Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures closed 2 1/4 to 10 cents lower in the July through September contracts, with the rest of the market ending 3 to 7 1/2 cents higher. Soybeans were lower for the week. Traders opted to lighten their long exposure ahead of Sunday's key Greek vote. With funds still heavily long the market, there is more downside risk if the leftist party, which opposes austerity measures needed to secure bailout funding, wins the elections.
Soybean Complex Market Recap (Source: CME)
August Soybeans finished down 5 1/4 at 1358 1/2, 16 1/2 off the high and 7 up from the low. November Soybeans closed up 7 3/4 at 1316 1/2. This was 9 3/4 up from the low and 7 off the high. August Soymeal closed down 3.3 at 403.7. This was 0.7 up from the low and 7.6 off the high. August Soybean Oil finished up 0.62 at 48.8, 0.19 off the high and 0.85 up from the low. July soybeans were trading near 6 cents lower and November up 8 cents late in the session. Outside markets were mostly supportive but there are still significant concerns for outside market weakness on Monday. Some models are wet (one inch plus over Illinois and Indiana next week) while others remain drier and warmer than recent expectations but there seems to be a sense that rains could be fairly decent next week across the dry areas of the eastern Corn Belt. Some areas are in desperate need of rains as many fields in the east have seen little or no rain in the past week. On top of the US weather situation, the market remains nervous with the euro zone situation and talk of extremely high temperatures near 105 degrees for the Black Sea region and a hot and dry outlook for the northern China plains growing region. Other areas of China have been hit with flooding but this growing region continues to miss out on bulk of rains. Private exporters reported the following three transactions. China bought 262,000 tonnes of US soybeans for 2012/13 season. Unknown destination bought 120,000 tonnes of US soybeans for the 2011/12 season and China cancelled 147,000 tonnes of soybeans for the 2011/12 season. A prominent research firm revised their soybean planted acreage estimate up to 76 million acres as compared with 73.9 million by the USDA. Traders have been expecting a 1.5-2.0 million acre increase so the news was seen as a negative factor.
VEGOILS-Palm oil ends higher on exports, Greek elections eyed
SINGAPORE, June 15 (Reuters) - Malaysian palm oil futures closed slightly higher, driven by rising exports and stronger global markets, although gains were limited by jitters ahead of the Greek polls set for this weekend.
"The market's a bit higher today, but it didn't go up by much. Traders are staying on the sidelines waiting for this weekend to see how the Greece election is going to turn out," said a trader with a foreign commodities brokerage in Malaysia.
Argentina's key soy harvest slowed by rain-exchange
BUENOS AIRES, June 14 (Reuters) - Argentine farmers have gathered nearly all 2011/12 soybeans but final harvesting is being slowed by heavy rains in areas parched by drought earlier in the season, a leading grains exchange said on Thursday.
The Pampas grains belt, one of the world's most important food-supplying regions, was hit by a December-January dry spell followed by flooding in May and June in some parts of top-producing province Buenos Aires.
India's refined palm oil imports surge in May
NEW DELHI, June 14 (Reuters) - India's refined palm oil imports surged 70 percent in May as worries about a hike in duties receded, prices fell and demand picked up ahead of the Ramadan festival in July, a top trade body said on Thursday.
India is the world's No. 1 importer of vegetable oils, covering about half its annual demand of 15 million to 16 million tonnes through imports.
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