Soybean Complex Market Recap(Source:CME)
August Soybeans finished up 28 at 1683 3/4, 11 off the high and 42 3/4 up from the low. November Soybeans closed up 34 1/2 at 1602. This was 51 1/4 up from the low and 10 off the high. August Soymeal closed up 8.4 at 527.2. This was 15.1 up from the low and 5.4 off the high. August Soybean Oil finished up 0.36 at 52.04, 0.18 off the high and 0.54 up from the low. November soybeans traded sharply higher into the closing bell as the market shifted focus back to the weather outlook for the month of August. Soybean meal and oil followed higher. A closely followed crop scout pegged the Iowa soybean yield at 39 bushels/acre and a satellite crop forecasting agency expects the US soybean yield to drop to 35.7 bushels per acre. Both estimates sent soybeans to new highs for the day. There was talk among traders over the 16-30 day forecast which many traders thought looked bullish for the soybean market with above normal heat and below normal moisture for a large percentage of the US Midwest. This has traders worried that yield potential will continue to drop over the coming weeks. Soybean bears are hopeful that better weather conditions in the eastern US may offset some yield loss in the west. This offered pressure to prices towards the close. Outside markets are offering support today with a lower US Dollar and higher crude oil prices.
VEGOILS-Palm oil inches up on ECB comments, set for weekly loss
SINGAPORE, July 27 (Reuters) - Malaysian crude palm oil bounced from a five-week low hit the previous day after the European Central Bank pledged to protect the euro zone in comments that encouraged some risk taking in financial markets.
"The selling was a bit overdone yesterday, so we see a little bit of recovering today," said a trader with a foreign commodities brokerage in Malaysia. "Optimism over Europe may not last for long as the sovereign debt issue remains unsolved."
For blighted US soybeans, a little rain goes a long way
CHICAGO, July 26 (Reuters) - Two inches of rain over the next two weeks is all that the U.S. soybean crop needs to ensure that millions of tiny pink flowers now budding at a near-record pace mature into the small green pods that will help feed the world.
As scattered rain in the north and east of the farm belt this week brought the first significant relief to this summer's drought, the worst in 56 years, agronomists said even a small amount of moisture will help the soybean crop avoid the fate facing corn, which has been decimated by the unrelenting heat.
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