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CBOT Soy oil sharply up, tracking positive cues from MDEX CPO futures

8 Feb 2023 8:42 am
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Mumbai February 8 (commoditiescontrol)-On Tuesday, CBOT Soybean oil continued its recovery and closed with sharp gains. Yesterday's gains were mainly due to a rally in Malaysian palm oil futures as top palm oil exporter Indonesia decided to suspend some existing export permits amid rising prices of domestic cooking oil. In addition, strength in the energy markets and uncertainty on the outlook for Argentina's weather were also supportive of soy oil markets.

CBOT March soy oil rose 1.58 cents to 60.89 cents per lb.

CBOT March soybean futures settled down 6 cents at $15.15-1/4 a bushel.

CBOT's March soy meal was down $7.60 at $481.40 a ton.

Argentina's discount reversed its falling trend and closed marginally up by 30 points. Along with this, a gain of 1.58 cents for the March contract resulted in a $28/mt increase in the FOB price for the FEB 23 shipment to $1221/MT.

On Friday, funds were net buyers of 4500 soy oil futures contracts, according to a trading source.

Malaysian palm oil futures sharply increased in the afternoon session on reports that Indonesia plans to cancel some export contracts. Still, in the evening, it could not sustain the rally and closed with a minor loss of 10 points for the most active April contract at MYR 3929/MT. DCE palm oil closed up in the evening session on Monday; its May contract closed at 8000 with a gain of 80CNY/MT, whereas May Soyoil closed at 8760 with an increase of 96 CNY/MT.

ICE canola futures dipped on Tuesday due to limited export demand despite surging soybean oil prices. March canola lost $1 to settle at $832.50 per tonne.

As expected, yesterday's recovery in some soy oil prices was witnessed, but considering Brazil's large crop harvest, which is to begin soon, the current rally is unlikely to last longer.

(By Commoditiescontrol Bureau: 09820130172)

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