Soybeans are making a bottom at $14???

July Soybeans finished down 7 3/4 at 1393 3/4, 19 1/2 off the high and 7 1/2 up from the low. November Soybeans closed down 5 3/4 at 1386 3/4. This was 9 1/2 up from the low and 17 1/4 off the high. July Soymeal closed up 0.1 at 372.9. This was 3.5 up from the low and 6.4 off the high. July Soybean Oil finished down 0.54 at 57.4, 0.74 off the high and 0.32 up from the low. The market closed lower with an inside trading day. The USDA Supply/demand report was considered bearish for soybeans but the market managed to push higher early led by a surge in corn. The market quickly retreated to trade lower on day. US ending stocks for the 2010/11 season were pegged at 180 million bushels as compared with 170 million last month and trade expectations of near 175-180 million. The USDA lowered exports by 10 million bushels for this season and 20 million bushels for the 2011/12 season. New crop ending stocks were pegged at 190 million bushels which was about 20 million bushels higher than expected and 30 million above last month. Total demand for the new crop season was revised to 3.29 billion bushels, down 20 million from last month and down 25 million from this year. There were no revisions in acreage or yield. World ending stocks for the 2010/11 season were revised higher to 64.53 million tonnes from 63.81 million last month and 60.94 million two months ago. Brazil production was revised to 74.5 mmt from 73 million tonnes last month. China import demand slipped to 54 million tonnes from 54.5 million last month and 57 million two months ago. For 2011/2012, world ending stocks are pegged at 61.59 million tonnes. China demand is pegged at 58 million tonnes. Net weekly export sales for soybeans came in at 120,541 metric tonnes for the current marketing year and 100 for the next marketing year for a total of 120,641. As of June 2nd, cumulative soybean sales stand at 99.4% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 95.4%. Meal sales came in at 60,500 metric tonnes to push cumulative soybean meal sales to 84.4% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 79.4%. Oil sales came in at 10,100 metric tonnes which pushed cumulative soybean oil sales to 83.9% of the USDA forecast versus a 5 year average of 65.3%. For soybean oil in the supply/demand update, beginning stocks for the 2011/12 season came in 350 million pounds higher than last month. As a result, a 200 million pound increase in the export forecast failed to offset the higher beginning stocks and ending stocks are now pegged at 2.158 billion pounds from, up 150 million from last months estimate but down from 2.823 billion this season and 3.358 billion last year. The weather outlook appears favorable for Midwest soybeans already planted with cooler weather but rains for Indiana and Ohio could keep the plantings pace slow. Traders remain nervous with harsh weather in the delta and southeast with hot and dry weather to persist.

Soybeans Blog Topic: __W. D. Gann Soybean Charts___
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Soybeans Blog -- http://soylive.blogspot.com/
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Soybean, Corn, Wheat, Cotton, Hogs & Cattle comments

Soybean futures closed mostly 10 1/4 to 14 1/4 cents higher, which was near session highs. Meal futures also posted solid gains, while soyoil futures were mildly lower. Trading volume was active. Futures were supported by short-covering on ideas Monday's sharp losses were overdone. Concerns with planting delays and acreage were also supportive.

 

Corn futures were supported throughout the day by acreage concerns and dollar weakness, closing 4 1/2 to 11 cents higher. New-crop futures led gains amid bull spread unwinding. Yesterday's crop progress report showed around 5.5 million intended corn acres remain unplanted at this late date.

 

Wheat futures ended steady to 10 1/4 cents lower in Chicago, mostly 8 1/2 to 15 1/2 cents lower in Kansas City and 3 1/2 to 57 1/4 cents lower in Minneapolis. Bear spread unwinding was featured at all three exchanges today with July Minneapolis futures pacing losses. After yesterday's late collapse, the lead-month Minneapolis contract faced heavy selling pressure today.

 

Cotton futures faced sharp price pressure today, with the July through December contracts closing the 700-point daily limit lower. March through October 2012 contracts closed 336 to 587 points lower. Floor sources say today's sharply lower price action was the result of technical-based selling.

 

Lean hog futures closed sharply higher in all but the June contract, which ended 7 1/2 cents lower. June lean hog futures were anchored near unchanged today by weakness in the cash and product markets despite strong buying in deferred contracts and the discount the contract holds to the cash index.

 

Live cattle futures closed steady (in extreme far-deferred contracts) to $1.52 1/2 higher. Feeder cattle futures closed $1.00 to $1.20 higher. Following yesterday's sharp losses, traders returned to the market to cover short positions. The recent consolidation phase is a sign of bottoming, but there's a lot of work to do before a technical bottom can be declared.

 

 

Soybeans Blog Topic: __W. D. Gann Soybean Charts___
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View my different blogs as there many intraday posting that aren't on the main web site.
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W. D. Gann Blog -- http://wdgannmatrix.blogspot.com/
Soybeans Blog -- http://soylive.blogspot.com/
Commitment of Traders Blog -- http://cotlive.blogspot.com/
Beans COT -- http://www.cotlive.com/COT/commodities/s1.htm
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Soybean Comments

Soybean futures started the overnight session with slight gains, but deteriorated through overnight trade and during the daytime session. Soybeans closed 18 1/2 to 31 1/4 cents lower, with nearby contracts leading losses. Futures posted a low-range close, which gives bears momentum heading into overnight trade. 
 
Corn futures ended 16 to 22 cents lower in all but extreme far-deferred contracts, which was near the bottom of today's range. That gives bears strong momentum heading into overnight trade. Corn futures were pressured by weather today. On the weather front, traders feel recent hot, dry conditions have allowed much of the intended corn acres in the far eastern Corn Belt to get seeded. 
 
Wheat futures posted sharp losses at all three exchanges and ended near session lows. Chicago wheat closed 19 1/4 to 20 3/4 cents lower, with Kansas City down 24 1/4 to 30 1/4 cents. Minneapolis wheat closed 18 1/2 to 30 3/4 cents lower. Strength in the dollar triggered selling, with additional pressure coming as traders took more weather premium out of the market after more beneficial rains moved across dry areas of Europe over the weekend. 
 
July cotton futures ended down the full 600 point daily trading limit. The October through March contracts ended 100 to 177 points lower, which was well off session lows. Cotton futures started firmer, but got caught up in the broad-based downturn in the commodity sector today. 
 
Lean hog futures favored a weaker tone in choppy trade. June hogs closed 47 1/2 cents higher, with the rest of the market down 2 1/2 to 65 cents. Pressure on June hogs was limited by the discount the contract holds to the cash index, which spurred light short-covering. The index is projected up 29 cents to stand at $91.83 tomorrow and June lean hogs hold around a $2 discount to the index.
 
Live cattle futures tumbled into the close to finish sharply lower and on or near session lows. Feeder cattle futures reversed course after strong early gains and finished under pressure. Selling interest gradually built in the live cattle market on spillover from outside markets.
Soybeans Blog Topic: __W. D. Gann Soybean Charts___
-------
View my different blogs as there many intraday posting that aren't on the main web site.
-------
W. D. Gann Blog -- http://wdgannmatrix.blogspot.com/
Soybeans Blog -- http://soylive.blogspot.com/
Commitment of Traders Blog -- http://cotlive.blogspot.com/
Beans COT -- http://www.cotlive.com/COT/commodities/s1.htm
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