Soybean Complex Market Recap (Source: CME)
July Soybeans finished up 7 at 1431 3/4, 17 1/2 off the high and 15 1/2 up from the low. November Soybeans closed up 1/2 at 1331 3/4. This was 8 3/4 up from the low and 18 1/4 off the high. July Soymeal closed up 3.1 at 431.1. This was 5.0 up from the low and 8.8 off the high. July Soybean Oil finished down 0.1 at 49.64, 0.51 off the high and 0.26 up from the low. July soybeans took out yesterday's highs and yesterday's lows and closed moderately higher on the session. November closed slightly higher even though there appears to be more rain and less heat in the extended forecast models. July pushed to the highest level since May 17th after the USDA release. Traders see rain in the next few weeks mostly for the northern and western Midwest while areas in the South and East could remain drier than normal. However, some rain this week was expected to ease crop conditions. The USDA report news this morning was considered supportive for soybeans. The USDA pegged US soybean ending stocks for the 2011/12 season at just 175 million bushels, which was well below trade expectations near 195 million and compares with 210 million last month. For the 2012/13 season, ending stocks are projected at just 140 million bushels which is below expectations and compares with 145 million bushels last month. This is a 4.3% stocks to usage, and the USDA had to push down exports by 20 million and crush by 10 million from last month's estimates to make the number fit. This would be the lowest stocks/usage number since the 1965/66 season. In the weekly crop update, soybeans rated good to excellent came in at 60% compared to 65% last week and 67% last year. The 10 year average for this time of year is 66%. The USDA left yield unchanged for this report at 43.9 bushels per acre as compared with 41.5 last year. World ending stocks for the 2011/12 season came in at 53.36 million tonnes compared with 53.24 million tonnes last month and down from 70.1 million last year. China demand was revised a bit higher and global meal exports pushed up by 2 million tonnes. Brazil's 2011/12 production came in at 65.5 million from 65 million last month, and Argentina's was revised down to 41.5 million from 42.5 million last month.
Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures saw two-sided trade today and ended with gains of 10 1/4 cents in July beans, while deferred months were mostly 2 1/4 to 6 cents higher. USDA trimmed more than expected from its carryover forecasts for both 2011-12 and 2012-13 to keep the tight supply picture in focus.
Palm oil edges down on renewed Europe fears
SINGAPORE, June 12 (Reuters) - Malaysian palm oil futures slipped, as renewed fears over the euro zone debt crisis weighed on investor sentiment and the broader financial markets, although losses were limited by lower palm oil stocks.
"A key factor contributing to the price downtrend is the renewed eurozone debt crisis and uncertain global economic outlook, which have dampened sentiments as well as raising the prospect of lower demand for commodities, including vegetable oils," said Malaysia's Affin Investment Bank in a research note.
India's May refined palm oil imports seen up
NEW DELHI, June 11 (Reuters) - India ramped up imports of refined palm oil in May from April as a threat of higher taxes receded and prices slipped, with an added boost coming from demand ahead of the Ramadan festival and feasting, traders surveyed by Reuters said.
Traders' forecasts for refined palm oil imports in May ranged between 125,000 and 180,000 tonnes, with the average at 144,500 tonnes, up 51.2 percent from April.
Boeing, PetroChina aim for second biofuel flight test
BEIJING, June 12 (Reuters) - Boeing Co. , in cooperation with Air China and PetroChina , will press ahead with a second test flight that will be partly powered by plant oil, company executives said this week.
The test, scheduled for the third quarter of this year, is likely to involve a trans-Pacific trip, far longer than the one-hour test flight that was conducted in China last October, said Stephen Emmert, Boeing's regional director of the biofuel strategy team for China and North America.
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