Mumbai, May 16, (Commoditiescontrol): Chicago Board of Trade (CBOT) soyoil futures saw a slight uptick on Wednesday, buoyed by tighter stocks as reported by the National Oilseed Processors Association (NOPA). However, soybean futures ended lower, influenced by the NOPA data revealing a seven-month low in U.S. crushings for April.
July soyoil futures settled 0.15 cent higher at 43.55 cents per pound, while July soybean futures settled 1 cent lower at $12.13-1/2 per bushel. Soymeal futures also experienced a decline, with July soymeal settling $1.60 lower at $371.70 per short ton.
The NOPA data indicated that members processed 166.034 million bushels of soybeans in April, a significant decrease compared to March's record of 196.406 million bushels and April 2023's 173.232 million bushels. However, soy oil stocks unexpectedly declined for the first time in six months.
Funds were net buyers of 1,000 contracts of soy oil, but net sellers of 1,500 contracts each of soybeans and soymeal.
Argentine soy oil displayed a basis of -420 (sellers) as compared to previous days -430, with corresponding FOB values at $867.53($862.02). On the other hand, Brazilian soy oil trading exhibited a basis of -370(-370), with FOB values at $878.58($875.25).
In the ICE canola market, futures ended lower for a second session due to profit-taking after reaching a near five-month high on Monday. Most-active July canola settled down $6 at $649.30 per metric ton, and November canola ended down $4.50 at $669.30 a ton.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange climbed 1.02% to 3,815 ringgit ($821.14) per metric ton.
Furthermore, the EuroNext commodities exchange reported the futures contract for August 2024 down at Euro 475 per metric ton, marking an decline of 2.50 euros/Mt.
Dalian's soy oil contract saw a modest increase of 0.15%, its palm oil contract remained relatively flat.
Unexpcted decline in soy oil stocks in US has given some support of oversold soyoil prices in CBOT .But conitnued increase imports of UCO is expcted to keep soy oil prices under pressure despite reports of increased biodesl production in US in April.
(By Commoditiescontrol Bureau; +91-9820130172)
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