MUMBAI (Commodity Online): Soy product futures tumbled Thursday in unison with the drop in soybean futures. The bearish impact of weekly export sales and fears of further demand reductions promoted bearish sentiment in the markets, analysts said.

Bullish outlooks for increased world vegoil consumption amid rising biofuel demand and growing world populations allowed soyoil to gain versus Soymeal on spreads, traders said. Soymeal dropped to their lowest levels in a year on weakening demand.

Trading platform that even a 5 year old can trade. Join now

March Soymeal settled $9.10, or 3.52%, lower at $249.60, and the May contract ended $6.60, or 2.55%, lower at $252.60 per short ton. March soyoil dropped 87 points, or 2.14%, to 39.82 cents per pound, while the May contract settled 91 points, or 2.22%, lower at 40.11.

Courtesy: CBE Group

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook