DJ CBOT Soy Review: Rallies To New Highs; Soyoil Surges

 CHICAGO (Dow Jones)--Soybean futures on the Chicago Board of Trade ended
 higher Wednesday, extending its uptrend, with new crop futures setting new
 contract highs once again. 
  
   July soybeans ended 12 3/4 cents higher at $7.02 1/2 a bushel, November
 soybeans ended 16 cents higher at $7.20 3/4, July soymeal settled $3.00 higher
 at $223.90 a short ton, and July soyoil ended 92 points higher at 24.17 cents a
 pound. 
  
   Lingering worries over the potential for extended dryness in the central
 Midwest kept speculative buying a featured attraction, with spillover strength
 from the neighboring soyoil pit adding to the bullish nature of the market,
 trade sources said. 
  
   Market talk of supportive comments from U.S. President George W. Bush, urging
 lawmakers to pass an energy bill that would increase the use of bio diesel fuel
 and ethanol provided a psychological boost to the market, with soyoil rallying
 to 3 month highs. 
  
   Speculative led buying served as the undercurrent of the market, with soybean
 futures climbing above the $7.00 per bushel level in all actively traded
 contract months. Technically motivated buying was a key component in the price
 gains as well, but the supportive theme for prices remains weather. 
  
   Market volatility has grown in recent weeks, with concerns that the 2005 crop
 has little room for error with a strong demand profile in the new crop balance
 sheet projection, keeping bullish momentum flowing through the pit. 
  
   The DTN weather forecast calls for generally dry weather during the next week
 across the Midwest. Temperatures will be in a normal to above normal range in
 the western Midwest (west of the Mississippi River) to normal to below normal
 values in the eastern Midwest. The general range during the next week will be
 low to mid 90s Fahrenheit west of Des Moines, Iowa, while east of Des Moines
 the warmest temperatures will be 85-92 degrees. 
  
   On tap for Thursday, U.S. Department of Agriculture is scheduled to release
 its weekly export sales report 7:30 a.m. CDT. Analysts surveyed by Dow Jones
 anticipate commitments in the 100,000 to 200,000 metric ton range, soymeal in
 the 50,000 to 100,000 ton range and soyoil sales in a range of 2,000 to 8,000
 tons. 
  
   In soybean pit trades, ADM Investor Services, Citigroup, Fimat, Goldenberg
 Hehmeyer, Man Financial, Prudential Financial, Rand Financial and UBS
 Securities each bought 500 November Calyon Financial bought 800 November,
 Cargill Investor Services bought 500 July and 500 November, RJ O'Brien bought
 1,000 July. 
  
   On the sell side, ADM Investor Services sold 1,000 November, Cargill sold
 1,000 July and 1,000 September, Bunge Chicago sold 500 November, Goldenberg
 Hehmeyer sold 300 July, RJ O'Brien sold 500 July and 400 November, and Refco
 sold 1,000 November. Commodity funds were estimated buyers of 12,000 contracts.
  
  
  
    SOY PRODUCTS 
  
  
  
   Soyoil futures ended sharply higher Wednesday, rallying to three month highs
 on speculative led buying. The combination of supportive talk from President
 Bush on increasing the use of bio diesel fuel and supportive technical chart
 formation sent sellers running for cover. 
  
   Speculative buying was a featured attraction, with activity accelerating as
 the market moved through overhead resistance levels. The President's talk gave
 the market a boost, but the gains were more of a technical feature, with soyoil
 making a modest recovery from oil share declines and adjustments in the crush
 spread, said a CBOT trade source. 
  
   Soymeal futures ended higher, extending its rally to new contract highs in
 unison with soybeans, with good underlying domestic demand a supportive
 feature. However, upside momentum was limited by soyoil/soymeal spreading
 activity. 
  
   July oil share ended at 35.05%, and the July crush finished at 56 cent. 
  
   In soymeal trades, ADM Investor Services bought 300 July and 600 December,
 Refco bought 500 July, Tenco bought 400 December. 
  
   In Soyoil trades, ABN Amro bought 700 July, Cargill Investor Services bought
 2,500 July and 500 December, Citigroup and Fimat each bought 1,000 July, Man
 Financial bought 1,200 July and 1,000 December, Refco bought 1,000 July.
 Selling was scattered among various firms. Commodity funds were estimated
 buyers of 10,000 contracts. 
  
     

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