Thursday, March 29, 2012

20120329 0947 Soy Oil & Palm Oil Related News.

Soybean futures spent most of the day in positive territory, but the market sold off into the close to finish pennies lower in old-crop futures and 4 1/2 to 8 1/2 cents lower in new-crop futures. Futures benefitted from ongoing bullish sentiment fueled by South American crop concerns and hopes China will continue to be a strong buyer of U.S. beans. (Source: CME)

Soybean Complex Market Recap (Source: CME)
Wed 28 Mar 2012 14:15:01 CT
May Soybeans finished down 2 1/4 at 1367 1/2, 11 1/2 off the high and 3 1/2 up from the low. July Soybeans closed down 3 1/4 at 1373. This was 3 1/2 up from the low and 12 1/4 off the high. May Soymeal closed up 1.7 at 377.7. This was 2.9 up from the low and 1.2 off the high. May Soybean Oil finished down 0.5 at 54.6, 0.75 off the high and 0.07 up from the low. May soybeans closed slightly lower on the session after some choppy to higher trade early. Aggressive long liquidation selling in corn and wheat failed to drag the soybean market much lower as traders see the need for soybeans to stay strong relative to corn. A higher trend overnight and ideas that the sell-off yesterday was a bit overdone helped to support the market early today. Ideas that soybeans need to continue to gain on corn in an effort to attract more acres for the coming season helped support. The expanding needs because of the lower South America crop has helped to support ideas that US usage, and therefore planted area, need to be higher. Near perfect weather for the start of the planting season for the Midwest next week has traders nervous that producers will push to plant as much corn as possible before shifting to soybean plantings and this has added to the positive tone. Outside forces were weak with lower trade in energy, equity and metal markets and the trade still concerned with a sharp drop in the China stock market. Rapeseed weather looks stressful for Western Europe for the next few weeks with a lack of rain. Traders see weekly export sales near 600,000 tonnes.

China to Up April/June Soybean Imports (Source: CME)
By Thomson Reuters - Wed 28 Mar 2012 10:41:17 CT
China is likely to raise soybean imports in the April-June 2012 quarter, including purchases of old crop U.S. soybeans, as it seeks to meet strong domestic demand and build up stocks, Hamburg-based oilseeds analysts Oil World said on Tuesday.
til World forecasts that China, the world's top soy buyer, will import 55.6 million tonnes of soybeans between October 2011 and September 2012, up from 52.3 million the year before.

Soybean mkt's tight supplies not guaranteed
-- Gavin Maguire is a Reuters market analyst. The views expressed are his own. --
CHICAGO, March 27 (Reuters) - Large speculators have racked up a record large net long position in the soybean futures and options market on the dawn of a key U.S. Department of Agriculture release that is projected to reveal only a limited expansion in U.S. planted area for 2012 despite continued downgrades to the in-harvest South American crop.
Firming U.S. cash basis levels coupled with brisk import demand from China suggest the prospects are good for continued soy price strength in the weeks ahead. But given the recent steep advance in the soybean/corn price ratio - which signals the increasing economic appeal of soy production to farmers - traders should not consider the current tight supply environment to be permanent.

VEGOILS-Palm below one-year high on Chinese demand, 3,500 rgt eyed
SINGAPORE, March 28 (Reuters) - Malaysian palm oil futures edged up, just below a one-year high hit the previous day with dealers betting on larger food imports by China and soybean crop damage in South America to lift the market.
"Market players are looking out for the USDA reports on Friday. At the same time, food demand from China is quite strong as it is replenishing its stocks," said a trader with a foreign commodities brokerage in Malaysia.  

Paraguay soy seen half of last season's
ASUNCION, March 27 (Reuters) - Drought-hit Paraguay is expected to produce 4.3 million tonnes of soy this season, half the amount harvested in the previous crop year, the country's grains farmers' chamber said on Tuesday.
The South American nation is the world's No. 4 soy exporter. Dry weather earlier this season accounts for the expected sharp drop in output, according to the UGP farmers' association.

China to up April/June soybean imports- Oil World
HAMBURG, March 27 (Reuters) - China is likely to raise soybean imports in the April-June 2012 quarter, including purchases of old crop U.S. soybeans, as it seeks to meet strong domestic demand and build up stocks, Hamburg-based oilseeds analysts Oil World said on Tuesday.
til World forecasts that China, the world's top soy buyer, will import 55.6 million tonnes of soybeans between October 2011 and September 2012, up from 52.3 million the year before.

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