Oilseeds complex drifted lower on Thursday on the back of short selling at higher levels. Indian RSO most active August contract on NCDEX ended the last day down nearly Rs 12 or 1.44% at Rs 787.45 after moving in the range of Rs 794.85-785.10 per 10 kg. Technically, August RSO is likely to find next support at Rs 780.50, Rs 776.50 and resistance is at Rs 795, Rs 801 per 10 kg.
Malaysian Palm Oil futures most active October contract on BMD traded with smart gains during early Asian trading session with currently quoting at MYR 2894, up MYR 12 per tonne, after moving in the range of MYR 2922- 2891 per tonne. The e CBOT August 2012 contract trading with nominal profits at 51.76, up 0.08 cents per pound in the after hours trading session. NYMEX Crude Oil most active September 2012 contract is trading at $ 89.62, up 0.23 cents per barrel in the after hours trading session. Euro ended higher 1.06% at $1.2277 on Thursday and is trading at $1.2286, 0.07% over the last day close. Indian rupee ended up by 1.13% at Rs 55.52 per USD and is trading at Rs 55.51, down 0.01% over the last close.
US August Soybeans finished down the Thursday day 38 1/2 at 1655 ¾ cents per bushel, 41 1/4 off the high and 7 up from the low. November Soybeans closed down 48 at 1567 ½ cents per bushel. This was 6 up from the low and 47 1/2 off the high. August Soy meal closed down 11 at 518.8 cents per short tone. This was 4.3 up from the low and 17.2 off the high. August Soybean Oil finished down 0.56 at 51.68 cents per pound, 0.67 off the high and 0.18 up from the low. August and November soybeans traded sharply lower into the closeafter storm systems pushed across the Corn Belt last night and this morning. Technical sell signals pressured soybeans towards the low end of the range as funds continue their profit taking this week. The rain likely stabilized topsoil conditions in the Midwest and offered relief to soybean crops in certain areas. Another ridge is expected to build in the western Midwest next week bringing on another round of warm and dry conditions for the central Midwest. Net weekly export sales for the week ending July 19th, came in at 193,200 tonnes for the current marketing year and 517,300 for the next marketing year for a total of 710,500. Cumulative soybean sales stand at 105.0% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 101.3%. Current sales continue to outpace the USDA export forecast for the 2011/12 marketing year. Net meal sales came in at 150,500 tonnes for the current marketing year and 106,500 for the next marketing year for a total of 257,000. As of July 19, cumulative soybean meal sales stand at 95.0% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 88.4%. Sales of 40,000 tonnes are needed each week to reach the USDA forecast. Soybean oil sales came in at 7,200 tonnes for the current marketing year and -6,000 for the next marketing year for a total of 1,200. Cumulative soybean oil sales stand at 92.3% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 81.1%. Sales of 4,000 tonnes are needed each week to reach the USDA forecast. The strong export sales pace for soybeans, year to date, continues to be supportive to prices going forward.
European stocks closed sharply higher Thursday, powered by remarks of European Central Bank President Mario Draghi and fresh expectations for further stimulus measures by the Federal Reserve. U.S. stocks closed sharply higher Thursday, as better-than-expected U.S. jobless data and encouraging comments by European Central President Mario Draghi supported investor confidence, while strong earnings added to investor sentiment. Asian markets are trading with smart gains in the early trading session as bargain buying continued so far.
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