Pro Farmer: After the Bell Soybean Recap (Source:CME)
Soybean futures faced pressure most of the day and softened into the close to settle low-range with losses of 34 1/4 to 48 cents in the August through March 2013 contracts; farther deferred months saw lighter losses. Soymeal futures posted sharp losses, while soyoil futures were moderately lower. Soybean futures initially held up well in the face of profit-taking thanks to a weaker dollar and an export sales tally that topped expectations and signaled significant demand rationing has yet to take place.
Soybean Complex Market Recap (Source:CME)
August Soybeans finished down 38 1/2 at 1655 3/4, 41 1/4 off the high and 7 up from the low. November Soybeans closed down 48 at 1567 1/2. This was 6 up from the low and 47 1/2 off the high. August Soymeal closed down 11 at 518.8. This was 4.3 up from the low and 17.2 off the high. August Soybean Oil finished down 0.56 at 51.68, 0.67 off the high and 0.18 up from the low. August and November soybeans traded sharply lower into the close today after storm systems pushed across the Corn Belt last night and this morning. Technical sell signals pressured soybeans towards the low end of the range as funds continue their profit taking this week. The rain likely stabilized topsoil conditions in the Midwest and offered relief to soybean crops in certain areas. Another ridge is expected to build in the western Midwest next week bringing on another round of warm and dry conditions for the central Midwest. Net weekly export sales for the week ending July 19th, came in at 193,200 tonnes for the current marketing year and 517,300 for the next marketing year for a total of 710,500. Cumulative soybean sales stand at 105.0% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 101.3%. Current sales continue to outpace the USDA export forecast for the 2011/12 marketing year. Net meal sales came in at 150,500 tonnes for the current marketing year and 106,500 for the next marketing year for a total of 257,000. As of July 19, cumulative soybean meal sales stand at 95.0% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 88.4%. Sales of 40,000 tonnes are needed each week to reach the USDA forecast. Soybean oil sales came in at 7,200 tonnes for the current marketing year and -6,000 for the next marketing year for a total of 1,200. Cumulative soybean oil sales stand at 92.3% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 81.1%. Sales of 4,000 tonnes are needed each week to reach the USDA forecast. The strong export sales pace for soybeans, year to date, continues to be supportive to prices going forward.
VEGOILS-Palm oil slips on favourable U.S. weather
SINGAPORE, July 26 (Reuters) - Malaysian crude palm oil edged down in a quiet trading session as investors turned more cautious on forecasts of rain in parts of U.S. Midwest that could offer some relief to drought-hit soy crop.
"Cautious mode certainly prevailed as observed in a low volume trading session," said a dealer with a foreign commodities brokerage in Malaysia. "Range trading should continue until further signal from production data."
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