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Soybeans HIgher, Talk of Export Demand

Tuesday's Closing Market Prices

Mar. corn closed at $7.28 and 1/2, up 1 cent
Mar. soybeans closed at $14.51 and 3/4, up 22 and 1/2 cent
Mar. soybean meal closed at $421.60, up $7.20
Mar. soybean oil closed at 52.43, up 75 points
Mar. wheat closed at $7.79 and 1/4, down 12 cents
Feb. live cattle closed at $125.72, up 77 cents
Feb. lean hogs closed at $85.70, up 35 cents
Feb. crude oil closed at $96.24, up 68 cents
Mar. cotton closed at 79.93, up 138 points
Feb. Class III milk closed at $17.27, down 1 cent
Feb. gold closed at $1,693.20, up $6.20
Dow Jones Industrial Average: 13,712.13, up 62.43 points

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Market News and ReCap

Soybeans were higher on commercial and fund buying. The supply is tight and, coming back from a long weekend, there was more talk of new export demand. China did buy 120,000 tons of 2013/14 beans Tuesday, but it was optional origin. Past that – the trade’s watching development weather across South America, especially dry conditions in parts of southern Brazil. Soybean meal and oil were higher, following beans, with meal picking up additional support from the strong cash basis. The International Grains Council projects 2013 soybean imports for China at a record 61 million tons with consumption seen at 75.1 million tons. Customs data from Beijing shows 2012 soybean imports at 58,383,853 tons, 11.22% more than in 2011, with the U.S. accounting for 25,970,784 tons and Brazil supplying 23,890,986 tons.

Corn was mixed in consolidation trade. It was an up and down session with no real fresh supportive news, so traders basically just adjusted old crop/new crop spreads. The nearby supply is tight, supporting the nearbys, but there are concerns about long term demand around current price levels, putting slight pressure on the deferreds. Ethanol futures were higher. According to Chinese customs data for 2012, Beijing bought 5,207,379 tons of corn, a 197.08% increase from 2011. The biggest source, by far, was the U.S. at 5,113,304 tons, a 203.36% year to year rise, followed by Laos at 52,700 tons.

The wheat complex was lower on technical and fund selling, in addition to the higher dollar. Outside of a routine tender from Japan, there was no fresh supportive news. Tokyo’s in the market for 40,190 tons Canadian western red spring, 27,317 tons U.S. dark northern spring, 26,085 tons Australian standard white, 13,495 tons U.S. hard red winter, and 11,700 tons U.S. western white. In any event, the trade continues to keep an eye on drought in some of the key U.S. winter and spring growing areas. European wheat was modestly higher on weather concerns in the U.S., Europe, and the former Soviet Union. Bangladesh announced intentions to buy 50,000 tons of optional origin wheat, while Kuwait did purchase 22,000 tons of Canadian wheat and a mill in the United Arab Emirates picked up 20,000 tons of wheat from Australia. Ukraine’s Ag Ministry reports 91.5% of winter wheat is in good to satisfactory condition


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