Soybeans (Source: CME)
US soybean futures ended higher, settling at 5-week highs. The momentum of setting new highs after plunging to 14-month lows recently continues to evolve, analysts say. Investors covering short positions ahead of Christmas and the end of the year fueled the buying, with lingering concerns about crop weather in South America helping buoy prices as well. CBOT March soy ended up 8 3/4c at $11.63 1/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures bounce with soybeans, driven by traders exiting short positions to reduce risk exposure ahead of the end of the year, analysts say. The absence of fresh news to direct prices kept futures following the lead of soybeans. CBOT March soymeal ended up $3.60 at $302.80/short ton; March soyoil finished up 0.05c at 49.80 cents/pound.
Palm oil at 1-wk high ahead of year-end
JAKARTA, Dec 21 (Reuters) - Malaysian crude palm oil futures rose to a one-week high , supported by expectations of rising demand, firmer comparative oils and an improving Euro zone debt outlook.
"The market is moving to the year-end slightly firmer," said a Kuala Lumpur-based trader. "Monday is a holiday next week, so a lot of people are closing positions."
China Nov soy imports from U.S. down 34.8 pct on yr -Customs
BEIJING, Dec 21 (Reuters) - China, the world's top soy buyer, imported 34.8 percent less of the oilseed from the United States in November than a year ago, as South American supplies cut into the U.S. share of China's huge market, data from the General Administration of Customs of China showed on Wednesday.
That compared with robust annual import growth of 39.4 percent from the United States in November 2010.
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