July 22, 2010

US soy futures thrive amid firm export demand

US soy and soy meal futures closed higher on Wednesday (July 21) on account of improved export demand.

Soy for August closed at US$10.15 1/4 whereas August soy meal was up US$1.80 to close at US$303.30. August soyoil was down 14 points to close at US$0.3826. New-crop November soy added US$0.05 1/2 to close at US$9.78 1/2.

US soy made it two days in a row of higher prices. Gains have been due to improved weather and export demand, and the weekly report from USDA that the soy crop condition rating improved to an above average 67% good to excellent.

Wheat and corn gains may have added to the soy buying interest last night. For wheat, there was more news from Europe detailing concerns about yields during the harvest.