Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures were briefly firmer today, but ended near session lows to finish mostly 10 1/4 to 14 1/4 cents lower. Profit-taking was the center of traders' attention today following yesterday's sharp gains. Choppy outside markets provided traders little concrete direction, although investors are nervous as they don't expect this week's meeting among euro-zone leaders to provide an immediate solution to the bloc's debt worries.
Soybean Complex Market Recap (Source: CME)
August Soybeans finished down 10 3/4 at 1456 1/4, 23 1/4 off the high and 6 1/4 up from the low. November Soybeans closed down 11 3/4 at 1413 3/4. This was 7 1/2 up from the low and 25 off the high. August Soymeal closed down 4.9 at 425.2. This was 4.1 up from the low and 8.8 off the high. August Soybean Oil finished down 0.39 at 51.06, 0.68 off the high and 0.15 up from the low. Soybeans slipped lower towards the tail end of the trading session. The November soybean contract was trading down 12 cents near the close. The soybean complex saw profit taking ahead of the USDA Grain Stocks and Planting Intentions report on Friday. Market participants believe the USDA will likely increase soybean planted acreage from their March intentions. The afternoon 1-5 day weather update shows wetter conditions in northern Illinois, northern Indiana, and Wisconsin. The updated weather model also shows drier conditions for northeastern Missouri, central Illinois, and eastern South Dakota. November soybeans posted a new contract high and new high for the move but closed in the lower end of its daily range.
VEGOILS-Palm oil futures retreat ahead of EU summit
SINGAPORE, June 26 (Reuters) - Malaysian crude palm oil futures eased as investors turned sceptical ahead of a European leaders summit later this week that looks unlikely to present concrete measures to solve the region's debt crisis.
"Market is trading in a tight range today, indicating traders were cautious and chose to stay at the sidelines ahead of the EU summit later in the week," said a dealer with a foreign commodities brokerage in Malaysia.
Brazil new-crop soy sales stay strong - Celeres
SAO PAULO, June 25 (Reuters) - Brazilian soybean producers have begun selling the 2012/13 crop earlier than ever before with 31 percent of next season's output already taken, four months before planting starts, local grains analysts Celeres said on Monday.
Strong soybean prices and a weak real against the dollar have induced local growers to lock in forward sales of the current and future crop at record levels, Celeres said.
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