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Mumbai, 24 May (Commoditiescontrol):Chicago Board of Trade (CBOT) soy oil futures fell on Thursday, tracking losses in soybeans. Faster-than-expected planting progress in the United States is fueling expectations of ample global supplies, exerting downward pressure on soybean prices. However, concerns over potential crop losses due to heavy rains in parts of Brazil and Argentina provided some support to the market, analysts said.
CBOT July soy oil ended down 0.69 cents at 45.19 cents per pound. July soybean futures closed 7 cents lower at $12.39-1/4 per bushel. July soymeal closed $1.5 lower at $376.70 per short ton.
According to trade sources, funds were net sellers of 3,000 contracts of soy oil, 4,000 contracts of soybeans, and 1,000 contracts of soymeal.
ICE canola futures climbed to a five-month high on Thursday, driven by a weaker Canadian dollar, which made Canadian goods more competitive, and wet weather in the Prairies that raised concerns about planting delays, traders said. Most-active July canola settled up $6.40 at $672.00 per metric ton, after reaching $674, its highest price since December 29. New-crop November canola ended $5.70 higher at $693.50 per ton.
Malaysian palm oil futures rose on Thursday due to a weaker ringgit, improved demand expectations, and a discount to rival oils. The benchmark August contract closed 0.62% higher at 3,894 ringgit per metric ton.
Despite positive cues in other vegetable oils, soy oil failed to maintain upward momentum. CBOT soy oil is expected to face further pressure as supply from Brazil and Argentina normalizes. Furthermore, the increasing supply of palm oil from Malaysia is likely to exert additional downward pressure on soy oil prices.
(By Commoditiescontrol Bureau: 09820130172)
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