CBOT soybean futures closed higher on August 24, subject to the concern about promotion of frost; industry that is expected 3,750 would be an important resistance Soybean up on the way, if a firm 60-day MA U.S. beans, short-term disk will complete the strengthening of the shock role of the conversion, then the domestic Beans Up also logical.
8 24, November soybeans settled 341 / 2 cents, to 10.071 / 2 U.S. dollars / bushel, as from August 13 to close at 10.183 / 4 USD highest level since.
9 CBOT soybean contract closed up 57 cents, closing at 10.80 U.S. dollars / bushel.
FCStoneLLC DavidSmoldt vice president of operations, said western Midwest soybean crop than normal levels a week behind, behind the eastern region of soybean crop for two weeks.
Smoldt said the unusual weather of early frost will make the premature end of the growing season to suppress soybean yields, which will exacerbate the already tight global supply of soybeans. He also said that if frost occurs, November soybean contract price will reach 10.50 to 11.00 U.S. dollars.
According to USDA estimates, the 2008/09 marketing year, U.S. soybean ending stocks will be 110 million bushels, down 46% compared with 2007/08, and for the lowest annual level since 1976/77. 2008/09 marketing year will end on August 31.
Wet spring weather delayed crop sowing, August crop corn and soybeans continue to delay.
U.S. Department of Agriculture said that as of August 16, the U.S. soybean crop was 72% pod, below the five-year average of 85%.
U.S. Department of Agriculture will be Monday (Aug. 24) afternoon release its weekly crop report.
Smoldt added that export demand is still holding firm, the domestic soybean processing plant will increase the basis bids to attract more supply. China’s soybean crop damaged by dry weather in recent weeks has been active in the procurement of U.S. soybeans.
State Flood Control and Drought Relief Headquarters said on its Web site Monday that about 8.9 million hectares of land are still facing drought conditions. Soybean production will be higher than in 2008 fell more than 20%. The province is the largest soybean producing province.
CBOT soybean meal and Bean oil Futures soybean futures prices followed, and also reached the highest level in more than a week.
12 soymeal futures rose 9.90 U.S. dollars to 299.90 U.S. dollars / short ton, as from August 13 to close at 306.50 U.S. dollars / short ton, its highest close since. December soybean oil contract rose 0.78 cents to 37.72 cents / lb, as from August 14 to close at 37.79 cents / lb highest close since.
CBOT floor sources said commodity funds bought an estimated 4,000 soybean futures contracts, 1,000 soybean meal futures contracts and 1,000 contracts.
Central Plains futures analysts, Soybean short-term rising trend will continue. 24 Soybean strong rebound in disk form a huge upward gap is mainly caused by the outer disk stimulation. 1005, 24 main contract price close of the 10 day moving average points, but unable to cover the gap down early, Soybean expected 3,750 would be an important resistance level rise on the way, the evening of 24 U.S. soybean movements concerned, if the U.S. firm beans 60-day moving average, short-term shocks disk will complete the strengthening of the role of the conversion, then the rise of domestic beans also a matter of course.
Futures analyst at Minmetals Shanghai Min ground that the trend of Soybean short-term volatility will be the main range. Technical point of view, 24, were rushed average system on top of beans, soybean meal pre-Firmer is crossed early upward gap in one fell swoop, this week (the week ending August 28), even if not significantly higher, beans class at least in the current interval is range trading, trend trading caught short and should support stronger.