
Soybean Meal/Oil (Source: CME)
March soybean oil ends up 0.56 cents to 49.36 cents/lb, while March soybean meal flat at $286.30 per short ton.
Palm oil slides as euro zone debt woes deepen
KUALA LUMPUR, Dec 15 (Reuters) - Malaysian crude palm oil futures tumbled as much as 2.2 percent, with a global commodities sell-off extending from the previous day over concerns that the European debt crisis is spiralling out of control.
"There was no reason for the market to go up yesterday, so it is giving back what shouldn't happened in the first place," said a trader with a commodities firm in Malaysia.
Argentine soy crushing falls 8.4 pct in October
BUENOS AIRES, Dec 14 (Reuters) - Argentine soy-crushing fell 8.4 percent in October year-on-year to 3.3 million tonnes following a record 2009/10 crop and a smaller 2010/11 harvest, the government said in its latest crushing report.
Argentina is the world's top supplier of soyoil and soymeal and the No. 3 exporter of unprocessed beans.
Rain sparse in south Brazil as soy planting wanes
SAO PAULO, Dec 14 - Rains forecast for Brazil's main soy belt should alleviate concerns that a few weeks of dry weather might turn into a widespread drought and hurt the world's second largest soy crop.
But fields in the No. 3 growing state Rio Grande do Sul, which is about to finish planting in the coming days, will likely continue dry for a couple weeks, local forecasters said. And the southernmost state has a history of prolonged droughts.
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