Monday, July 9, 2012

20120709 1009 Soy Oil & Palm Oil Related News.

Soybean Complex Market Recap (Source: CME)
August Soybeans finished down 15 3/4 at 1567 1/4, 15 3/4 off the high and 5 1/2 up from the low. November Soybeans closed down 20 3/4 at 1505 3/4. This was 1 1/4 up from the low and 20 1/4 off the high. August Soymeal closed down 4.3 at 461.5. This was 0.7 up from the low and 5.8 off the high. August Soybean Oil finished down 0.89 at 53.44, 0.96 off the high and 0.07 up from the low. November soybeans traded moderately lower heading into the late afternoon trade. Soybean meal and oil both followed soybean sharply lower to end the week on a back foot. Weather maps show a break from the record temperatures next week with a chance for better rainfall in the southeast and delta. A large percentage of the expected precipitation over the next two weeks will likely be light and overall coverage will have limited impact on soil moisture conditions. The precipitation in the southern U.S. and delta should help soybean crop conditions. Another private analyst revised their average soybean yield lower at 42 bushels/acre vs. their June estimate of 42.7 bushels/acre. August soybeans gained on the September and November options after the USDA reported that U.S. exporters sold 120,000 tonnes of soybeans to China for the 2011/12 marketing year. Export sales for the week ending June 28th, came in at 298,700 tonnes for the 2011/12 marketing year and 1,464,700 tonnes for 2012/13 for a total of 1,763,400 tonnes. This was more than the double the size of the high end of trade expectations. Cumulative soybean sales stand at 103.6% of the USDA forecast for 2011/2012 (current) marketing year vs. a 5 year average of 99.8%. Net soybean meal sales came in at 156,700 tonnes for 2011/12 marketing year and 21,100 tonnes for the 2012/13 marketing year for a total of 177,800 tonnes. Net soybean oil sales came in at 6,800 tonnes for the current marketing year and none for the 2012/13 marketing year, for a total of 6,800 tonnes. Weakness in soybeans was also due to a surging U.S. Dollar and broad based commodity pressure. The market is expecting a very volatile trade next week with updated Crop Condition reports on Monday and the USDA Supply and Demand and Crop Production reports on Wednesday.

Palm ends off 5-week high, demand hopes cap losses
SINGAPORE, July 6 (Reuters) - Malaysian crude palm oil futures eased from a fresh five-week high as some traders booked profits from an overbought market, although expectations of strong demand curbed losses.
"The uptrend is definitely still intact with traders speculating on the adverse weather and generally lower end-stock," said a dealer with a foreign commodities brokerage in Malaysia.

India's June oilmeal exports up 22 pct yr/yr-trade body
MUMBAI, July 6 (Reuters) - India's oilmeal exports rose 22 percent to 305,525 tonnes in June from 250,335 tonnes a year earlier, a leading trade body said on Friday, led by a strong demand in soymeal.
Soymeal exports, which account for the bulk of sales, rose to 180,987 tonnes in June from 117,600 tonnes a year ago, the Solvent Extractors' Association of India (SEA) said in a statement.

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