DAILY SOY COMPLEX COMMENTARY - Feb 04, 2010
OVERNIGHT CHANGES THROUGH 6:05 AM (CT):
SOY BEANS +5.6, BEAN OIL +0.5, SOYMEAL -0.1
OVERNIGHT DEVELOPMENTS: May soybeans were 5 cents higher overnight. China soybean futures were down.7% and palm futures in Malaysia were up.5%. The dollar made a new high for the move and crude oil and equities were somewhat lower.
NEAR-TERM MARKET FUNDAMENTALS: Traders indicate that fears of a broad-based liquidation sell off is a major factor in commodity markets today. This follows a sell off yesterday that erased most of the previous day's gains in soybeans. Meal posted a new low for the move in the March and May contracts yesterday, following a similar move in the corn market. Traders have been active in the meal/oil spread in recent days and weeks with meal continuing to lose ground on the spread...