July Soybeans finished down 8 1/2 at 1441, 16 1/4 off the high and 1 1/4 up from the low. November Soybeans closed down 14 1/2 at 1341 1/2. This was 1 1/4 up from the low and 22 3/4 off the high. July Soymeal closed down 6.5 at 403.4. This was 0.4 up from the low and 6.1 off the high. July Soybean Oil finished down 0.79 at 55.49, 0.87 off the high and 0.16 up from the low. May soybeans closed moderately lower on the session and gave back part of the strong gains from Friday. With a bearish set-up for commodities in general today (higher US dollar, sharply lower trade in the stock market and weaker action for metal and energy markets) and ideas that part of the late rally Friday was option expiration inspired, the market saw some early selling to push the market moderately lower on the day. Talk of good planting weather for the US for the next few weeks and a continued flow of new export sales news helped to keep the trade choppy and helped to pressure the new crop November soybeans. Exporters reported a sale of 165,000 tonnes of US soybeans to unknown destination for the 2011/12 time frame helped to provide some underlying support; especially for old crop contracts. Weekly export inspections came in at 12 million bushels which was sharply below trade expectations and compares with 11.3 million bushels necessary each week to reach the USDA projection. Higher trade in corn today had traders talking about liquidation of soybean/corn spreads as well
Market Recap: Soybean Futures (Source: CME)
Soybean futures were weaker throughout the day session after seeing some light buying early in the overnight session. Futures posted a low-range close with losses of 8 1/2 to 14 1/2 cents. Meal and soyoil also posted moderate losses. Following Friday's surge, soybean futures were vulnerable to profit-taking, especially since the Brazilian government denied rumors it will limit exports due to a disappointing soybean crop.
Brazil gov't says not halting or slowing soy exports (Source: CME)
Brazil's government has no plans to either halt or slow exports of soy, its single most valuable agricultural export, the agriculture ministry said on Friday after such rumors sent Chicago soybean futures to a 7-1/2 month high.
Private sector representatives also dismissed talk that shipments of the oilseed would be disrupted from the world's No. 2 producer.
Palm oil firmer on demand expectations (Source: CME)
Malaysian palm oil inched higher on expectations that big food consumers will lift demand for the tropical oil in the wake of higher soyoil prices after droughts crimped South America's soy crop. "Palm oil has bottomed out since last week and is on the rise again," said a trader with a foreign commodities brokerage in Kuala Lumpur. "The market is getting a bit of support from the China PMI data that showed some recovery, but generally palm oil is getting its drive from South America."
U.S. soybeans, corn climb on Chinese demand (Source: CME)
U.S. soybeans rose, extending gains after hitting a 7-1/2 month high in the previous session, underpinned by strong international demand and South American supply concerns. "There is continued talk of downgrades in the South American soybean crop and the associated increase in international demand for soybeans," said Luke Mathews, commodities strategist at Commonwealth Bank of Australia.
VEGOILS-Palm oil firmer on demand expectations
KUALA LUMPUR, April 23 (Reuters) - Malaysian palm oil inched higher on expectations that big food consumers will lift demand for the tropical oil in the wake of higher soyoil prices after droughts crimped South America's soy crop.
"Palm oil has bottomed out since last week and is on the rise again," said a trader with a foreign commodities brokerage in Kuala Lumpur. "The market is getting a bit of support from the China PMI data that showed some recovery, but generally palm oil is getting its drive from South America."
Brazil gov't says not halting or slowing soy exports
BRASILIA/SAO PAULO, April 20 (Reuters) - Brazil's government has no plans to either halt or slow exports of soy, its single most valuable agricultural export, the agriculture ministry said on Friday after such rumors sent Chicago soybean futures to a 7-1/2 month high.
Private sector representatives also dismissed talk that shipments of the oilseed would be disrupted from the world's No. 2 producer.
Canada farmers boost canola plantings-trade
WINNIPEG, Manitoba, April 20 (Reuters) - Canadian farmers will take advantage of dry planting conditions this spring to sow a record-large canola area, and boost acreage of wheat and other crops, according to a Reuters trade survey.
After spring floods the past two years washed out millions of acres in Manitoba and Saskatchewan, farmers have started planting early this year.
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