DJ CBOT Soy Review: Firm; Weather Concerns Extend Uptrend

 CHICAGO (Dow Jones)--Soybean futures on the Chicago Board of Trade ended firm
 Tuesday, rallying to a new contract-high close in the new-crop November
 contract, as weather-related concerns continued to fuel speculative buying. 
  
   July soybeans ended 9 1/4 cents higher at $6.89 3/4 a bushel, November
 soybeans closed 10 1/4 cents higher at $7.04 3/4, July soymeal settled $4.00
 higher at $220.90 a short ton and July soyoil ended 24 points higher at 23.25
 cents a pound. 
  
   Private weather forecasts talking up the possibility of a moisture-blocking
 ridge setting into the Midwest over the next 14 days provided the spark that
 kept speculative traders adding risk premium to prices, analysts said. 
  
   The uncertainty in the market related to weather and crop conditions
 continued to promote volatility, with futures especially sensitive to weather
 changes, particularly with there being little room for a sub-par 2005 crop amid
 aggressive 2005-06 demand profiles from the U.S. Department of Agriculture. 
  
   Improved crop ratings from the USDA and beneficial overnight rains in central
 Illinois generated early selling pressure, but with longer-range forecasts
 underpinning prices, speculative funds pounced on the lower opening to extend
 the current uptrend in the market, analysts said. 
  
   The new-crop November contract has rallied $1.00 per bushel from its May 13
 low to Tuesday's new life-of-contract high. 
  
   The day's trading range was once again established in the first hour of
 trading, with buying accelerating once active contracts eclipsed Monday's highs
 and the November future breaching resistance at last week's contract high. 
  
   The DTN's weather forecast calls for mostly dry weather, with below-normal
 temperatures across the Midwest for the remainder of the week. And so the
 chances for additional rainfall in the eastern Midwest (east of the
 Mississippi) will be minimal. Corn and soybean soil moisture will continue to
 lag even average supply for this time of year, the DTN said. 
  
   In soybean pit trades, Calyon Financial bought 500 July and 300 November,
 Cargill Investor Services bought 1,000 July and 500 November, Citigroup bought
 1,000 November, Man Financial bought 600 July, Refco bought 600 November, ADM
 Investor Services and Bunge Chicago each bought 200 July, and Tenco bought 400
 November. 
  
   On the sell side, Cargill sold 300 July, Calyon Financial sold 200 July,
 Citigroup sold 300 November, Fimat sold 300 July, Refco sold 300 July and 1,000
 November, and UBS securities sold 500 July. Commodity funds were estimated
 buyers of 5,000 contracts. 
  
  
 SOY PRODUCTS 
  
  
   Soyproduct futures ended higher, moving in unison with soybeans. Soymeal
 garnered additional support from underlying demand, analysts said, with
 domestic soymeal demand remaining strong as shown by a higher-than-expected
 crush figure Tuesday from the National Oilseed Processors Association (NOPA). 
  
   Soyoil followed the lead of the rest of the complex, underpinned by
 technically inspired speculative buying. Meanwhile, soyoil remained the weakest
 link in the complex, as building stocks continue to limit upside potential,
 traders said. 
  
   NOPA reported soyoil stocks at 1.571 billion pounds, up from April's 1.477
 billion. 
  
   The July oil share ended at 34.48%, and the July crush finished at 52 cents. 
  
   In soymeal trades, Bunge Chicago bought 200 July, Cargill Investor Services
 bought 400 July, RJ O'Brien bought 500 July, Refco bought 500 July and 200
 December. Bunge Chicago and Cargill each sold 200 July. 
  
   In Soyoil trades, Bunge Chicago bought 400 July, Citigroup bought 300 July,
 ADM Investor Services bought 200 August, 200 September and 200 December, and
 Fimat bought 400 July. Term Commodities sold 1,500 July, Iowa Grain sold 400
 July, Refco and Tenco each sold 200 July. 
  
  
  
   

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