Market Recap: Soybean Futures (Source: CME)
Soybean futures trimmed gains heading into the close and finished 10 and 16 cents higher in old-crop futures while deferred months were fractionally to 5 1/4 cents higher. Soybean traders paid negative outside markets little attention for much of the trading session, though risk aversion and dollar strength came into play as the market pared gains heading into the close.
Soybean Complex Market Recap (Source: CME)
July Soybeans finished up 16 at 1438, 12 off the high and 17 3/4 up from the low. November Soybeans closed up 4 1/4 at 1306 1/2. This was 6 3/4 up from the low and 11 1/2 off the high. July Soymeal closed up 3 at 428.0. This was 4.6 up from the low and 6.6 off the high. July Soybean Oil finished up 0.29 at 50.72, 0.27 off the high and 0.31 up from the low. July soybeans closed moderately higher today led by continued strong gains in meal which moved to the highest level since May 2nd. More China buying of old crop soybeans and a little less pressure from outside market forces helped support strong buying support early in the session with the market already up as much as 74 cents from Monday's lows. Weekly sales were slow but a bulk of the sales were for old crop and this was seen as positive. On top of the weekly sales report, the USDA announced a sale of 480,000 tonnes of US soybeans to China for the 2011/12 season. Net weekly export sales for soybeans came in at 616,300 metric tonnes for the current marketing year and 57,100 for the next marketing year for a total of 673,400 which was well below trade expectations near 1.2 million tonnes. As of May 10th, cumulative soybean sales stand at 98.1% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 96.8%. Old crop sales of only 42,000 metric tonnes are needed each week to reach the USDA forecast. Net meal sales came in at 114,300 metric tonnes for the current marketing year and 81,300 for the next marketing year for a total of 195,600. Cumulative old crop sales stand at 79.9% of the USDA forecast versus a 5 year average of 78.3%. Sales of 81,000 metric tonnes are needed each week to reach the USDA forecast. Oil sales came in at 8,100 metric tonnes for the current marketing year and 40,000 for the next marketing year for a total of 48,100 which was well above estimates for ear 30,000. Cumulative old crop sales stand at 76.1% of the forecast versus a 5 year average of 69.1%. Sales of 6,000 metric tonnes are needed each week to reach the USDA forecast. Solid gains in wheat and some light concerns for a drying trend in the delta and southern Mid-west for the next few weeks helped to support. Argentina officials pegged the 2011/12 soybean production at 41.5 million tonnes from 42.9 million as their previous estimate and compared with 42.5 million as the recent USDA forecast.
VEGOILS-Palm oil rebounds after sell-off; Greece woes weigh
SINGAPORE, May 17 (Reuters) - Malaysian palm oil futures regained ground after steep losses the previous day, but traders remained cautious on concerns a possible Greek exit from the euro zone could heighten risk of a global recession and hurt commodity demand.
"This is some sort of a replication of what happened in May last year when the whole commodities market was going through a very volatile session," said Ker Chung Yang, an analyst with Phillip Futures in Singapore.
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