Market Recap: Soybean Futures (Source: CME)
Old-crop soybean futures posted a late-session recovery to end 4 1/4 to 7 3/4 cents higher, with the rest of the market down 5 1/4 to 12 1/2 cents. Meal ended mixed amid bull spreading, with soyoil weaker. Soybean futures were weaker most of the day, but in the end, old-crop futures rallied on strong demand and ongoing concerns about the South American crop.
Soybean Complex Market Recap (Source: CME)
July Soybeans finished up 4 1/4 at 1480 1/4, 2 3/4 off the high and 16 3/4 up from the low. November Soybeans closed down 11 3/4 at 1358 3/4. This was 4 1/2 up from the low and 11 1/4 off the high. July Soymeal closed up 4.6 at 421.8. This was 7.2 up from the low and 0.2 off the high. July Soybean Oil finished down 0.28 at 55.75, 0.39 off the high and 0.34 up from the low. May and July soybeans recovered to close higher on the day while November soybeans closed sharply lower and near the lows. Solid export sales news helped to support the market with strong old crop sales helped to support. The market saw some strength early but selling quickly emerged to drive the market moderately lower on the day into the mid-session. November led the market lower as traders see recent action in soybeans relative to other grains and cotton as a factor which may have attracted extra planted area. Talk of unwinding of soy/corn spreads added to the negative tone into the mid-session. Weekly export sales for soybeans came in at 926,200 metric tonnes for the current marketing year and 483,000 for the next marketing year for a total of 1.409 million tonnes which was even higher than expectations. As of April 19th, cumulative soybean sales stand at 95.2% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 94.9%. Sales of 88,000 metric tonnes are needed each week to reach the USDA forecast. Meal sales came in at 221,100 metric tonnes for the current marketing year and 11,700 for the next marketing year for a total of 232,800. Cumulative sales stand at 77.9% of the USDA forecast versus a 5 year average of 74.5%. Sales of 76,000 metric tonnes are needed each week to reach the USDA forecast. Oil sales came in at 700 metric tonnes which was well below expectations. Cumulative soybean oil sales stand at 66.3% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 67.1%. Sales of 8,000 metric tonnes are needed each week to reach the USDA forecast. The Buenos Aires Grains Exchange reduced their soybean production estimate by 1 million tonnes from their previous estimate to 43 million tonnes as compared with the April USDA forecast of 45 million tonnes. There have been estimates from the trade in recent days at 40-42 million.
Soy yields surprise in drought-hit Argentine Pampas (Source: CME)
Stunted soy plants and sickly corn crops are testament to a harsh drought that dashed hopes for a bumper harvest in Chivilcoy, a typical farming town in Argentina's Pampas plains.
The South American country is one of the world's biggest suppliers of grains. Shrinking production forecasts reflecting dry conditions early in the season boosted global grains prices.
Palm oil slips on economic woes, output outlook (Source: CME)
Malaysian palm oil futures slipped as global economic uncertainty and expectations of improving production weighed on the market, although recovering exports and a smaller soybean crop in Argentina limited losses. "The underlying fundmentals still look quite good. Market is down as traders expect production should pick up in the month ahead. Another thing is economic concerns may be eating into demand," said James Ratnam, an analyst with TA Securities in Malaysia.
Soy eases from 4-year top (Source: CME)
U.S. soybeans slid half a percent on Thursday as the market took a breather after rallying to its highest in almost four years on the back of further crop losses in South America and strong Chinese demand. "The main reason for the rally in the last couple of days has been the freezing temperatures we have seen in parts of Argentina which are likely to have resulted in some damage to the soybean crop," said Luke Mathews, commodities strategist at Commonwealth Bank of Australia.
VEGOILS-Palm oil slips on economic woes, output outlook
SINGAPORE, April 26 (Reuters) - Malaysian palm oil futures slipped as global economic uncertainty and expectations of improving production weighed on the market, although recovering exports and a smaller soybean crop in Argentina limited losses.
"The underlying fundmentals still look quite good. Market is down as traders expect production should pick up in the month ahead. Another thing is economic concerns may be eating into demand," said James Ratnam, an analyst with TA Securities in Malaysia.
Soy yields surprise in drought-hit Argentine Pampas
CHIVILCOY, Argentina, April 25 (Reuters) - Stunted soy plants and sickly corn crops are testament to a harsh drought that dashed hopes for a bumper harvest in Chivilcoy, a typical farming town in Argentina's Pampas plains.
The South American country is one of the world's biggest suppliers of grains. Shrinking production forecasts reflecting dry conditions early in the season boosted global grains prices.
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