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 liao
Report 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.
