Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures extended early losses to end double-digit lower, with nearbys 20-plus cents lower and new-crop futures posting double-digit losses. Traders took some weather premium out of the market today as forecasters have added a near-daily chance of rain into the outlook for the next several days and into next week.
Soybean Complex Market Recap (Source: CME)
July Soybeans finished down 28 1/2 at 1406 1/2, 31 off the high and 1 3/4 up from the low. November Soybeans closed down 17 at 1320. This was 10 up from the low and 19 off the high. July Soymeal closed down 12 at 421.0. This was 0.7 up from the low and 11.5 off the high. July Soybean Oil finished down 0.6 at 49.12, 0.94 off the high and 0.05 up from the low. July soybeans were trading near 29 cents lower on the session late in the day and close to the early lows. November closed about 10 cents higher than the early lows but still moderately lower on the day. The continued weather trend of potentially wetter weather into late June plus fund selling seemed to be the feature of the day. Talk of improving weather outlook for the next few weeks and talk of increased concerns for the global economy seemed to be the primary negative forces today which sparked profit-taking selling from fund traders and speculators. Talk that China annual growth pace may dip below 7% for the second quarter was seen as a negative force as well. Talk of hefty rain totals in the western Corn belt (1-3 inches) next week and some rain in the east (1/4 to 3/4 inch) in the forecast plus a lack of heat in the extended models helped to pressure. Ideas that the market is a bit overbought after pushing to the highest level since May 17th and some talk that meal demand could ease with better corn supply ahead helped to pressure with meal the leader on the downside today. For the weekly export sales report for tomorrow morning, traders see soybean sales near 550,000 tonnes. Late weakness in the stock market, a jump in bonds and weak action in energy markets added to the negative tone.
VEGOILS-Palm oil slips as euro zone concerns fester
SINGAPORE, June 13 (Reuters) - Malaysian palm oil futures inched down in a quiet trading session, as concerns the euro zone debt crisis could slow growth offset demand chasing tighter stocks.
"In addition, supply shortage due to the tree stress effect (in Malaysia) and monetary easing policy from China should continue to support crude palm oil prices," Alan Lim, research analyst with Malaysia's Kenanga Investment Bank, said in reference to weak production growth.
Indonesia's SMART says palm output to grow 8 pct a yr
JAKARTA, June 13 (Reuters) - Indonesian palm oil firm SMART will grow its output of the edible oil by 8 percent a year for the next five years, as its plantations mature to produce greater yields, an executive told Reuters on Wednesday.
"It will be about an 8 percent increase. Some immature plantations are now becoming mature," said Franky Widjaja, CEO of SMART's parent firm, Singapore-listed Golden Agri-Resources.
Rain helps some EU rapeseed, lashes UK crops
PARIS, June 12 (Reuters) - Spring rain continued to bring relief to rapeseed in parts of western Europe this week after many crops were hurt by winter frost, but the region was still forecast to produce a smaller harvest this summer.
Forecasters expect production of rapeseed - used for making vegetable oil and biodiesel fuel - in the European Union to fall by at least 1 million tonnes from last year's 19.1 million, with oilseed analysts Oil World projecting 18.1 million tonnes and the U.S. Department of Agriculture 17.9 million.
No comments:
Post a Comment