Pro Farmer: After the Bell Soybean Recap (Source:CME)
Soybean futures closed 4 1/4 to 38 3/4 cents lower, but came well off session lows late to finish mid-range. Futures faced corrective selling today as fresh news was limited. While there are ongoing crop concerns, there wasn't any fresh news on that front, which gave traders an opportunity to take profits out of the market. Additional pressure came from weather forecasts as midday updates called for better rain chances into early next week.
Soybean Complex Market Recap (Source:CME)
August Soybeans finished down 38 3/4 at 1682 1/4, 53 3/4 off the high and 31 1/4 up from the low. November Soybeans closed down 12 at 1629. This was 33 1/4 up from the low and 31 off the high. August Soymeal closed down 7.5 at 537.2. This was 19.9 up from the low and 12.8 off the high. August Soybean Oil finished down 0.82 at 51.73, 1.25 off the high and 0.03 up from the low. The soybean complex closed well off session lows after climbing higher late in the session following the announcement by The Federal Reserve that they would leave interest rates unchanged. The August contract lost to the September and November contracts as bull spreads unwound. August soybean meal and soybean oil traded sharply lower on the day. Weather maps suggested a slightly wetter forecast for the next week but market confidence is low that the forecast will successfully develop. The forecast also called for slightly cooler temperatures in the central Midwest next week. Temperatures are expected to stay warm in the southwestern portion of the Corn Belt. Soybean volume has been slightly lower to the start the week and traders were looking to take profits ahead of the USDA report next week and the European Central Bank meeting tomorrow. The next two weeks remain critical to the soybean yield potential for the 2012/13 marketing year. Good support was seen towards the end of the trading session which suggests speculators and end users found good value at the sharply lower price levels, given the weather forecast over the next two weeks.
VEGOILS-Palm oil edges up on lingering U.S. weather fears
SINGAPORE, Aug 1 (Reuters) - Malaysian crude palm oil inched up in a quiet trading session as lingering weather fears in the U.S. Midwest trumped expectations of higher stocks in No.2 producer Malaysia.
"We see some range-bound trading today. If the market breaks the 3,000-ringgit level, then prices can go much higher," said a trader with a foreign commodities brokerage in Kuala Lumpur.
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