Soybeans (Source: CME)
US soy futures stumbled, with soybeans sliding to one-week lows in a broad-based risk-off trading day. Widespread fund selling across commodities dogged soy prices, as traders looking to reduce some risk exposure took profits on prior gains, analysts say. The absence of fresh export news left buyers without an incentive to extend gains, with overbought market signals accelerating technical selling, analysts add. CBOT May soybeans ended down 21 1/2c at $13.45/bushel.
Soybean Meal/Oil (Source: CME)
May soymeal dropped $5.30 to $365.60/short ton, and May soyoil fell 1.07c to 54.33cents/lb.
Palm oil edges down, demand prospects cap losses
SINGAPORE, March 20 (Reuters) - Malaysian palm oil futures extended losses as some traders took profits on concerns that the market was overbought, although losses were limited by still-robust demand, indicated by export trends.
"Prices ended lower in unison with CBOT and technical-based selling. It looks like the much anticipated correction is taking place currently and once that is completed, prices will resume their uptrend," said a trader with a local brokerage in Malaysia.
Argentine truckers strike as soy harvest starts
BUENOS AIRES, March 19 (Reuters) - Argentina's truckers have called an indefinite strike to demand higher pay rates, parking their rigs in protest just as exporters were counting on them to haul freshly harvested soybeans to port.
Grains powerhouse Argentina is the world's No. 1 supplier of soyoil, a feedstock for the booming international biofuels sector. It is also a top soybean and corn exporter.
Malaysia is taking its oil palm biomass resource to the next level via the formation of dedicated Oil Palm Biomass Centre (OPBC). A source said the centre would be monitored by a consortium comprising of major oil palm plantation companies, international biochemical groups as well as local and foreign scientists from various institutions of higher learning. A private investment of between RM20bn and RM25bn is expected within the next 5-10 years to achieve the Government's goal for new high-value downstream operations. (StarBiz)
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