Soybean Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Soybean Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Soybean Futures Jump On Concern Argentina's Farmers Will Resume Strike April 30th, 2008Soybean futures rose for the first time in a week on speculation that farmers in Argentina will resume protests over higher export taxes, increasing global demand for supplies from the U.S. Argentine farmers have threatened to start protests May 2 unless the government revises new taxes imposed last month. A three-week strike that led to food shortages across the nation was suspended on April 2. Argentina is the world's third- largest soybean exporter behind the U.S. and Brazil. Farm group leaders met today with government officials in Buenos Aires ``Fears of impasse boosted soybeans,'' said Mike Zuzolo, president of Risk Management Commodities in Lafayette, Indiana. ``No one wants to be short soybeans if the talks break down.'' Soybean futures for July delivery rose 20.5 cents, or 1.6 percent, to $13.14 a bushel on the Chicago Board of Trade, after earlier rising as much as 4.4 percent to $13.50. Most- active futures rose 9.8 percent in April after falling 22 percent in March. The price has surge 80 percent in the past year, reaching a record $15.8625 on March 3. Argentina's farm leaders said they weren't expecting any breakthroughs on cutting export taxes, bans on beef and wheat exports and caps on domestic prices that have reduced the prices paid for cash commodities. `30-Day Mark'``We are at the 30-day mark and almost nothing has been agreed,'' Eduardo Buzzi, president of the Argentine Agrarian Federation, told reporters in Buenos Aires before entering the meeting at the presidential palace. Argentina, the world's largest exporter of vegetable oil and animal feed made from soybeans, has increased taxes on oilseed exports to a variable rate of more than 44 percent, compared with a previous fixed rate of 35 percent. The government also has imposed price caps on some products to prevent inflation. Since Oct. 1, U.S. export sales of soybean meal, an animal feed, are up 6 percent from the year-earlier period, the USDA said last week. Sales of soybean oil, which is used for cooking or mixed with diesel fuel, have more than doubled, in part because of demand shifting from Argentina. `Increased Uncertainty'``There's increased uncertainty about Argentine exports,'' said Roy Huckabay, executive vice president for the Linn Group in Chicago. Soybean oil for July delivery rose 0.51 cent, or 0.9 percent, to 58.33 cents a pound in Chicago. The price reached a record 72.68 cents on March 4. The most-active contract, which rose 13 percent in April, has advanced 73 percent in the past year. Soybean-meal futures rose $9.20, or 2.8 percent, to $342.20 per 2,000 pounds. The price, which climbed 6.2 percent last month, has increased 72 percent in the past year. Most- active futures rose to $392.90 on March 3, the highest since 1973. Soybeans earlier fell on speculation U.S. oilseed plantings will increase as cold, wet weather delays corn seeding. About 10 percent of the corn crop was planted as of April 27, compared with 20 percent a year earlier and 35 percent on average in the previous five years, the Department of Agriculture said this week. That's the slowest planting pace since 1995. Above-average rainfall is forecast from North Dakota to Ohio in the next two weeks. La NinaA weakening La Nina weather pattern may lead to favorable growing conditions in the Midwest this summer, said Bill Nelson, a vice president for Wachovia Securities in St. Louis. Cash U.S. soybean prices in the marketing year that begins Sept. 1 may average $11 compared with $10.75 this year, Nelson said in a research report dated April 29. That's down $1 from a March forecast and reflects an increase in planted acreage forecast by USDA. ``If farmers are able to overcome spring planting problems, then improved weather could help yield prospects,'' Nelson said in the report. Soybeans are the second-biggest U.S. crop, valued last year at $26.8 billion, according to government statistics. Corn is the biggest, valued at $52.1 billion last year. - Jeff Wilson in Chicago at Bloomberg. Click here for your Free Soybean Futures Trading eGuide |
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