Soybeans (Source: CME)
US soybean futures end higher, managing to rebound from early losses as late gains in corn and wheat drag soybeans higher. Spread unwinding was featured throughout the day, with traders taking profits of long soybean/short corn and wheat contracts keeping pressure from soybeans for most of the day, analysts say. Traders are reducing some risk ahead of Thursday's USDA Outlook Forum, where it will release their first projections for the 2012-13 marketing year. After the spread trading ran its course, a strong technical picture and solid export demand allowed soybeans to bounce with a late rally in corn and wheat, analysts add. March CBOT soybeans ended up 1 1/4c at $12.72 1/4/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures bounce, garnering strength from a late session recovery in soybeans. Soyoil led the advances in the products, supported not only by soybeans, but solid demand and general price strength in crude oil futures, analysts say. CBOT March soyoil ended up 0.16c at 54.22c/pound, and March soymeal ended up $1.10 to $331.30/short ton.
Palm hits new 8-mth high on strong demand outlook
SINGAPORE, Feb 22 (Reuters) - Malaysian crude palm oil futures rose to its highest in more than eight months supported by an upeat demand outlook and strength in energy markets.
"The market is at a crossroad between bullish fundamentals and bearish technicals," said a trader with a local commodities brokerage in Malaysia.
Pakistan's Indonesian palm imports to quadruple
JAKARTA, Feb 21 (Reuters) - Pakistan's imports of palm oil from top producer Indonesia will more than quadruple to 800,000 tonnes over the next three years, an executive at an Indonesian industry group said on Tuesday.
Indonesia and Pakistan signed a preferential trade agreement in early February, which will result in Islamabad lowering its duty on crude palm oil.
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