Soybeans (Source: CME)
US soybean futures ended higher, as market finds value near recent lows. Futures benefit from sentiment that prices have fallen enough for this time of year, with the uncertainties of a long growing season still ahead, said analyst John Kleist with ebottrading.com. A recent purchase of old crop US soy is an indication that the market has reached a fair value as traders await Thursday's government update on inventories and acreage, Kleist adds. CBOT Nov soy up 4c at $13.19/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures finished mixed, with soyoil rebounding on spillover support from higher crude oil futures. Soymeal stumbled as traders exited long soymeal/short soyoil spreads, analysts say. Traders closed up loose ends ahead of Thursday's USDA reports and cautiousness ahead of a Greek vote on austerity measures that could shift external financial markets, analysts add. CBOT Dec soymeal settled down 0.2% at $338.70/short ton, Dec soyoil finished up 0.7% at 56.59 cents/pound.
Palm oil bounces from 8-mth lows on demand, technicals
KUALA LUMPUR, Jun 28 (Reuters) - Malaysian palm oil futures bounced on Tuesday from eight-month lows hit the previous day as traders came back into the market on hopes of higher demand and a technical correction.
"The market is bound for a correction and retracement on the back of strong local exports figures after it fell nearly 300 ringgit the previous day," said a trader in Kuala Lumpur, who pegged an immediate support level at 3,070 ringgit.
Fresh showers to boost India soybean sowing
MUMBAI, June 28 (Reuters) - Soybean sowing in India's central Madhya Pradesh state, the biggest producer in the country, is likely to accelerate in a week, although it has picked up in second biggest producer Maharashtra after both states received good rainfall in the past two days.
There were concerns about soybean sowing in the two states that account for over 85 percent of total output due to poor rainfall in the first half of June.
Soybean sowing to accelerate in India's Madhya Pradesh on rains
MUMBAI, June 28 (Reuters) - Soybean sowing in India's central Madhya Pradesh state, the biggest producer in India, is likely to accelerate in a week after the state received good rainfall in the past two days, a senior government official said.
"The state is getting good rainfall. Farmers have started soybean sowing. It should accelerate in a week as soil moisture level has improved," said a senior official at the state's agriculture department, who declined to be identified.
U.S. corn, soy ratings fall below expectations
CHICAGO, June 27 (Reuters) - U.S. corn and soybean ratings fell in the latest week as the combination of rain and floods around parts of the U.S. Midwest and northern U.S. Plains and hot temperatures in the South weighed on developing crops.
The U.S. Agriculture Department's weekly crop progress report, released late Monday, showed that the corn crop was rated 68 percent good to excellent as of June 26, below analysts' expectations for 70 percent.
China June,July soy imports seen lower on year -MOFCOM
BEIJING, June 28 (Reuters) - China, the world's largest soy importer, is expected to import 4.78 million tonnes of soybean in July, down from an estimated 5.38 million tonnes in June, China's commerce ministry said in a statement seen on Tuesday.
The estimate for July was 3.4 percent lower than the 4.95 million tonnes imported in July 2010 and the ministry's June figure was down 13 percent from 6.2 million tonnes a year ago, according to Reuters calculations.
China's July soy imports seen at 4.78 mln T -commerce ministry
BEIJING, June 28 (Reuters) - China, the world's largest soy importer, is expected to import 4.78 million tonnes of soybean in July, down from an estimated 5.38 million tonnes in June, China's commerce ministry said in a statement seen on Tuesday.
The estimate for July was lower than the 4.9 million tonnes imported in July 2010 and the ministry's June figure was also lower than the year-ago period's 6.2 million tonnes. China's soy imports have slowed after large releases of state reserves, aimed at cooling inflation, hurt crushing margins.
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