Soybean prices closed mixed on Thursday up ½ cent in May and down ½ in Nov. The range was narrow as well, May soybeans were only able to muster an 8 cent range for the day session. Traders say the action is in the Meal Oil spread as Meal once again rallied for the fourth consecutive higher close up $2.50. Meal has had a cumulative gain over the last four sessions of over $18.00. Volume on Thursday was quiet Soybeans traded 100,027, Oil traded 89,554 and Meal traded 52,773. Funds were net buyers of an estimated 1,000 Soybeans, 1,800 Meal and sold 2,400 Oil.
Opening call slightly higher. The markets appear quiet in early trading this morning. $USD is trading 37 higher, Dow is slightly higher and Crude oil is slightly lower. This morning the USDA reports private sale of 106,000 US Soybeans to unknown destination for 2010/11. Today Informa will release their 2010 acreage estimates at 10:30. Allendale released their estimates yesterday. They project corn acres at 90.150 +3670, Soybeans 79.111 +1.660, Total Wheat 53.467 -5.666, Winter Wheat 37.172 -6.139, Duram Wheat 2.567 +.013 Other Spring Wheat 13.728 +.460. Malaysian Palm Oil futures rose 1.7% on Friday after hitting five week lows yesterday. Look to be a seller of May Soybeans at 964. Overnight Chinese Soybean , Meal and Oil futures closed higher.
Opening Call mixed to slightly firmer
Top News ** USDA reports private sale of 106,000 US Soybeans to unknown destination for 10/11 MY -- Argentina's Ag Ministry pegs 2009/10 Soybean crop in a range of 51 to 55 mln mt -- April delivery of refined palm oil was qouted at $805.00/mt whille April palm olein was qouted @ $815.00 mt. -- Pending Tender: Merchandisers say Uzbekistan in a March 15th tender is seeking 50,000 mt of Brazilian soybeans. Delivery is to a Russian port within 30 days of receiving letter of credit -- Dalian Sept. Soybean futures traded 3,862 yuan/mt up +20 with 236,678 cotracts traded. -- Dalian Sept. Soymeal traded 2,794 yuan/mt. up +32 with a traded volume of 1,111,696. -- Dalian Sept. Palm Oil traded 6,872 yuan/mt. up +16 with a traded volume of 246,002 contracts. -- Malaysian May Palm Oil futures were up +10.00 to 2.550 ringgit/mt. While June futures were up +13.00 at 2,535 ringgit/mt. -- Liffe May Rapeseed Futures were unchanged @ 294.75 euros/mt. -- Globex Soybean Vol. 87,627; Pit Vol. 6,358; Open Interest Change: + 2,125 -- Weather: 6 - 10 Day Forecast: Normal to Above Temps. Normal to Below Precip West, Above East. -- Outside markets: Energy Complex -0.49 at $81.71; Gold & Silver: -4.9 at $1122.6 & -0.137 at $17.285; US $ +0.355 at $80.795
Cash Markets -- CIF Soybeans steady off 2. FH Mar. +?? to +58, Mar. +49 to +53, April +44 to +49, May +45 to +52, June +45 to +50, July +45 to +50, Oct. +41 to +45, Nov. +44 to +49, Jan. +45 to +50