20120328 10000 Soy Oil & Palm Oil Related News.

Crude palm oil (CPO) prices hit a 13-month high of RM3,490 per tonne yesterday on worries that a fall in soyabean harvest from South America will reduce global vegetable oil supplies, increasing demand for palm oil from Malaysia. Godrej International Ltd director Dorab Mistry, a well-followed CPO price predictor, had earlier said the biggest threat for CPO price falls would be from the possible collapse of the euro leading to a crisis. Other threat include war breaking out from Iran, and weather conditions. (Financial Daily)

Soy Falls on Rising U.S. Reserve, Acreage Forecasts; Corn Drops (Source: Bloomberg)
Soybeans fell from a six-month high on speculation that a government report will show U.S. inventories rose and that farmers will plant more. Corn slid. U.S. soybean reserves probably gained 9.8 percent to 1.371 billion bushels on March 1 from a year earlier, a Bloomberg News survey showed before the Department of Agriculture’s report on March 30. Farmers may increase planting 0.6 percent to 75.429 million acres, a separate survey showed. Prices have jumped 13 percent in 2012, heading for the biggest quarterly gain since the period ended Dec. 31, 2010. “Farmers will plant more soybeans than people expect this year” because the rally improved the outlook for profit, Jacquie Voeks, a senior market adviser at West Bend, Wisconsin- based Stewart-Peterson Group, said in a telephone interview. “People are looking for larger U.S. supplies on March 1, reducing interest in holding” bets on higher prices, she said.
Soybean futures for May delivery dropped 0.7 percent to close at $13.6975 a bushel at 1:15 p.m. on the Chicago Board of Trade. Yesterday, the oilseed touched $13.885, the highest for a most-active contract since Sept. 14. Prices have gained 3.8 percent this month on speculation that smaller global crops will increase demand for supplies from the U.S., the world’s biggest grower.

Soybean futures closed 3 1/2 to 9 3/4 cents lower in the May to September contracts, with the front-month contract pacing losses. New-crop futures closed steady to 2 cents lower, with the November contract 1 3/4 cents lower. Futures finished on or near session lows. Soybean futures were under pressure for much of the day amid a variety of corrective price action. (Source: CME)

Soybean Complex Market Recap (Source: CME)
Tue 27 Mar 2012 14:15:00 CT
May Soybeans finished down 9 3/4 at 1369 3/4, 17 1/2 off the high and 1 up from the low. July Soybeans closed down 8 at 1376 1/4. This was 1 1/4 up from the low and 15 off the high. May Soymeal closed down 1.9 at 376.0. This was 2.0 up from the low and 3.7 off the high. May Soybean Oil finished down 0.33 at 55.1, 0.49 off the high and 0.09 up from the low. May soybeans closed moderately lower on the session but stayed inside of yesterday's range. The market saw some early buying support but the inability to take out yesterday's highs plus talk of the overbought condition of the market helped to spark a sell-off to moderately lower on the day into the mid-session. However, the active export pace and talk of the need to stay high to encourage soybean plantings helped to provide underlying support. A new high for the move in Malaysia palm oil prices overnight and a firm tone to China markets helped to support the market early and talk of South America declining production added to the positive tone. However, the COT report on Friday showed a record high net long position from fund traders and this may have sparked some long liquidation selling ahead of the key USDA reports for Friday morning. On the rally yesterday, open interest jumped 17,382 contracts to 679,157 which is a new 13-month high. Private exporters reported a sale of 120,000 tonnes of US soybeans to China for the 2012/13 season. The new high for the move and lower close (reversal) for May meal could be seen as a sign of a near-term top.

VEGOILS-Palm hits new one-year high on demand hopes
SINGAPORE, March 27 (Reuters) - Malaysian palm oil futures hit a new one-year high as traders bet on strong export growth after droughts had damaged the South American soy harvest that is crushed into competing soyoil.
"I see this at the last spike before correction again. Look at the (thin) volume, it's short-cover volume. Upside will stay at 3,500 ringgit," said a dealer with a foreign commodities brokerage in Malaysia.

Philippines' Feb coconut oil exports hit 8-month low
MANILA, March 27 (Reuters) - Coconut oil exports from the Philippines, the world's largest supplier, fell 42.7 percent in February to the lowest in eight months on weak global demand, industry data showed on Tuesday.
Shipments last month totaled 38,896 tonnes valued at $52 million, compared with 67,825 tonnes worth $122.6 million in February last year, according to the United Coconut Associations of the Philippines (UCAP).

Brazil soy crop seen down at 66.7 mln T -AgRural
SAO PAULO, March 26 (Reuters) - Brazil's 2011/12 soybean crop is seen falling to 66.7 million tonnes from 68 million tonnes forecast in February as the effects of drought in the southern producer states takes its toll, crop forecasters AgRural said on Monday.
Drought this season over the South American grain crop in Brazil, Argentina and Paraguay, which together produce over half the world's soy trade, has raised concers of falling stocks of the world's most important source of protien.