Mumbai, May 04 (Commoditiescontrol): Soyoil prices continued to decline on the Chicago Board of Trade (CBOT) Thursday, pressured by soy oil/meal spread trade. Conversely, soybean futures rallied for a third consecutive day on concerns that adverse weather in Brazil could reduce global supply.
CBOT July soy oil settled down 16 cents at 43.08 cents per pound. July soybean futures settled up 16 cents at $12.15 per bushel, reaching session highs unseen since early April. July soy meal settled up $7.30 at $372.2 per short ton.
Commodity funds were net buyers of 6,500 soybean contracts and 4,000 soy meal contracts, while net sellers of 1,000 soy oil contracts.
ICE canola futures rose for the third straight day, supported by soybean strength and fund short covering. July canola settled at $647/metric ton (its highest price since April 24th), with the July-November canola spread being the most active, trading 6,419 times. Statistics Canada will report on stocks on Tuesday.
Malaysian palm oil futures closed little changed but posted a fourth weekly loss due to declining exports and lower soybean oil prices.The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed down 4 ringgit, or 0.10%, to 3,842 ringgit per metric ton.The contract lost 1.39% this week.
Euronext August 2024 rapeseed futures settled at €469.75/metric ton (a change of €3.25).
Soyoil prices may remain under pressure due to a decline in soybean oil's share in renewable diesel production. Subdued energy prices (U.S. crude oil trading below $80/barrel) and ample U.S. soybean oil ending stocks further contribute to a bearish outlook.
(By Commoditiescontrol Bureau; +91-9820130172)
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