Monday, June 21, 2010

20100621 1223 Soy Oil & Palm Oil News.

Soyoil futures inched lower, stumbling from earlier gains on the unwinding of the oil/meal spreads. Futures were initially supported on lingering concerns of reduced canola oil competition and fresh export demand from China. However, after a week of solid gains, traders booked some profits ahead of the weekend, analysts said. July soyoil settled 0.13 cent, or 0.3%, lower at 37.92 cents per pound.(Source: CME)

Palm extends gains as economic hopes boost demand
KUALA LUMPUR, June 18 (Reuters) - Malaysian crude palm oil futures inched up , extending gains from the previous day, buoyed by increased optimism about the pace of the global economic recovery.
"Margins are returning for refiners. Many of them are going long in futures. Technically, the market looks very supportive," said a trader in Kuala Lumpur.

German rapeseed crop close to last year's record
HAMBURG, June 17 (Reuters) - Favourable weather in past weeks has improved the rapeseed harvest outlook in Germany, the European Union's largest rapeseed producer, but the crop is likely to be below the record harvest in 2009, analysts and traders said on Thursday.
"There is no doubt that the much better weather has significantly improved the growth of rapeseed plantings in recent weeks," one analyst said. "We have had good rain which has enabled the plants to catch up on delayed growth."

No comments: