Friday, September 30, 2011

20110930 1019 Soy Oil & Palm Oil Related News.

ITS CPO export down 6.3% to 1,520,948 tonnes for the period of 1~30 Sep 2011.
SGS CPO export down 7.1% to 1,505,002 tonnes for the period of 1~30 Sep 2011.

Soybeans (Source: CME)
US soybean futures stabilized, ending a month-long sharp selloff. Traders said the market was deeply undervalued/oversold, drawing support from traders covering some recently sold positions ahead of Friday's report on stocks in all positions as of September 1 from USDA. Higher-than-expected weekly export sales raised optimism that demand was picking up after sharp price declines, analysts say. Spillover support from sharply higher wheat futures and stability in external financial markets added support to spur buying. Investment funds were featured buyers across grain and oilseed markets, and estimated net buyers of 9,000 soybean contracts. CBOT Nov soy end up 6 1/2c at $12.30/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures end higher, following the lead of soybean futures. Markets borrowed strength from stability in other commodity markets, with traders covering positions ahead of USDA stocks in all positions report Friday, analysts say. CBOT Dec soymeal end up $1.60 at $321.50/short ton, and Dec soyoil finish up 0.19c at 51.95c/pound

Palm oil nears one-year low on fears of 2nd financial crisis
KUALA LUMPUR, Sept 29 (Reuters) - Malaysian palm oil futures dropped to their lowest level in almost a year, dragged down by uncertainty about the global economy as euro zone leaders struggled to prevent another financial crisis.
"The landscape has changed so much in the past few weeks," said a trader with a foreign brokerage in Kuala Lumpur.

India extends ban on vegoil exports - govt
NEW DELHI, Sept 28 (Reuters) - India has extended a ban on exports of vegetable oils by a year to Sept. 30, 2012, a government statement said on Wednesday, continuing its cautious approach in farm trade to ensure local supplies at moderate prices.
India, the world's biggest cooking oil importer, used to export tiny quantities of coconut and groundnut oils before the ban was imposed in early 2008.

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