US soybean futures on the Chicago Board of Trade ended higher on Tuesday after prices see-sawed throughout the session, consolidating after Monday's big sell-off, traders said. Market underpinned by weaker dollar, tight US stocks and planting delay in the southern Midwest.
July soybeans ended up 4-1/4 cents at $12.01-1/4 a bushel - after sliding to low of $11.87-1/2 and rising to $12.19. July fell to its lows amid some unwinding of the July/November spread. But July bounced late and closed at $1.73 premium to November as USDA's outlook for stocks to hit a 32-year low by end of marketing season on August 31 remains supportive.
New-crop November soybeans ended 3-3/4 cents up at $10.28-1/2. July soymeal ended $1 per ton lower at $404.30; July soyoil closed up 0.34 cent at 36.96 cents per lb. Soyoil gained on meal - a reverse of the recent trend as the spread corrected some. Commodity funds bought 2,000 soybean contracts, 2,000 soyoil and 1,000 soymeal -traders.
USDA report shows soybean planting 87 percent complete, behind five-year average of 92 percent. Crop rated 66 percent good to excellent. Illinois only has 73 percent of its soybeans planted and Indiana has 84 percent of its soy in the ground. US farmers unlikely to give up on soy despite rains.
US Midwest spot soybean basis bids steady/firm late Tuesday amid light, scattered sales of old- and new-crop soy. Global soybean supplies will remain tight despite large crop looming in the United States - Oil World.
China soy imports seen down 7.5 percent in 2009-10 because the government may release some of its large reserves - China National Grain and Oils Information Centre. US soyoil exports are likely to rise in coming months because of scarce South American export supplies - Oil World. Malaysian palm oil bounces from 2-month lows hit early Tuesday on prospects for palm oil output to stay weak.