Soybeans (Source: CME)
US soybean futures end higher, climbing to new 6-month highs as strong export demand extends the market's upward trend. Nearby soybean futures settled higher for the 24th time in the last 32 days, as drought reduced South American production raises concern about tighter US and global supplies. Weekly export sales reported by USDA this morning gave provided new fuel to bolster bullish attitudes, analysts say. China remains an active buyer of US soybeans, a feature seem confirming trader's ideas that smaller South American crops are generating additional US export demand, analysts add. CBOT May soybeans ended up 18 3/4c at $13.69/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures jump in step with advances in soybean futures. Concerns smaller South American soybean supplies will lead to additional US export demand serve as the fundamental catalyst to push soymeal and soyoil to new six-month highs, analysts say. CBOT May soymeal ended up $4.20 higher at $371.40/short ton, and May soyoil ended up 0.68c to 55.48c/lb.
Palm oil at new nine-month high on export recover
SINGAPORE, March 15 (Reuters) - Malaysian crude palm oil futures edged up to a new nine-month high as strong export numbers painted a rosy demand outlook for the edible oil and soybean supply fears in South America lifted sentiment.
"Generally the external markets have been quite strong and news on the external fronts have been quite positive. Soybean prices are also on the uptrend, lifted partly by the improving confidence of the global economy," said Ivy Ng, an analyst with Malaysia's CIMB Investment Bank.
Palm oil has grown increasingly difficult for Iran to secure as the United States and Europe impose tough financial sanctions to stop its nuclear weapons programme. Middle East and Southeast Asian traders said Iranians have been offering $20 to $30 per tonne more for palm oil from top producers Indonesia and Malaysia, but no deals have been signed in the past month though food is not included under sanctions. Traders in Malaysia said that Iran was considering importing palm oil via India, which is the world's biggest importer of the vegetable oil and using a rupee payment scheme. Yet, edible oil exporters in India say they have not heard of such deals as New Dehli will tax re-exported cargoes of palm oil, lifting costs. (Starbiz)
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