Friday, October 14, 2011

20111014 1001 Soy Oil & Palm Oil Related News.

Soybeans (Source: CME)
US soybean futures ended higher, fueled by bullish fundamental market outlooks. Soybeans showed a little more strength today as US crop size was in fact cut yesterday, and stocks to use remains quite thin, says Karl Setzer, analyst at MaxYield Cooperative in a market note. Solid demand, firm cash prices and an imbalance in futures prices that heavily favors corn production rekindled supportive longer range outlooks for soybean futures. CBOT Nov soybeans end up 17 1/2c or 1.4% at $12.57/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures spiked in step with soybeans, as bullish trader sentiment reemerged on tight longer term soybean inventory forecasts. Limited farmer sales of spot soybean supplies limit crushing of beans to produce soymeal and soyoil, supportive features for prices, analysts say. CBOT Dec soymeal ended up $4.00 at $326.70/short ton, and Dec soyoil end up 0.58c at 52.44 cents/pound.

Palm oil slips on higher global grain stocks
SINGAPORE, Oct 12 (Reuters) - Malaysian palm oil futures edged down as the market booked profits after a U.S. report raised the outlook for grain supply that weighed on food commodities.  
"When the report came out yesterday night, we saw that actually the numbers were kind of neutral to slightly bearish," said a Kuala Lumpur-based trader, referring to the monthly U.S. report that updates stock forecasts for grains and oilseeds.

China Sept soy imports down 11 pct on year at 4.13 mln T-customs
BEIJING, Oct 13 (Reuters) - China, the world's largest soy buyer, imported 4.13 million tonnes of soybeans in September, down 11 percent from the year ago period, official figures showed on Thursday.
September imports were down 8.4 percent from 4.51 million tonnes in August, figures from the General Administration of Customs of China showed.

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