Soybeans (Source: CME)
US soybean futures end lower as South American weather forecasts eased worries about the crop and prompted profit-taking. Possible rains for southern Brazil this weekend and Argentina late next week prompted traders to extract risk premium from the market. Year-end positioning and profit-taking also dominating trade. Lackluster export demand, and questions about demand above the $12/bushel level also hang over the market. Still, prices up sharply from $11 on Dec 14. Jan. CBOT soy ends down 10 3/4c to $11.87 1/2 a bushel.
Soybean Meal/Oil (Source: CME)
Products followed soybeans lower with March soymeal down $3.30 to $310.80 per short ton and March soyoil down 0.64c to 51.52c/lb.
Palm oil retreats from 5-week high, weather eyed
SINGAPORE, Dec 29 (Reuters) - Malaysian crude palm oil futures dipped in cautious year-end trading, but losses were limited by worries that heavy rains may hit production in second-largest producer Malaysia.
"There's light profit-taking in the market, but it's going to be a wait-and-see game on the severity of the rainfall," said a dealer with a foreign commodities brokerage in Malaysia.
Outlook still dry for south Brazil, Argentina soy
BRASILIA, Dec 28 (Reuters) - Brazil's southernmost soy state Rio Grande do Sul will have little rain in the next fortnight, forecaster Somar said on Wednesday, putting the newly sown crop there at greater peril of losses while Argentina's soy regions also remain dry.Drought fears in South America have been a key driver behind a rise in Chicago soybean futures, which surged 3 percent to a six-week high on Tuesday. On Wednesday, January soybean futures slid 7-3/4 cents to $11.92 a bushel by 9:33 a.m. CST (1533 GMT), hit by profit-taking.
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