Soybean Complex Market Recap (Source: CME)
July Soybeans finished down 49 1/4 at 1406, 55 3/4 off the high and 3 1/2 up from the low. November Soybeans closed down 37 3/4 at 1321 1/4. This was 2 1/2 up from the low and 45 1/4 off the high. July Soymeal closed down 16.1 at 408.5. This was 2.1 up from the low and 16.9 off the high. July Soybean Oil finished down 1.26 at 52.24, 1.34 off the high and 0.15 up from the low. July soybeans closed 49 1/4 cents lower on the session and closed down 72 1/4 cents for the week. This occurred during a week of a bullish USDA report with funds holding a near record high net long position. Aggressive long liquidation selling from funds emerged due to a "risk off" attitude from investors and from a lack of follow-through buying after the initial reaction to the report. The market fell as much as $1.10 in just 8 trading sessions. A bearish tone to outside market forces and general banking concerns helped to pressure commodity markets overnight and this tone spread to grains early this morning. Even with the strong recovery in the stock market and less pressure on energy markets, the soybean market failed to see much of a bounce. Fund trader long liquidation selling appears to be the dominate force for the market and July futures pushed to a new low for the day late in the session. A general sense that the USDA report did not bring in any "new" bullish factors for the longer-term outlook plus an excellent weather outlook for the US planting season helped to pressure. Meal and oil were also lower into the mid-session with July soybean oil pushing down to the lowest level since February 6th. Weakness in Malaysia palm overnight and weak economic news out of China added to the negative tone. Private exporters reported a sale of 139,500 tonnes of US soybeans to unknown destination for the 2011/12 season.
Argentina soy, corn output seen lower - Rosario
BUENOS AIRES, May 10 (Reuters) - Argentina's 2011/12 soy output was expected to fall to 40.9 million tonnes, down from last month's estimate for 43.1 million tonnes due to poor yields caused by a drought, Rosario grains exchange said on Thursday.
It also cut its outlook for 2011/12 corn production to 19.0 million tonnes from 19.8 million tonnes in April.
VEGOILS-Palm falls to 9-week low on demand concerns
SINGAPORE, May 11 (Reuters) - Malaysian palm oil futures slipped to a 9-week low before ending more than 2 percent lower as political uncertainty in the euro zone and weak industrial production data in China weighed on the demand outlook for the edible oil.
"First, refining margins are negative and demand is anaemic," said a trader with a local commodities brokerage in Malaysia.
India's April vegoil imports jump 27 pct m/m -trade
MUMBAI, May 11 (Reuters) - India imported 925,334 tonnes of vegetable oils in April, up 27 percent from 727,706 tonnes in March as imports of soyoil and sunflower oil surged, a leading trade body said on Friday, higher than the average expectations in a Reuters survey.
India, the world's No. 1 importer of cooking oils, buys mainly palm oil from Indonesia and Malaysia and a small quantity of soyoil from Argentina and Brazil.
Brazil raises soy crop view after aggressive cuts
SAO PAULO, May 10 (Reuters) - The soybean forecast from Brazil's agriculture ministry on Thursday bounced back by more than a million tonnes, after the government overshot in April when it slashed more than 3 million tonnes from an earlier estimate of the drought parched crop.
The ministry's crop supply agency Conab said in its eighth forecast of Brazil's grain output that the 2011/12 (September-October) soybean crop would reach 66.7 million tonnes, up 1.1 million tonnes from the agency's April estimate of 65.6 million tonnes.
Forecasts for Brazil's 2011/12 soybean crop
SAO PAULO, May 10 (Reuters) - Brazil's 2011/12 soybean harvest is entering its final days after drought erased around to 10 million tonnes of potential output from the world's second largest producer of the oil seed.
The Brazilian agriculture ministry raised its estimate of the current soy crop to 66.7 million tonnes, up 1.1 million tonnes from April's forecast.
India's April refined palm oil imports seen lower
NEW DELHI, May 10 (Reuters) - India's refined palm oil imports are likely to have fallen in April from March as prices rose and buyers had built up plenty of stock, traders surveyed by Reuters said.
Compared with a year ago, however, imports of the refined product are forecast to have risen a whopping 414 percent after tax changes by exporter Indonesia made crude palm oil less attractive.
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