May 3 (Reuters) - U.S. Gulf vegoil prices are quoted free-on-board (FOB)
basis against Chicago Board of Trade soybean oil futures. Soyoil and canola are
quoted in cents per lb; corn oil is quoted in dollars per tonne:
CHICAGO, May 3 (Reuters) - U.S. soybean futures fell 1.5
percent on Tuesday on a profit taking setback after rallying to
a 15-month high during the overnight trading session.
* Soymeal and soyoil futures also weakened. Soymeal's lower
close snapped a six-session streak of gains.
* Soyoil fell for the fifth straight day, with the most
actively traded contract hitting its lowest since March
* A sharp drop in the crude oil market added pressure to the
* Losses were kept in check by concerns about the South
By Hugh Bronstein
BUENOS AIRES, May 3 (Reuters) - Argentine farm exports
rocketed 68 percent higher in the first quarter versus the same
2015 period thanks to new policies that prompted growers to sell
stockpiles built up under the previous administration, the
government said on Tuesday.
The surge in shipments from the South American grains
powerhouse will likely weigh on global food prices, which are
near a seven-year low and expected to fall farther due to
slowing growth in the global economy.
CHICAGO, May 3 (Reuters) - U.S. wheat futures plunged on
Tuesday, pressured by a round of technical selling as well as
signs of good crop development in key growing areas, traders
* The benchmark Chicago Board of Trade July soft red winter
wheat contract firmed during the overnight session but hit
resistance and turned lower after failing to break through last
week's high of $4.97 a bushel.
* CBOT July wheat fell 3.5 percent and dropped through
technical support at its 20-day, 30-day, 40-day, 50-day and
CHICAGO, May 3 (Reuters) - Chicago Board of Trade corn
futures sank 3.2 percent on Tuesday on a technical setback after
the benchmark July contract failed to break through last
week's high, traders said.
* Pressure from a speedy pace of planting in the U.S.
Midwest contributed to the weakness in corn.
* The U.S. Agriculture Department on Monday afternoon said
that farmers had seeded 45 percent of their intended corn
acreage as of May 1, well ahead of the five-year average of 30
(Adds comments from Missouri, the USDA, background)
By Tom Polansek
CHICAGO, May 3 (Reuters) - U.S. authorities destroyed 39,000
turkeys in Missouri due to an outbreak of a mild form of avian
flu, the World Organization for Animal Health said on Tuesday,
as officials remained on alert for new cases.
May 3 (Reuters) - Hard red winter wheat cash basis bids in
the southern U.S. Plains on Tuesday were steady as farmers
watched as futures trekked lower, merchandisers said.
* Improved crop conditions further pressured HRW futures
, which were near contract lows reached last month.
* Government data on Monday showed winter wheat condition 61
percent good/excellent, a 2 percentage point increase from last
* Winter wheat yields in northern Kansas are likely to be
better than average as recent rains have boosted crop prospects
PARIS, May 3 (Reuters) - Euronext wheat futures fell with
U.S. grain futures on Tuesday, but losses were limited by an
easing in the euro and short-covering before the expiry of
front-month futures in Paris.
New-crop September milling wheat on Euronext settled
down 1.25 euros, or 0.8 percent, at 161.25 euros a tonne.
ROTTERDAM, May 3 (Reuters) - Soymeal on the European meals
and feeds market was offered sharply higher on Tuesday, tracking
last night's rally in CBOT soymeal because of tight supplies in
the U.S. cash market and because of technical buying.
"During the last week funds were long on soymeal and selling
short on soyoil. The gains in Chicago soymeal were calculated
into asking prices on the European cash market, despite a lack
of buying interest as buyers believe the market is well
overbought," one broker said.
ROTTERDAM, May 3 (Reuters) - Asking prices for crude palm
oil on the European vegetable oils market dropped substantially
on Tuesday with sharp losses in Malaysian palm oil futures due
to slowing demand.
"Bearish sentiment gained momentum during the last couple of
days as falling exports versus talk of a rise in production
during April could possibly lead to growing ending stocks," one