AIRLINK 200.90 Decreased By ▼ -4.91 (-2.39%)
BOP 10.15 Decreased By ▼ -0.09 (-0.88%)
CNERGY 6.88 Decreased By ▼ -0.18 (-2.55%)
FCCL 34.09 Decreased By ▼ -0.57 (-1.64%)
FFL 16.98 Decreased By ▼ -0.12 (-0.7%)
FLYNG 24.04 Decreased By ▼ -0.64 (-2.59%)
HUBC 131.70 Increased By ▲ 0.52 (0.4%)
HUMNL 13.76 Decreased By ▼ -0.22 (-1.57%)
KEL 4.81 Decreased By ▼ -0.10 (-2.04%)
KOSM 6.70 Decreased By ▼ -0.11 (-1.62%)
MLCF 43.33 Decreased By ▼ -1.01 (-2.28%)
OGDC 218.75 Decreased By ▼ -3.02 (-1.36%)
PACE 6.98 Decreased By ▼ -0.24 (-3.32%)
PAEL 41.54 Decreased By ▼ -1.15 (-2.69%)
PIAHCLA 17.07 Decreased By ▼ -0.06 (-0.35%)
PIBTL 8.65 Increased By ▲ 0.23 (2.73%)
POWER 9.11 Increased By ▲ 0.02 (0.22%)
PPL 187.12 Decreased By ▼ -3.74 (-1.96%)
PRL 42.06 Decreased By ▼ -1.43 (-3.29%)
PTC 24.99 Increased By ▲ 0.20 (0.81%)
SEARL 100.30 Decreased By ▼ -2.36 (-2.3%)
SILK 1.01 Decreased By ▼ -0.01 (-0.98%)
SSGC 42.33 Decreased By ▼ -0.41 (-0.96%)
SYM 17.98 Decreased By ▼ -0.42 (-2.28%)
TELE 9.11 Decreased By ▼ -0.15 (-1.62%)
TPLP 12.93 Decreased By ▼ -0.22 (-1.67%)
TRG 68.35 Decreased By ▼ -0.43 (-0.63%)
WAVESAPP 10.29 Decreased By ▼ -0.13 (-1.25%)
WTL 1.86 Increased By ▲ 0.06 (3.33%)
YOUW 4.13 Increased By ▲ 0.13 (3.25%)
AIRLINK 200.90 Decreased By ▼ -4.91 (-2.39%)
BOP 10.15 Decreased By ▼ -0.09 (-0.88%)
CNERGY 6.88 Decreased By ▼ -0.18 (-2.55%)
FCCL 34.09 Decreased By ▼ -0.57 (-1.64%)
FFL 16.98 Decreased By ▼ -0.12 (-0.7%)
FLYNG 24.04 Decreased By ▼ -0.64 (-2.59%)
HUBC 131.70 Increased By ▲ 0.52 (0.4%)
HUMNL 13.76 Decreased By ▼ -0.22 (-1.57%)
KEL 4.81 Decreased By ▼ -0.10 (-2.04%)
KOSM 6.70 Decreased By ▼ -0.11 (-1.62%)
MLCF 43.33 Decreased By ▼ -1.01 (-2.28%)
OGDC 218.75 Decreased By ▼ -3.02 (-1.36%)
PACE 6.98 Decreased By ▼ -0.24 (-3.32%)
PAEL 41.54 Decreased By ▼ -1.15 (-2.69%)
PIAHCLA 17.07 Decreased By ▼ -0.06 (-0.35%)
PIBTL 8.65 Increased By ▲ 0.23 (2.73%)
POWER 9.11 Increased By ▲ 0.02 (0.22%)
PPL 187.12 Decreased By ▼ -3.74 (-1.96%)
PRL 42.06 Decreased By ▼ -1.43 (-3.29%)
PTC 24.99 Increased By ▲ 0.20 (0.81%)
SEARL 100.30 Decreased By ▼ -2.36 (-2.3%)
SILK 1.01 Decreased By ▼ -0.01 (-0.98%)
SSGC 42.33 Decreased By ▼ -0.41 (-0.96%)
SYM 17.98 Decreased By ▼ -0.42 (-2.28%)
TELE 9.11 Decreased By ▼ -0.15 (-1.62%)
TPLP 12.93 Decreased By ▼ -0.22 (-1.67%)
TRG 68.35 Decreased By ▼ -0.43 (-0.63%)
WAVESAPP 10.29 Decreased By ▼ -0.13 (-1.25%)
WTL 1.86 Increased By ▲ 0.06 (3.33%)
YOUW 4.13 Increased By ▲ 0.13 (3.25%)
BR100 11,949 Decreased By -85.4 (-0.71%)
BR30 36,367 Decreased By -410 (-1.11%)
KSE100 113,837 Decreased By -659 (-0.58%)
KSE30 35,762 Decreased By -241 (-0.67%)

The Chicago Board of Trade soyabean market ended lower Tuesday after a volatile session that began strong on follow-through technical buying, traders said.
"We had profit taking at the end we've reached the short covering rally in soyabeans plus we're going to take their stance to a positive position," said analyst Don Rose with US Commodities in West Des Moines, Iowa.
"The fundamentals during this time frame remain the same," he said. January soyabeans closed 3-1/4 cents lower at $6.05-1/4 per bushel and March was 4 weaker at $6.16-1/2.
Funds bought about 5,000 lots on Tuesday, the second straight day of aggressive buying as they covered short positions.
Traders said funds were now net long 2,000-3,000 lots by the close. Rand Financial bought 2,000 March and 1,000 February $6.40 calls. Farmer sales and commercial hedge pressure met the day's rally. Strong Chinese soyameal prices remained supportive amid talk of improved global feed demand as bird flu concerns ease a bit.
Also supportive were reports out of Europe that demand for poultry was picking up after languishing for the past two months as consumers stopped buying chicken and other poultry products on fears that the disease could be spread through food.
There was little change in South American weather outlooks for soyabeans, Meteorlogix forecaster Joel Burgio said. Conditions were generally favourable for crop development, but there were increasing concerns about dryness in Argentina and southern Brazil, he said.
Some rains fell over the western and northern areas of Argentina's soya region on Monday, but most of the country was dry. Conditions should stay dry with a few storms possible on Friday, Burg said. Southern Brazil was generally dry, except for some showers in northern Paranoia, and should stay mostly dry until the weekend.
Northern Brazil could get 0.30 to 1.0 inch of rain on Wednesday. Traders continued to roll January positions forward before first notice day on December 30. Midwest spot basis bids for soyabeans were weaker at interior locations on Tuesday, due to Monday's CBOT rally and scattered country sales.
Traders said. But spot river bids were higher as barge freight stabilised. Soya products also turned lower late as technical buying by commodity funds dried up. Sell-stops were hit in March Soyaoil below 21.50 cents per lb., traders said. January soyameal closed 80 cents weaker at $197.80 per ton, while March was down 60 cents at $198.60.
January Soyaoil fell 0.26 cent to 21.31 cents per lb.; March was 0.37 lower at 21.54 cents. The session, the spot soyameal price reached a four-month high on technical buying, with all months climbing above $200. Firm Chinese soyameal values continue to be supportive.
Of the complex, funds remain net short in CBOT Soyaoil futures/options, traders said. Malaysian crude palm oil futures closed higher overnight in active trade following the strong rally in Chicago Soyaoil prices. But lower-than-expected exports in December curbed the price climb, traders said. There were no deliveries on the expired CBOT December contract.

Copyright Reuters, 2005

Comments

Comments are closed.