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Soybean Complex Market Recap for 8/20/2008

November Soybeans finished up 24 at 1300, 17 off the high and 24 1/2 up from the low. September Soybeans closed up 26 3/4 at 1293 3/4. This was 26 up from the low and 15 1/4 off the high.

December Soymeal closed up 6.2 at 353.7. This was 7.6 up from the low and 3.9 off the high.

December Soybean Oil finished up 0.67 at 53.85, 0.67 off the high and 0.87 up from the low.

The soybean market saw an inside day today with prices finishing higher on the day. However, wheat was today's leader and soybeans only finished near the middle of the day's range. Meal and oil posted similar gains in new crop contracts. Funds were buyers on the day in the complex and across the floor. They bought at least 5000 contracts in soybeans, 2500 in oil and 1500 in meal. Traders said that weather and late season concerns over soybean yields were the major factors moving the market today along with an early session rally in crude oil and gold. Increased tensions between farmers and the government in Argentina are also thought to be a supportive factor, although there is no sign of an imminent strike at this point. Pirates hijacked a Malaysian oil tanker carrying palm oil in the waters off Somalia. The vessel was headed to Rotterdam and it joins ships from Japan and Thailand that have also been seized in those waters recently. The World Meteorological Organization said today that the world was cooler during the first half of 2008 than it has been in at least 5 previous years.




 
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