Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures softened as the day progressed and ended low-range with losses in the 50- to 60-cent range through the March 2013 contract. Early profit-taking pressure triggered sell stops, pushing the November contract as much as its 70-cent daily limit lower. The heavy sales were brought on by a wetter forecast and strong gains in the dollar.
VEGOILS-Palm oil drops to one-month low on Spain fears
SINGAPORE, July 23 (Reuters) - Malaysian crude palm oil futures dropped to the lowest in more than a month tracking broader financial market weakness on fresh concern over Spain's ability to avoid a costly bailout that could worsen the euro zone debt crisis.
Risky financial assets including crude oil and grains futures suffered declines as investors liquidated their positions on concern that the debt crisis could stall global growth and damp fuel and food demand.
Plantation: India’s new import policy boost for CPO export
India’s costlier import duty on refined palm oil would have a negative impact on Malaysian and Indonesian refiners. However, the development could benefit crude palm oil exporters. India also decided to uncap the import tariff on the refined palm oil for the first time ever since 2006 to align it with the international prices to protect its local refiners. Current import price of palm olein is around US$1,050 per tonne. (Financial Daily)
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