The CBOT July Soybeans finished up 3 cents at 1343 cents per bushel, 15 off the high and 25 1/2 up from the low. The July Soybean Oil finished the last session down by 0.5 at 48.7 cents per pound, 0.78 off the high and 0.37 up from the low. Bull spreads were active today, supporting the nearby contract. July soybeans saw a dramatic, 40-cent turn higher by midsession after trading sharply lower early. The lows occurred right near the US Employment and the weekly Export Sales reports. A collapse in the stock market and weak economic news for China and Europe overnight plus poor employment news in the US helped to drive the market lower. However, a somewhat threatening weather outlook for the US, a turn sharply higher in gold and a spike top move in the US dollar lent some support. Soybean export sales for the week ending May 24 came in at 240,700 metric tonnes for the current marketing year and 178,000 for the next marketing year for a total of 418,700, which was below trade expectations. Cumulative soybean sales stand at 101.0% of the USDA forecast for 2011/12 (current) marketing year versus a 5 year average of 97.9%. The report showed meal with net sales of 33,200 metric tonnes for the current marketing year and cancellations of 4,100 for the next marketing year for an overall net of 29,100. Sales of 80,000 metric tonnes are needed each week to reach the USDA forecast. Oil sales came in at 12,700 metric tonnes for the current marketing year and 5,000 for the next marketing year for a total of 17,700. Cumulative soybean oil sales stand at 80.2% of the USDA forecast for 2011/12 (current) marketing year versus a 5 year average of 70.8%. Sales of 6,000 metric tonnes are needed each week to reach the USDA forecast. The NCDEX RSO July delivery ended the last day down by 2.48% or Rs 18.45 at Rs 725.50 after moving in the range of Rs 740-725 per 10 kg. Technically, the RSO July delivery is likely to find support at Rs 720.10, Rs 716.50 and resistance is at Rs 730.16, Rs 735.10 per 10 kg.
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