|
Headlines
Market news and breaking stories live from Dow Jones Newswires
Market Commentary
A technical analysis commentary of the major markets, only from INO
Smart Scan
A premium service, alerting you to changes in the market by web and email.
Extreme Futures / Stocks
Extreme Markets from all exchanges, updated throughout the trading day.
|
| |
|
Trade Triangle Technology, Advanced Charts, SmartScan, Trading Workshops.
The premier online video learning platform for traders.
Daily Portfolio Scan and Analysis
|
| |
|
DJ CBOT Soy Outlook:Down 6c-8c On Outside Mkts, But Exports Support82 days ago
CHICAGO (Dow Jones)--Soybean futures at the Chicago Board of Trade are poised for a lower start to Thursday's day session, taking its cue from the overnight theme and bearish outside market signals.
CBOT soybean futures are seen starting 6 cents to 8 cents lower. In overnight trade, January soybeans were 7 1/2 cents lower at $10.19 1/2, and March soybeans were 6 3/4 cents lower at $10.26 1/2.
Weak overnight prices in conjunction with a firmer U.S. dollar and broad-based declines across the commodity sector have traders anticipating lower price action in the absence of enough fresh bullish news to underpin prices, said Victor Lespinasse, analyst with Grainanalyst.com.
Follow through selling from Wednesday's weak technical close and traders booking profits from recent gains ahead of next week's holiday shortened trading week is seen aiding the defensive tone. Improved planting and crop development weather in Argentina is another bearish factor adding to the defensive theme.
However, strong export demand as evidenced by higher-than-expected weekly sales and shipments are supportive features expected to limit declines, Lespinasse added.
A technical analyst said first resistance for January soybeans is seen at $10.40 and then at Wednesday's high of $10.49. First support is seen at Wednesday's low of $10.23 1/2 and then at $10.11 3/4.
The soy products are expected to start lower in unison with soybeans, but strong weekly export sales for soymeal is expected to allow meal to gain some product share value on spreads.
The U.S. Department of Agriculture reported total weekly soybean export sales were a net 1,349,700 metric tons for the week ended Nov. 12. The primary buyer was China with 724,700 tons. Analysts had forecast sales between 700,000 and 1,000,000 metric tons.
USDA reported a marketing year high 1,724,200 metric tons were shipped in the week ended Nov. 5, with China the primary destination for 914,500 tons.
Soymeal sales were a net 367,800 tons. Trade estimates ranged from 100,000 to 225,000 tons. Soyoil commitments were 12,800 metric tons. Analysts had forecast sales between 5,000 and 20,000 tons.
USDA also announced private exporters reported the sale of 116,000 metric tons of soybeans for delivery to China during the 2009/2010 marketing year, the USDA said Thursday.
The T-storm Weather forecast said another round of heavy thunderstorms expectedly improved soil moisture in drier areas of Argentina overnight. More substantial thunderstorm clusters will improve soil moisture across Argentina over the next week.
In overseas markets, soybean futures traded on the Dalian Commodity Exchange settled marginally higher Thursday, led by slightly greater gains soyoil and soymeal prices due to local inflation expectations and cues from technical charts. The benchmark September 2010 soybean contract settled CNY5 a metric ton higher at CNY3,804/ton.
Crude palm oil futures prices on Malaysia's derivatives exchange ended lower Thursday in cautious range bound trade. The February contract ended MYR29 lower at MR2,371 a metric ton.
-By Andrew Johnson Jr.; Dow Jones Newswires; 312-347-4604; andrew.johnsonjr@dowjones.com
(Zheng Xiaolu and Shie-Lynn Lim contributed to this story from Beijing and Kuala Lumpur respectively)
(END) Dow Jones Newswires
November 19, 2009 09:19 ET (14:19 GMT)
By Andrew Johnson Jr.
Of DOW JONES NEWSWIRES
< Back to News Index
|
