Recap: Soybean Futures (Source: CME)
Soybean futures finished low-range with losses of 16 3/4 in the May through March 2013 contracts. Soyoil also finished low-range with moderate losses, while soymeal closed mid-range with slight to moderate losses. Funds sold an estimated 6,000 soybean contracts (30 million bu.) today. The soybean market had fresh demand news today -- China purchased 120,000 metric tons (MT) of new-crop U.S. beans -- but contrary to the recent trend, the market paid this sale little attention.
Soybean Complex Market Recap (Source: CME)
July Soybeans finished down 18 at 1413 1/2, 26 1/2 off the high and 4 up from the low. November Soybeans closed down 17 3/4 at 1337 3/4. This was 5 3/4 up from the low and 24 3/4 off the high. July Soymeal closed down 3.4 at 393.9. This was 3.9 up from the low and 5.1 off the high. July Soybean Oil finished down 0.56 at 55.6, 0.88 off the high and 0.05 up from the low. May and July soybeans closed 18 cents lower on the session as fund traders were noted as active with lows of the day posted in early trade. The firm US dollar and weakness in energy and metal markets early today was enough to spark a long liquidation selling trend for soybeans. Continued talk that the market is overbought, record open interest and talk that China may soon slow their import buying helped to spark the selling. While traditional technical indicators such as RSI have corrected from overbought readings to nearly oversold readings and the market is down as much as 65 cents from the April 3rd peak, open interest has seen a steady uptrend to reach another new record high of 811,832 contracts from 551,998 contracts on March 1st. Private exporters reported a sale of 120,000 tonnes of US soybeans to China for the 2012/13 season. The early break pushed the market to the lowest level since March 30th. Traders see weekly export sales, for release before the opening, near 975,000 tonnes as compared with 636,400 tonnes last week.
VEGOILS-Palm oil edges down on export demand fears
SINGAPORE, April 18 (Reuters) - Malaysian palm oil futures slipped as investors feared that the euro zone debt crisis could hurt demand for the edible oil, although losses were curbed as a successful Spanish debt sale helped ease some worries.
"Traders would have expected it because for the past few weeks we have seen that the export numbers have been quite impressive and we don't expect exports to continue on that trend. There are macroeconomic fears that weigh on exports," said Ker Chung Yang, commodities analyst at Phillip Futures in Singapore.
Disaster shaping up for some EU 2012 rapeseed crops -Oil World
HAMBURG, April 17 (Reuters) - The European Union's 2012 rapeseed crop is seen sliding to a five-year low of 18.48 million tonnes this year, with several countries hit by an especially cold winter, Hamburg-based oilseeds analysts Oil World said on Tuesday.
The disappointing crop means EU rapeseed supplies will again be tight in the forthcoming 2012/13 season and that EU rapeseed crushings are likely to decline, it said.
Oil World cuts Argentine, Brazil soy crop estimate
HAMBURG, April 17 (Reuters) - Hamburg-based oilseeds analyst Oil World said on Tuesday it had cut its forecast of Argentina's 2012 soybean crop by 1.0 million tonnes and that of Brazil by 0.5 million tonnes after drought damaged harvests.
Oil World now forecasts Argentina's 2012 soybean crop at 44.0 million tonnes, down from 49.2 million in 2011. Brazil's crop is forecast at 65.0 million tonnes from 75.3 million tonnes in 2011.
Indonesia soybean meal use seen up-attache
April 17 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Indonesia:
"Indonesian soybean meal consumption will increase from 3 million tonnes in MY 2010/2011 to 3.3 million tonnes in MY 2011/2012 due to higher animal feed production. Post predicts a further increase in SBM domestic consumption to 3.5 million tonnes in MY 2012/2013."
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