Mumbai, 25 June (Commoditiescontrol): CBOT July soy oil closed down 0.45 cents, finishing at $43.49 per pound, pressured by weaker crude oil prices, declines in rival edible oils in other markets, and spread trading. CBOT soybean futures rallied on Monday following weekend thunderstorms in the upper Midwest that caused localized flooding, putting the crop at risk. The July soybean contract rose 14-3/4 cents to settle at $11.75-1/4 per bushel. Meanwhile, CBOT July soymeal futures climbed $11.00, closing at $372.80 per short ton.
According to trade sources, funds were net sellers of 3000 soyoil contracts, and net buyers of 4000 soymeal contracts and 6000 soybeans contracts.
ICE canola futures declined on Monday on spillover selling from lower soyoil futures and as funds selling continjued. July canola settled down $5.40 at $600.70 per metric ton, and most-active November canola ended down $4.70 at $617.8 a ton.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed 1 ringgit lower, or 0.03%, at 3,899 ringgit ($827.99) a ton.
In related oils, Dalian's most-active soy oil contract fell 0.33%, while its palm oil contract fell 0.73%.
Euronext rapeseed futures dropped on Monday. The most active futures contracts dropped by 0.75 euro per metric ton to 471 euros per metric ton.
Soy oil prices are expected to remain under pressure due to increased supply from South America, rising palm oil inventories, and declining demand for biodiesel. These factors are anticipated to keep soy oil prices subdued in the near term.
(By Commoditiescontrol Bureau; +91-9820130172)
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