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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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May 10th, 2012
Soybean futures rose the most in more than two weeks after the U.S. forecast a 31 percent plunge in domestic inventories next year, as drought damage in South America boosts demand for supplies from the Midwest.
Reserves will drop to 145 million bushels (3.94 million metric tons) on Aug. 31, 2013, from an estimated 210 million this year, the U.S. Department of Agriculture said today in a report. The average estimate of analysts surveyed by Bloomberg was 172 million bushels. U.S. exports will jump 14 percent to make up for smaller crops in Brazil and Argentina this year and rising global demand, the USDA said.
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