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June 7, 2010
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US refined soyoil futures down amid weak demand
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July refined soyoil futures ended low on account of weak overseas market and lower demand at retail ends on Saturday (June 6).
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CBOT July soyoil futures ended higher at US$0.3676 per pound on Friday (June 4).
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The US Census Bureau released its April soyoil stocks number on Thursday (June 3). It stood at 3.355 billion pounds at the end of the month, up from 3.262 billion pounds at the end of March.
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Refined soyoil futures are expected to trade lower on weak overseas market and lower demand at retail ends (for short term). In the long term perspective, huge stock of imported edible oil and decision of continue to import of crude edible oil at 0% also in favour of bears in the market.
