July 2, 2010
US soy futures rise on strong export to China
Soy and meal futures were higher on the close Thursday (Jul 1) amid news of a weaker US dollar.
July soy gained five cents at US$9.53 1/2 and August soy gained six cents at US$9.37. August meal was up US$2.60 to close at US$281.50. August soyoil lost 44 points to close at 36.01 cents. New-crop November soy added three cents to close at US$9.05 1/2.
On Thursday morning, USDA released some bullish news for beans while the Census Bureau released bearish news for soyoil. The weekly export sales report from USDA found more old-crop sales to China as it bought another 60,000 tonnes.
However, crude oil prices were off US$2.68. That was bearish for soyoil. The dollar index was off over 100 points to less than 85.0. That is its first time under 85 since early May. The news of a weaker dollar is often bullish, and may have helped the beans and meal to rally.
