Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures closed 8 1/4 to 25 1/4 cents higher. Nearby beans extended gains in after-hours trade, while the rest of the market saw little price fluctuation. Given strength in the U.S. dollar index (which is often associated with price pressure on commodities), it was especially impressive to see soybean futures post strong gains to start the week. Focus in the market today was on weather concerns.
Soybean Complex Market Recap (Source: CME)
August Soybeans finished up 16 3/4 at 1373 3/4, 4 3/4 off the high and 16 up from the low. November Soybeans closed up 25 1/2 at 1339 1/2. This was 21 3/4 up from the low and 1 1/2 off the high. August Soymeal closed up 5.9 at 409.5. This was 6.2 up from the low and 2.4 off the high. August Soybean Oil finished up 0.22 at 48.84, 1.16 off the high and 0.14 up from the low. November soybeans traded 25 higher towards the end of today's trading session. The prospect of warmer and drier weather over the next 7-10 days offered support to the new crop contract. The drier than normal forecast could raise doubts as to how much double crop beans are planted. Traders see crop conditions slipping 2% for the crop rated good to excellent for this afternoons update. Weekly export inspections came in at just 7.897 million bushels which was well below trade expectations. Traders noted liquidation in the SN/SX spread as their focus shifted towards potential yield loss for new crop beans.
VEGOILS-Palm oil gains as Greek elections fuel optimism
SINGAPORE, June 18 (Reuters) - Malaysian palm oil futures closed higher after Greece's pro-bailout parties won closely-watched elections over the weekend, preventing the euro zone debt crisis from escalating and reviving risk appetite.
"Generally, the elections in Greece have set a positive tone for the commodities market. At least we see some relief in the euro zone," said Ker Chung Yang, commodities analyst with Phillip Futures in Singapore.
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