Soybean Recap (Source: CME)
Soybean futures softened into the close to finish 8 to 24 1/4 cents lower with new-crop futures leading losses. While the market did see some action in positive territory as traders remain concerned about dryness in the eastern Corn Belt, strong gains in the U.S. dollar index and overnight rains in the western Corn Belt ultimately gave bears the upper hand.
Soybean Complex Market Recap (Source: CME)
August Soybeans finished down 14 at 1423, 20 1/4 off the high and 1 1/2 up from the low. November Soybeans closed down 24 1/4 at 1371 1/4. This was 1/4 up from the low and 23 off the high. August Soymeal closed down 1.5 at 422.6. This was 1.9 up from the low and 8.6 off the high. August Soybean Oil finished down 0.9 at 50.1, 0.82 off the high and 0.17 up from the low. Soybeans were trading sharply lower on the day late in the session with July soybeans down 5 cents while November were down 22. November soybeans failed to move above yesterday's highs which likely triggered profit taking after moving 75 cents higher since Monday. Into the closing bell, a bearish tilt to gold, the dollar and energy markets plus more rain concerns helped to spark a sharp break in November soybeans. December soybean meal traded 3.50 dollars lower while December soybean oil was down 95 late in the day. Export sales released this morning were considered negative with net weekly export sales at 163,800 metric tonnes for the current marketing year and 444,200 for the next marketing year for a total of 608,000. As of June 14th, cumulative soybean sales stand at 101.7% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 98.9%. Total net meal sales came in at 282,000 metric tonnes while total net oil sales came in at 20,400 metric tonnes.
VEGOILS-Palm oil falls as Fed action disappoints
SINGAPORE, June 21 (Reuters) - Malaysian crude palm oil futures edged lower, as traders booked profits from rallies earlier in the week and sentiment turned cautious after the Federal Reserve's stimulus measures proved less aggressive than expected.
"The Greek election brought in some funds buying," said a trader with a domestic commodities brokerage in Malaysia. "However the surge also brought in demand destruction and palm olein prices above $990 saw very few takers. A close above 3,000 ringgit is needed today, failing which prices may succumb to fresh selling."
The Roundtable on Sustainable Palm Oil (RSPO) foresees the global annual production for certified sustainable palm oil (CSPO) to increase. "The production capacity of CSPO reached over 6.4m tonnes in June from about 6m in April this year. We estimate it to reach over 7m by year-end," said RSPO secretary-general Darrel Webber. (Bernama)
The Roundtable on Sustainable Palm Oil (RSPO) grouping is putting in place a mechanism to channel a portion of its revenue towards the certification of oil palm estates owned by independent smallholders in key markets such as Indonesia, Thailand and West Africa. The RSPO had also set aside 300,000 euros to encourage smallholders to certify their plantations, said RSPO secretary-general Darrel Webber. “This is to equip independent smallholders with better access to the international buyers in markets like Europe, the United States and even India, which are increasingly demanding for CSPO (certified sustainable palm oil) instead of the non-certified ones,” he said at a briefing yesterday. The first batch involving about 5,000ha of oil palm estates belonging to independent smallholders from Thailand would undergo the certification process this year, said Webber. (Starbiz)
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