Mumbai, 19 Jun (Commoditiescontrol): CBOT soy oil prices are experiencing a continued recovery due to declining stocks in the US. Additionally, heat stress on the Canadian prairies and excessive heat in the Black Sea region are bolstering other vegetable oils, such as canola and rapeseed futures, supporting soy oil prices.
On Thursday, CBOT August soy oil rose by 0.24 cents to finish at 46.45 cents per pound. The most-active November soybeans ended up 2 cents at $10.43 per bushel, while August soy meal fell by $1.90 to $337.20 per short ton.
According to trade sources, funds were net buyers of 2,000 contracts of soy oil, and 3,000 contracts each of soybeans and soy meal.
ICE canola futures rose on Thursday, driven by short covering due to heat stress in parts of Canada. The most-active November canola contract settled up $18.20 at $649.70 per metric ton.
Malaysian palm oil futures edged higher for the third consecutive session on Thursday, supported by stronger rival contracts on the Dalian and Chicago exchanges, and bargain buying. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange closed up 6 ringgit, or 0.15%, at 3,938 ringgit per metric ton.
Euronext rapeseed futures continued their recovery for the third consecutive day amid concerns of heat stress in the Canadian canola-growing belt and lower crop yields in the EU and Ukraine. The most active November contract rose by 13 euros to settle at 482.5 euros per metric ton.
In the near term, CBOT soy oil is likely to remain firm due to technical buying and short covering before the expiry of the August contract. However, the large supply of US soybeans starting from September onwards, along with ample stock held by Argentine farmers, is expected to put downward pressure on soybean and soy oil prices in the coming weeks.
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
