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July 30th, 2012
Soybean futures are trading higher Monday morning, as concerns resurge that the severe drought in the Midwest could reduce the soy crop’s harvest potential.
In electronic trading, soybeans for August delivery are up 34 1/4 cents or 2.0% at $17.18 1/2 a bushel at the Chicago Board of Trade, trading at the highest levels in a week. August soybeans reached the all-time intraday high for the front-month contract at $17.77 3/4 a bushel on July 20.
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July 9th, 2012
Soybean Futures – Corn rose the most allowed by the Chicago Board of Trade and soybeans extended a rally to a four- year high as hot, dry weather in the past two weeks eroded prospects for output in the U.S., the world’s biggest grower of the crops.
More than 50 percent of the growing region was stressed by temperatures that exceeded 95 degrees Fahrenheit (35 degrees Celsius) on at least six of the past 14 days, T-Storm Weather LLC said in a report. As of yesterday, more than 91 percent of the production area was dry at the topsoil level and 59 percent was at high risk of intense stress and lower yields, the Chicago-based analyst said.
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June 26th, 2012
Soybean futures prices began moving higher in July 2010, starting from about $9.50. July 2012 soybean futures reached a high of about $14.70 in late August 2011, declined to a low near $11.25 in mid-December 2011, and reached a high of $15.12 in early May 2012. Prices have been very choppy the past two months, but the July futures contract is now trading within about $.30 of the early May high. November 2012 futures prices have been lower than July futures, but have followed a similar pattern and are now trading at a contract high near $14.30.
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June 19th, 2012
Soybean futures closed sharply higher Tuesday, jumping on worries about dry weather damaging crops while export demand remains strong.
Soybeans for July delivery settled up 49 1/2 cents, or 3.6%, at $14.33 3/4 a bushel at the Chicago Board of Trade. November soybeans rose 45 1/4 cents, or 3.4%, to $13.84 1/2 a bushel, the highest close for the contract since May 1.
July soybean meal rose $15, or 3.6%, to $427.90 a short ton. July soybean oil rose 1.68 cents, or 3.4%, to 50.44 cents a pound.
The National Weather Service currently predicts below-normal chances of rain across the Midwest in the six-to-14 day period, and above-normal temperatures in much of the region.
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June 15th, 2012
Soybean futures rose for the first time in three days in Chicago on signs of stronger demand for supplies from domestic processors in the U.S., the world’s biggest grower, and from buyers overseas.
U.S. processors crushed 138.3 million bushels of soybeans in May, up 5 percent from April and 15 percent more than a year earlier, the Washington-based National Oilseed Processors Association said yesterday. U.S. export sales totaled about 1 million metric tons of soybeans in the week ended June 7, double the prior week, the U.S. Department of Agriculture said.
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June 7th, 2012
Soybean futures advanced for a fourth day, the longest winning streak since April, as U.S. exporters sold more oilseeds to China and on signs policy makers around the world may take steps to revive the slowing economy.
Soybean futures for November-delivery gained as much as 2.1 percent to $13.2625 a bushel on the Chicago Board of Trade and were at $13.24 at 1:39 p.m. in London.
Exporters in the U.S., the world’s largest grower and shipper, sold 120,000 metric tons of soybeans to China for delivery in the year ending Aug. 31, the Department of Agriculture said yesterday. The Group of Seven nations agreed to coordinate their response to Europe’s debt crisis. Federal Reserve Vice-Chairman Janet Yellen said the U.S. economy may need additional monetary stimulus.
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May 29th, 2012
Soybean futures rose for a third straight session on speculation that unusually hot, dry weather may prompt U.S. farmers to reduce the number of acres planted in fields where winter wheat has been harvested.
Record heat, little rain and windy conditions eroded soil moisture in much of the southern Midwest and Mississippi River Valley during the past three days, World Weather Inc. said in a report. Rains beginning May 31 may not provide enough coverage to prevent increased crop stress from warmer temperatures next week, the private forecaster said.
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