CBOT Soy Review: Bounce Off Early Lows; Fundamental Support
Soybean futures on the Chicago Board of Trade ended higher Monday, managing to recover from an early setback on bullish underlying fundamentals.Read also in category "Soy market news":
CBOT soy product futures ended mixed, with soymeal climbing on support from a turnaround in soyeans and adjustments in the meal/oil spread relationship, analysts said.
Soybean futures on CBOT ended higher Monday, managing to recover from an early setback on bullish underlying fundamentals.
Mixed prices prevailed Monday, as the U.S. cash grain trade mulled the potential impact of continued planting delays on domestic grain supplies.
Farmers have already sold about half of Argentina's 2008-2009 soy crop, with demand strong on tight supplies due to extensive drought damage.
Private companies and local research organizations are forming the Brazilian Strategic Soy Committee, or CESB, to study issues related to soy such as productivity, local newspaper Valor Economico reported Monday.
Lowest known offers at 1745 local time in U.S. dollars a metric ton, bulk, with changes on the day unless otherwise stated as quoted by European traders:
Premiums and discounts for soybeans at Paranagua port, Brazil, against Chicago Board of Trade quotes.
Free-on-board prices in U.S. dollars per metric ton.
Lowest known offers at 1330 local time in U.S. dollars a metric ton, bulk, with changes on the day unless otherwise stated as quoted by European traders:
India NCDEX June soybean contract provisionally ends down 1.3% at INR2,703.50/100 kgs on profit-taking, weak domestic demand; market eyeing USDA supply-and-demand report later today for fresh cues.
Corn and soybean prices are likely to be higher over the next few days, as analysts expect a bullish crop report by the U.S. Department of Agriculture Tuesday.
Soybean futures traded on the Dalian Commodity Exchange settled lower Monday along with a tumble in soymeal prices as the mainland confirmed its first case of swine flu
India NCDEX June soybean contract down 0.9% at INR2,714/100 kgs on reduced domestic, overseas demand.
India June NCDEX soybean contract likely to open weak, tracking overseas soybean prices, weak technicals, says Badruddin Khan, analyst with Angel Commodities.
China's soymeal futures traded at Dalian Commodity Exchange fall sharply as country reports mainland's first suspected case of swine flu Sunday.
