Wednesday, November 30, 2011

20111130 1147 Soy Oil & Palm Oil Related News.

ITS CPO export down 8.8% to 1,532,978 tonnes for the period of 1~30 Nov 2011.
SGS CPO export down 8.7% to 1,537,556 tonnes for the period of 1~30 Nov 2011.

Soybeans (Source: CME)
US soybean futures end higher, continuing to recover from prior losses on technical buying and supportive external market influences. Fresh soybean-related fundamental news was lacking, keeping traders focused on external financial markets for leadership. Weakness in the US dollar, crude oil spiking to $100/bbl and hopes for progress in EU debt crisis enabled futures to push higher, analysts say. Futures were seen as oversold following last week's tumble, but with investors taking short positions in the market and export demand uncertain, advances were limited, analysts add. CBOT Jan soy ended up 4c at $11.25/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures end mixed, with soyoil climbing on the supportive influence of higher soybeans and crude oil futures, analysts say. Soymeal drifted lower, unable to hold initial gains, as traders bought soyoil and sold meal on spreads. CBOT Jan soyoil ended up 0.28c at 49.43c/lb, and Jan soymeal dropped $1.20 to $288.00/short ton.

Argentina 2011-12 Soy Production Seen At 52-53MT - Ministry.  (Source: CME)
Argentina's farmers will grow between 52 million and 53 million metric tons of soybeans during the 2011-12 season, the second-largest crop on record, the agriculture ministry said. Argentina is the world's No. 3 soybean exporter behind Brazil and the U.S. and leads global soymeal and soyoil shipments. The ministry also raised its forecast for 2011-12 wheat production to 13.5 million tons, up from the previous estimate of 12 million tons and pegged corn production at a record 30 million tons.
Argentina is the world's second largest corn exporter and the 2011-12 crop is expected to smash the previous production record of 22.5 million tons. Earlier, Agriculture Minister Julian Dominguez said that the country would clear for export 2.7 million tons of wheat remaining from the 2010-11 crop. When added to the 8.4 million tons already approved, total wheat exports from the 2010-11 wheat crop will come to 11.1 million tons, Dominguez said. In addition, the government has already freed up 3 million tons of 2011-12 wheat for export. So far, farmers have harvested about a fifth of the 2011-12 wheat crop. Argentina is a leading global wheat exporter, with most shipments going to neighboring Brazil. The government tightly regulates corn and wheat exports to keep local food prices low. It issues export permits only when domestic supplies, as calculated by the government, have been set aside.
Farmers complain bitterly that the current system of issuing export permits in a handful of tranches throughout the year stifles competition between exporters and local buyers, forcing farmers to sell their grains at a steep discount.

Soybean oil primed for a year-end boost: Gavin Maguire
 -- Gavin Maguire is a Reuters market analyst. The views expressed are his own. To get his real-time views on the market, please join the Global Ags Forum. --
CHICAGO, Nov 29 (Reuters) - While most agriculture markets tend to wind down during the post-Thanksgiving period as traders scale back positions ahead of the year end, there are usually a few enticing trading opportunities that tend to emerge over the month of December to keep things interesting until the New Year.
This year's late bloomer looks set to be soybean oil, whose recent price drop to one-year lows triggered oversold signals on the charts just as low domestic stock levels and a notable price underperformance relative to palm oil look set to help fuel this market's traditional year-end price rally.

Palm oil slips on demand outlook, industry meeting eyed
KUALA LUMPUR, Nov 29 (Reuters) - Malaysian palm oil futures slipped on concerns of slower demand, although prospects of erratic weather hurting production limited losses.
"There is no real impetus for the market to move higher. There are concerns over the demand trend with palm oil drastically reducing its discount to Argentine soyoil," said a trader with a foreign commodities brokerage.

Turkey 2010 soybean imports at 1.35 mln tonnes-attache
Nov 28 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Turkey:
"MY 2010 imports of soybean reached 1.35 million tonnes, higher than early season estimates due to higher utilization in poultry and dairy industries. Imports from US remained about 419,000 tonnes, about 50 percent of the previous year, mainly due to biotech restrictions and buyers postponing purchases to the second half of the marketing year because of large carryover that benefited South American sources.

Rains aid Argentine soy ahead of a cool, sunny week
BUENOS AIRES, Nov 28 (Reuters) - Rain storms over the weekend helped build ample soil moisture in Argentina's main farming region, ahead of sunny and in some places cold weather during the days ahead, local meteorologists forecast Monday.
Some isolated pockets of frost may form in the southern part of key producing province Buenos Aires and forecasters warn of La Nina-related dryness next month.

Indonesia 2012 palm output seen flat -Astra Agro
JAKARTA, Nov 28 (Reuters) - Palm oil output in the world's top producer Indonesia will be little changed next year as weather fluctuations disrupt production, while higher demand will boost prices, an official at plantation giant PT Astra Agro Lestari said.
Indonesia is forecast to produce about 23 million tonnes of palm oil in 2011, but extreme weather will limit gains next year, Joko Supriyono, a director at one of Indonesia's largest listed plantation firms told Reuters on Monday. Last year, Indonesia produced around 21.6 million tonnes of palm oil.

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