Sunday, May 22, 2011
US Soya Complex Surges On Strong Prices of Other Grians
US Soybean complex prices closed little changed on Friday. July soybeans closed up 3/4 cent at $13.80 1/4. July soybean meal slipped $0.80 to close at $360.60. July soybean oil futures were unchanged at 57.46 cents per pound. New-crop November soybeans closed 1 cent higher at $13.50 1/2. For the week, the soybean market registered gains. July soybeans advanced by 50 3/4 cents, July meal was up $15.20, July soybeans oil rose 132 points, and November beans tacked on 39 3/4 cents.
The corn market did trade higher and that likely helped rescue the beans to some degree. After corn took off to the upside, the soybean market followed suit. Gains of 10 to 15 cents were recorded. But by late in the session, that bullishness wore off and prices closed little change during the week.
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