ITS CPO export up 17.7% to 1,453,544 tonnes for the period of 1~31 Aug 2012.
Soybean Complex Market Recap (CME)
November Soybeans finished down 7 at 1756 1/2, 6 3/4 off the high and 11 up from the low. January Soybeans closed down 6 1/2 at 1751. This was 12 up from the low and 6 off the high. December Soymeal closed down 1.9 at 533.4. This was 3.5 up from the low and 2.7 off the high. December Soybean Oil finished down 0.17 at 57.08, 0.46 off the high and 0.32 up from the low.
November soybeans traded slightly lower into the close after posting a new all-time high yesterday. Soybean meal and oil traded weaker as well. July soybeans, however, closed higher and managed to push to a new contract high. A weaker domestic soybean and meal basis plus calendar spread weakness, offered a negative tone to the trade. Soybean basis in processor markets in Iowa tumbled 20 cents today which added to the downside pressure. The sharp move lower in corn and wheat has forced traders to take profits ahead of the holiday weekend. Traders remain concerned that the recent heat in the western Corn Belt may have negatively impacted soybean conditions and yield potential. This was offset by thoughts that soybean yields in the east could be better than expected due to the rainfall earlier this month. Traders believe soybeans could see long term support as export sales data continues to suggest that demand rationing may not be taking place at current prices levels. The US Dollar traded sharply lower and offered slight support to the soybean market.
Brazil soy crop seen at record 82 mln T - AgRural (Reuters)
Brazil's 2012/13 soybean crop, which officially starts planting season in two weeks, is expected to reach a record 82 million tonnes, up from 66.4 million tonnes from the drought-parched crop of this year, local analyst AgRural said on Thursday.
No comments:
Post a Comment