Soybean: Soybean Complex Market Recap
July Soybeans finished down 18 1/2 at 1330 1/4, 21 1/2 off the high and 9 3/4 up from the low. November Soybeans closed down 17 1/4 at 1332 1/2. This was 8 3/4 up from the low and 21 1/4 off the high. July Soymeal closed down 4.6 at 347.1. This was 2.1 up from the low and 6.0 off the high. July Soybean Oil finished down 0.45 at 56.15, 0.46 off the high and 0.58 up from the low. The soybean market closed sharply lower on the session as aggressive fund selling in corn and wheat kept the market down late in the day. Fund selling emerged in the other grains and this pushed July under Fridays lows and this added to the selling pressures to drive the market to the lowest level since May 17th. Traders seemed to have less confidence in longer-term weather outlook calling for hot weather to move into the western and central Corn Belt for early July. Traders believe a few days of hot and dry weather for the central and eastern Corn Belt will be beneficial at this stage of the growing season. Traders see Canadian canola planted area up about 1.5 million acres from last year (16.8 million acres last year) for the report update for release on Thursday morning but many believe the government forecast will be overstating plantings due to rain delays. Meal was down just slightly on the session today as oil led the market lower due to a sharp break in palm oil futures overnight. Traders will also be monitoring the monthly Census crush report and weekly export sales news ahead of the opening.
