Crude Palm Oil
Crude palm oil futures traded on Bursa Malaysia Derivatives Exchange closed higher on Monday, 28 May 29, 2012 on strong demand of the Muslim fasting month of Ramadan in July and improved sentiment following political developments in Greece prompted investors to cover short position.
Investors are also keeping a close watch on weather patterns in the region as a likely return of the El Nino weather pattern, usually associated with drier and reduced rainfall, could affect yields and slow palm oil output in Southeast Asia.
The benchmark August palm oil futures ended 14 points higher to close at RM3, 144 per metric ton after trade within range of RM3,129 to RM3,158. Price has slipped about 9% this month.
The palm oil prices will likely be choppy in coming sessions, ahead of the Greek elections, with any developments in the country causing further volatility in the market.
For today, the resistance pegged at 3,184 and next resistance at 3,217. The support level located at 3,129 and next support level will be 3,062.
Soybean (Bloomberg)
Soy prices in Rosario closed flat at between 1,500-1,510 pesos per tonne ($335-$338), unchanged from the previous session on Thursday due to a public holiday in the United States that stripped the market of its usual direction.
Crude palm oil futures traded on Bursa Malaysia Derivatives Exchange closed higher on Monday, 28 May 29, 2012 on strong demand of the Muslim fasting month of Ramadan in July and improved sentiment following political developments in Greece prompted investors to cover short position.
Investors are also keeping a close watch on weather patterns in the region as a likely return of the El Nino weather pattern, usually associated with drier and reduced rainfall, could affect yields and slow palm oil output in Southeast Asia.
The benchmark August palm oil futures ended 14 points higher to close at RM3, 144 per metric ton after trade within range of RM3,129 to RM3,158. Price has slipped about 9% this month.
The palm oil prices will likely be choppy in coming sessions, ahead of the Greek elections, with any developments in the country causing further volatility in the market.
For today, the resistance pegged at 3,184 and next resistance at 3,217. The support level located at 3,129 and next support level will be 3,062.
Soybean (Bloomberg)
Soy prices in Rosario closed flat at between 1,500-1,510 pesos per tonne ($335-$338), unchanged from the previous session on Thursday due to a public holiday in the United States that stripped the market of its usual direction.
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