Soybean Complex Market Recap(Source:CME)
August Soybeans finished down 4 3/4 at 1721, 21 off the high and 9 1/2 up from the low. November Soybeans closed down 2 1/2 at 1641. This was 11 1/4 up from the low and 22 1/4 off the high. August Soymeal closed down 1.4 at 544.9. This was 3.5 up from the low and 9.3 off the high. August Soybean Oil finished down 0.02 at 52.55, 0.51 off the high and 0.4 up from the low. November soybeans traded slightly lower into the close but traded both sides of the unchanged today. Early pressure was seen just prior to the start of pit trading, but the market found good support near the lows of the day. A late day sell off was linked to spillover pressure from a sharply lower wheat market and profit taking in corn. The Midwest weather outlook for the next 2 weeks is offering support. Scattered showers are expected in the northern plains, parts of the central Midwest, and the eastern Corn Belt over the next week. Accumulation is expected to be light and be of very little benefit to soybean crops. Blistering temperatures will move into the Southwestern Corn Belt today and tomorrow. Cooler temperatures are expected early next week, which may provide some relief to crops. Another round of above normal temperatures is forecasted for later next week. Current price levels and crop reports suggest the market is trading a yield between 38-39 bushel/acre. Without cooler and wetter conditions in the next two weeks, soybean crops are susceptible to further yield deterioration. Outside markets were mixed today with the US Dollar trading lower and crude oil sharply lower on the day.
VEGOILS-Palm oil posts 3rd straight monthly loss as exports weaken
SINGAPORE, July 31 (Reuters) - Malaysian crude palm oil edged lower posting its third successive monthly loss, as weak July exports offset a downgrade of soy crop conditions by the U.S. Department of Agriculture that fed fears of tighter global oilseed supplies.
"Exports are worse than expected," said a dealer with a foreign commodities brokerage in Kuala Lumpur.
US soy yields risk further fall if no rain -FCStone
MELBOURNE, July 31 (Reuters) - U.S. soybean yields may fall to as low as 34-35 bushels per acre if no rains fall on the drought-stricken crop in the next two weeks, an official at New-York based trading firm INTL FCStone said on Tuesday.
U.S. soybean yields were currently forecast at between 37-38 bushels per acre, Peter Nessler Jr., executive vice president commodities, told Reuters at a grains conference in Melbourne.
Brazil forward soy sales climb, physical biz stalls-Celeres
SAO PAULO, July 30 (Reuters) - Strong Brazilian soybeans prices were driving aggressive forward sales of next crop, but volatile markets have paralyzed sales in physical, old-crop beans, local grains analysts Celeres said on Monday.
Brazilian soybean producers are selling the 2012/13 crop earlier than ever before with 41 percent of next season's output already sold, two months before planting starts. That is up from the 39 percent last week. Celeres said 10 percent of the then-new crop was sold by the week of July 27, 2011.
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