Soybeans (Source: CME)
US soybean futures retreated on less threatening longer range weather forecasts and slowing demand. Weather models projecting more rain for the Midwest in August set stage for the declines, with lower than expected crush and export data adding to the lower theme, analysts said. Yet, prices continued to hold within recent trading ranges, as there remain enough crop and debt uncertainties to limit selling, analysts say. A firmer US dollar added further pressure to encourage some end of month profits taking. CBOT Nov soy end down 9c at $13.71 1/2/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures were mixed, with soymeal managing to withstand selling pressure from soybeans on smaller than expected June inventories. US Census Bureau reported June soymeal supplies shrunk in June, a reflection of lower crush rates and better than expected demand, analysts say. Soyoil fell on traders buying soymeal and selling soyoil on spreads, as ample inventories and lagging demand pressured soyoil values. CBOT Dec soymeal end flat at $363.60/short ton, and Dec soyoil finish down 1.3% at 56.55 cents/pound.
Palm oil drops U.S. debt jitters, improved soy weather
KUALA LUMPUR, July 28 (Reuters) - Malaysian palm oil futures dropped 1.2 percent as concerns over a looming global debt crisis and improved weather for parched U.S. soy crops prompted investors to cut back positions.
"Sentiment is really weak. We could be seeing more profit taking in the days to come but the hot weather has started to hurt soy yields in the U.S.," said a trader with a foreign commodities brokerage.
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