Indonesia 2011 Crude Palm Oil export down 5% to 19.4 million tonnes : Indonesia Agriculture Ministry
Indonesia 2012 Crude Palm Oil output sees up 14% to 25.71 million tonnes : Indonesia Agriculture Ministry
Soybeans (Source: CME)
US soybean futures end lower, hitting a 1-week low as the market lacked fundamental support to justify higher prices. The market doesn't have overtly bullish news to sustain advances, says ebottrading's John Kleist. He adds the market has no strong demand, dire crop consequences in South America or global supply tightness. Today's declines were accelerated by technical selling as traders viewed the market as overbought with rains due to move into Argentina next week. CBOT March soybeans end down 12 1/2c at $11.96 1/2 a bushel.
Soybean Meal/Oil (Source: CME)
Soy-product futures finished lower, retreating in unison with soybeans. Soyoil futures slid to a 2-week low, fueled by investment-fund selling amid the absence of fresh fundamental news to support prices, analysts say. Soymeal ended lower, but garnered mild support from traders liquidating long soyoil/short soymeal spreads. CBOT March soyoil dropped 0.94c to 51.12c/pound while March soymeal fell 80c to $312.40/short ton.
Soybeans Falls on ‘Gloomy’ Economic Outlook; Corn Futures Post Weekly Drop (Source: Bloomberg)
Soybeans fell, capping the biggest two-day drop in six weeks, on speculation that a faltering global economy will damp prospects for commodity consumption. Corn recorded a weekly decline. Christine Lagarde, the managing director of the International Monetary Fund, said today that the global economic outlook “is quite gloomy” amid Europe’s “escalating” debt woes. Soybeans posted the first weekly drop since in a month, partly on signs that weather conditions will improve in Brazil and Argentina, bolstering crops. “Demand is weak,” Anne Frick, the senior oilseed analyst at Jefferies Bache Commodities LLC in New York, said in a telephone interview. “There’s still time for rain to improve crop yields in South America” after dry weather in the past month threatened to reduce yields, she said.
Clock ticking for rains to save Argentine soy crop
BUENOS AIRES, Jan 5 (Reuters) - Unrelenting sun in Argentina has scorched as much as a fifth of its corn crop and the drought will start biting into the country's vast soy harvest unless rains come to the rescue this month or next.
Benchmark Chicago corn and soybean prices have both rallied more than 10 percent in the past three weeks as a hot, dry southern hemisphere summer has roasted grain fields across Argentina's legendary Pampas farm and cattle region.
Palm oil extends losses as Europe woes weigh
SINGAPORE, Jan 6 (Reuters) - Malaysian crude palm oil futures extended losses as renewed worries on the euro zone debt crisis dampened investor sentiment, but losses were capped by prospects of erratic weather hurting production.
"We are lacking a new catalyst. The traders will most probably just play within the range while keeping an eye on the CBOT," said a dealer with a foreign commodities brokerage in Kuala Lumpur.
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