Soybean Recap (Source: CME)
Soybean futures settled 9 3/4 to 15 3/4 cents higher, which was near session highs. In after-hours trade, the market trimmed gains. Soybean futures were supported by weather and crop concerns. While some forecasters are calling for slightly better rain chances and moderating temps, relief for the driest areas is expected to be very limited.
Soybean Complex Market Recap (Source: CME)
August Soybeans finished up 15 3/4 at 1437, equal to the high and 22 up from the low. November Soybeans closed up 11 at 1395 1/2. This was 25 up from the low and 1/4 off the high. August Soymeal closed up 1.6 at 424.3. This was 6.8 up from the low and 1.0 off the high. August Soybean Oil finished up 0.31 at 50.94, 0.33 off the high and 0.65 up from the low. Soybeans rallied for the fourth consecutive session today on a warm and dry forecast for the next 10 days. Soybeans traded 9-11 cents higher heading into the closing bell. Scattered showers are expected to move from eastern Nebraska to the northern plains in the short term forecast. The 11-15 day map continues to show dry conditions for the eastern Midwest and parts of the Delta but some models do not show heat. Overall, no drastic change has been made to the forecast for the next 2 weeks. December soybean oil rallied today and made new highs near 52.00 on rumors that China bought Argentinean soybean oil and could soon shift their demand to the US soybean market due to available supplies. The U.S. Dollar traded lower for most of the session, but rallied late in the afternoon as the Fed released statements on the status of the U.S. economy. Soybeans were able to shrug off the lower commodity trade, led by crude oil, and finish near the highs of the session. Exports sales are estimated at near 850,000 tonnes for tomorrow mornings export sales report.
VEGOILS-Palm hits 3-week high as festival demand chases supply
SINGAPORE, June 20 (Reuters) - Malaysian crude palm oil futures hit a near 3-week high as investors bet on higher demand for palm oil after hot and dry weather in the U.S. threatened to curb the soy crop available for crushing into edible oil.
"Demand is expected to grow as we are moving into the Ramadan month," said a trader with a foreign commodities brokerage in Malaysia.
Latin America soybean sowings to expand -Oil World
HAMBURG, June 19 (Reuters) - Argentine and Brazilian farmers are likely to expand soybean plantings at the expense of grains for their 2013 crop because of higher profits from the oilseed, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"Farmers in South America are getting more enthusiastic about expanding soybean cultivation, taking advantage of the comparatively lower production costs in relation to grains and favourable price prospects," Oil World said.
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