By Andrew Johnson Jr.
Of DOW JONES NEWSWIRES
CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures ended higher
Thursday, but well off earlier highs, as weather uncertainties limited the
aggressiveness of speculative buyers, analysts said.
July soybeans settled 1 3/4 cents higher at $8.27 1/2, and November soybeans
finished 1 1/4 cents higher at $8.61. July soymeal settled $0.40 higher at
$230.40 per short ton. July soyoil ended 29 points higher at 35.16 cents a
pound.
Dryness concerns for eastern Midwest crops, coupled with spillover support
from wheat and soyoil provided underlying strength to lift prices, said Don
Roose, president of US Commodities in West Des Moines, Iowa.
However, the inability of nearby contracts to pierce through double top
resistance on technical charts, and the market's respectfulness of the
potential for rain to emerge from a front forecasted to move into the Midwest
early next week provided pressure to cap off upside movement, Roose added.
Soybeans were an under achiever in relation to the gains seen in wheat,
illustrating the uncertainties of crop weather, but if current conditions hold
true, crop ratings should slide next week, a CBOT floor analyst said.
Nevertheless, bullish near term weather issues, and an absence of bearish
features to attract aggressive selling managed to keep prices in positive
territory throughout the day.
The DTN Meteorlogix weather forecast calls for dry weather through Sunday
east of the Mississippi River. Temperatures will be above normal, ranging from
88 to 93 Fahrenheit for daytime highs through Monday. A few light showers will
develop late Monday and Tuesday of next week, but rainfall will total no more
than one-half inch. Almost the entire eastern Midwest - notably the southern
two-thirds of Illinois, all of Indiana and all of Ohio - now are classified as
at least "abnormally dry" in the weekly Drought Monitor. Southeastern Indiana
and southern Ohio are now listed in a "moderate drought" category. Soil
moisture is diminishing, and the onset of very warm temperatures threatens to
cause crop stress.
Meanwhile, mid to late next week brings no change in the weather pattern. The
persistent dry outlook remains in effect for the eastern region of the U.S.
corn belt, Meteorlogix reports.
In pit trades, Penson GHCO bought 600 July, Bunge Chicago bought 400 July,
and RJ O'Brien bought 300 July. Man Financial sold 500 July, and RJ O'Brien
sold 300 July. Speculative fund buying was estimated at 3,500 contracts.
SOY PRODUCTS
Soy product futures ended mostly higher, with soyoil the upside leader.
Soyoil futures were buoyed by spillover strength from gains in Malaysian palm
oil and energy futures, analysts said. The borrowed momentum enabled futures to
score a technical rebound, as the market readjusted the product spread
relationship, before speculative buying diminished, analysts added.
Soymeal futures ended modestly higher, recovering from earlier declines. An
adjustment of the soyoil/soymeal relationship weighed on prices for most of the
day, with soymeal losing ground to soyoil amid strength in world vegoil
markets, analyst said.
July oil share ended at 43.28% and the July crush ended at 66 1/4 cents.
In soymeal trades, JP Morgan bought 500 July and Fimat bought 600 July. Fimat
sold 700 December, Tenco and Rosenthal each sold 600 July, Bunge Chicago and
Penson GHCO each sold 300 July, and Man Financial sold 300 December.
Speculative funds were estimated net sellers on the day.
In soyoil trades, Tenco bought 1,200 July, Fimat bought 700 December, JP
Morgan bought 400 July, Bunge Chicago and Rosenthal each bought 300 July. Fimat
sold 600 July, UBS Securities sold 400 July and Rand Financial sold 300 July.
Speculative fund buying is estimated at 3,500 lots.
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
29800.00 | + 650 | 30000.00 | + 840 |
ПФО |
28940.00 | + 990 | 29000.00 | + 950 |
СКФО |
29450.00 | + 750 | 30000.00 | + 1050 |
ЮФО |
29250.00 | + 1100 | 29700.00 | + 750 |
СФО |
29300.00 | + 900 | 29500.00 | + 1200 |
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
72000.00 | + 1000 | 73300.00 | + 50 |
ЮФО |
69800.00 | + 0 | 74000.00 | + 0 |
ПФО |
71500.00 | + 500 | 73100.00 | + 100 |
СФО |
72500.00 | + 500 | 74900.00 | - 100 |
Обсуждение