Soybean Complex Market Recap (Source:CME)
August Soybeans finished down 48 3/4 at 1607 1/2, 22 1/2 off the high and 3/4 up from the low. November Soybeans closed down 44 1/2 at 1584 1/4. This was 8 1/2 up from the low and 17 1/2 off the high. August Soymeal closed down 13.3 at 518.2. This was 1.2 up from the low and 11.2 off the high. August Soybean Oil finished down 0.56 at 51.48, 0.33 off the high and 0.36 up from the low. November soybeans traded sharply lower into the close on profit taking after beneficial rainfall moved across 50% of the US Midwest over the weekend. The rainfall should relieve stress for soybeans in the northern and eastern Midwest. Conditions should remain dry in the west and southwestern Corn Belt. Yield projections continue to be mixed with areas in the east offsetting some of the yield loss in the west. Crop condition ratings are expected to decline 1-2% for good/excellent conditions this afternoon. The USDA announced this morning that private exporters sold 106,000 tonnes of soybeans to China for the 2012/13 marketing year. The bullish news was set aside after a Brazilian analyst projected 2012/13 Brazil soybean production at 78.1 million tonnes, up 17.8% from the 2011/12. Soybean export inspections for the week ending August 2nd were pegged at 12.72 million bushels vs. 15.49 million bushels last week. Current inspections stand at 96.6% of the current USDA estimates vs. the 5 year average of 95.3%. Weekly inspections continue to exceed the pace needed to reach the USDA estimate. Inspections of only 10.47 million bushels are needed each week to meet the USDA goal for the 2011/12 marketing year.
Pro Farmer: After the Bell Soybean Recap(Source:CME)
Soybean futures faced pressure throughout the session and ended low-range with losses of 40-plus cents through the January contract; farther deferred months saw lighter losses. Soymeal and soyoil ended with moderate losses due to spillover pressure. Weekend rains were heavier and more widespread than expected, benefiting filling soybeans. This encouraged traders to book profits to start the week.
VEGOILS-Palm oil ends flat, Malaysia stocks data eyed
SINGAPORE, Aug 6 (Reuters) - Malaysian crude palm oil ended flat as expectations of higher stocks in No.2 producer Malaysia erased higher risk appetite on better-than-expected U.S. jobs data.
"In the near term, the upcoming MPOB's July inventory data could swell above the psychological range of 2 million tonnes," said Alan Lim Seong Chun, research analyst with Malaysia's
Kenanga Investment Bank, in a note.
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