Soybean Complex Market Recap: 13 September 2011
Nov Soybean finished down 4.25 at 1391.75, 10.25 off the high and 9.75 up from the low.
Jan Soybean closed down 3.75 at 1402.50. This was 9.75 up from the low and 9.75 off the high.
Dec Soymeal closed down 3.1 at 362.7. This was 1.4 up from the low and 4.9 off the high.
Dec Soybean Oil finished down 0.12 at 57.63, 0.36 off the high and 0.56 up from the low.
Nov Soybean closed slightly lower on the session and up well off of the early lows.
Ideas that crop conditions are improving in Ohio and other parts of the Midwest plus some concerns for a cold weather surge for later this week helped to keep the trade choppy.
The weekly Soybeans Conditions report showed that 56% of the crop was rated good/excellent, unchanged from last week and compares with 63% last year.
While outside market forces were mostly positive this morning with a weak USD and firm trade for energy markets, weakness in corn and Wheat helped keep the long liquidation selling trend from speculators intact.
A more positive tilt to outside markets with a turn up in the US stock market may have helped the market recover from the early lows. For the NOPA monthly crush report for tomorrow, traders see August crush just under 120-M bu as compared with 122.9 in July.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.