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Originally posted by sbst275:
mmm... tis morning's PAP Times reported abt Starbucks stop using their cleaning method
anyway they reported tat food commodity prices has crashed badly
x2 Heng my long positions all sold off liaoReport on Soybeans from the CBOT -_-
November Soybeans finished down 70 at 910, 45 off the high and equal to the low. January Soybeans closed down 70 at 925 1/2. This was equal to the low and 44 1/2 off the high.
December Soymeal closed down 20 at 256.0. This was equal to the low and 17.2 off the high.
December Soybean Oil finished down 2.5 at 37.29, 2 off the high and equal to the low.
Soybeans, meal and oil all traded at limit down from a few minutes after the open right into the close. Traders indicate that the tone was set by yesterday's late break in stocks which sent prices sharply lower overnight. The USDA's Crop Production and Supply and Demand Reports were released before the open and they added to the negative sentiment. Options indicated that the November contract traded at a synthetic level of near 880 late in the day. The USDA pegged the US soybean yield at 39.5 bushels per acre compared to 40 bushels per acre on the September report. However, planted acreage was revised higher to 77 million acres, up 2.2 million acres last month. This puts the US soybean crop at 2.983 billion bushels versus 2.934 billion bushels last month. This is about 60 million bushels more than traders expected. Ending stocks were raised to 220 million bushels compared to 135 million bushels last month and beginning stocks were raised to 205 million due to the jump already seen on the September Quarterly Stocks Report. Traders expected ending stocks near 185 to 190 million. World ending stocks for the 08/09 season were adjusted higher to 55.24 million tonnes versus 51.23 million tonnes last month and 52.68 million to start this crop year. Brazil and Argentina production were left unchanged. Chinese import demand was also left unchanged. Cash markets are said to be quiet this morning in the face of the massive sell-off in financial markets and the limit down move in soybean futures. Soybean basis levels at the Gulf started the day steady.
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