Pro Farmer: After the Bell Soybean Recap (Source:CME)
Soybean futures capped off a choppy day of trade by coming off the session lows for a mixed close. Meal was higher and soyoil ended lower amid spreading. Weather remains front-and-center in traders' minds, but even when the news is bullish (continued hot and dry weather), futures are vulnerable to periods of profit-taking. Traders responded today to the overbought situation of the market by reevaluating positions.
Soybean Complex Market Recap (Source:CME)
August Soybeans finished up 5 1/4 at 1639, 8 3/4 off the high and 22 1/4 up from the low. November Soybeans closed unchanged at 1590 1/2. This was 15 1/4 up from the low and 16 1/2 off the high. August Soymeal closed up 6.7 at 494.0. This was 10.5 up from the low and 0.7 off the high. August Soybean Oil finished down 0.51 at 54.14, 0.69 off the high and 0.24 up from the low. November soybeans traded mixed today, but closing nearly unchanged on the day. August soybean meal traded higher into the close while soybean oil settled lower. The weather outlook for most of the Midwest looks unfavorable the next two weeks. Limited rainfall is expected east of the Mississippi River and the western Corn Belt will remain dry. Rains in the southeast and delta should be beneficial to soybean growth. Blistering temperatures, mixed with terrible topsoil conditions will continue to stress soybeans west of the Mississippi River. The market is beginning to take down US soybean yield projections as soybean pollination advances during this stretch of record high heat. One closely followed crop scout pegged the US soybean yield at 39 bushels/acre, down 1 bushels/acre from previous forecast. Above normal temperatures this week should advance pollination and pod setting significantly, while at the same time increasing the stress on soybean crops. Outside markets were mixed today with stocks trading stronger and the US Dollar offered resistance to commodities after trading stronger on the day.
VEGOILS-Palm oil inches down, U.S. dry weather caps losses
SINGAPORE, July 17 (Reuters) - Malaysian crude palm oil futures edged down as traders booked profits from the previous day's rally, although losses were limited as persistent hot and dry weather in the United States reduced global oilseeds supply.
"The market is caught between weak internals and strong externals," said a trader with a local commodities brokerage in Malaysia.
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