Soybeans - Soy complex futures ended with modest losses today. (Source: CME)
Soybeans were mostly 4 1/4 to 6 1/2 cents lower; soybean meal futures were mostly $4.20 to $4.80 lower; and soyoil futures were mostly 26 to 29 points lower. Soybean futures tried to trade to the upside today and were in position to rally into the close. However, a surge in the U.S. dollar index late in the grain session triggered a fresh round of selling in soybeans.
Soybean Complex Market Recap (Source: CME)
Tue 03 Apr 2012 14:15:01 CT
May Soybeans finished down 4 1/4 at 1416 3/4, 17 1/2 off the high and 2 3/4 up from the low. July Soybeans closed down 6 at 1421 1/4. This was 1 1/4 up from the low and 17 3/4 off the high. May Soymeal closed down 4.5 at 386.7. This was 0.2 up from the low and 8.1 off the high. May Soybean Oil finished down 0.26 at 55.9, 0.69 off the high and 0.04 up from the low. A very active response to the release of the Fed meeting minutes from March sparked an aggressive sell-off right into the close. Long liquidation selling hit the market as the US dollar surged, gold fell $35 and the Dow was down 110 points on the day and this sparked a long liquidation selling. The market saw some early selling pressures and traded lower on the day but strength in corn and a minor recovery in outside market forces helped to support a bounce into the mid-session and higher trade on the day. The early rally pushed the market to the highest level since September 12th before the lower close and the reversal could attract new technical selling pressure. May oil also posted a new high for the move before the lower close. May meal did not make new highs before the weak close. The Argentina Rosario grains exchange pegged the 2011/12 soybean crop at 43.1 million tonnes, down from 44.5 million as their previous estimate and down from the March USDA estimate of 46.5 million tonnes.
VEGOILS-Palm oil hits one-year top on firm demand outlook
SINGAPORE, April 3 (Reuters) - Malaysian palm oil futures extended gains, touching their highest in more than a year as traders bet on greater demand for palm oil after a key U.S. planting report pointed to a smaller soybean crop, while recovering exports also boosted sentiment.
"At least for the first half of 2012, there's a continuation of supportive news for oilseeds as a whole. The positive sentiment for palm oil will likely stay for the coming week," said Ker Chung Yang, an analyst at Phillip Futures in Singapore.
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