Soybean Oil Futures PricesWednesday, May 23rd, 2012

Soybeans ended the session double digits lower with both old and new crop under pressure. Rumors of China cancelling corn orders had traders concerned that could lead to cancellations of other crops although it is still a rumor. The new 6 to 10 day forecast was positive to crop production. Outside markets were also an influence on the sell off along with the rising dollar. Old crop prices remain above the 100 day moving average but have been posting lower highs and lower lows this month and closed at the lowest level since March 30 today. New crop futures closed at the lowest level since February 29th with Stochastics currently oversold but other indicators negative. Soybean planting is also ahead of schedule seasonally which also contributed to a bearish bias. South American production problems have pulled some business forward with new crop export sales above the last five years. Soybean stocks at select export elevators and terminals were down 244,000 bushels from last week.

Jul 12 Soybeans closed at $13.82 1/4, down 30 1/4 cents,
Aug 12 Soybeans closed at $13.64 3/4, down 31 cents,
Sep 12 Soybeans closed at $13.14 3/4, down 30 1/4 cents,
Nov 12 Soybeans closed at $12.82 1/4, down 24 cents,
Jul 12 Soybean Meal closed at $405.00, down $11.50,
Jul 12 Soybean Oil closed at $50.46, down $0.46