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CBOT Soyoil Decline Continues Amid Weak Crude Oil and Vegetable Oil Futures

5 Jun 2024 8:24 am
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Mumbai, 5 Jun (Commoditiescontrol):CBOT July soyoil closed down for fifth consecutivee day on Tuesday tracking weak trend in crude oil and other global veg oil futures..

Most tactive CBOT July soyoil contract declined by 0.52 cent to close at 43.62 cents per pound. Similarly, July soybean futures dropped 5-1/2 cents, settling at $11.79 per bushel, while July soymeal decreased by $4.40 to finish at $355.10 per short ton.

According to trade sources, funds were net sellers of 2,000 soy oil contracts, 4,000 soybean contracts, and 2,500 soymeal contracts.

In Argentina, soybean sales nearly doubled in May from April due to drier conditions and better international prices, reaching 5.33 million metric tons compared to April's 2.8 million tons, as reported by the Bioeconomy Secretariat. Despite this increase, year-to-date soybean sales in Argentina are lagging, with only 39% of the 49.7 million-ton crop sold, marking the slowest pace in nine years. The sluggish sales have influenced the supply of soy oil from Argentina, one of the top global exporters of soy meal and oil.

ICE canola futures hit a one-month low on Tuesday, impacted by falling U.S. soy prices, crude oil futures, and favorable Canadian crop weather. July canola dropped $6.40 to $628.00 per metric ton, while November canola fell $6 to $651.20. Ample old-crop stocks also contributed to the bearish outlook.

Malaysian palm oil futures fell over 3% on Tuesday after a public holiday, impacted by weaker Dalian soy oil futures and crude oil prices due to ample soy oil stocks in China. The August contract on the Bursa Malaysia Derivatives Exchange dropped 156 ringgit (3.83%) to 3,920 ringgit ($834.04) per metric ton, marking the steepest decline since May 31, 2023.

Euronext rapeseed futures also declined on Tuesday. The most active July futures contracts fell by 9.25 euros per metric ton to 470 euros per metric ton.

Soy oil futures are expected to remain under pressure, influenced by weak trends in other vegetable oils and crude oil prices. Increased supply from Argentina is likely to further strengthen this downward movement.

(By Commoditiescontrol Bureau: 09820130172)

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