Friday, March 30, 2012

20120330 1144 Soy Oil & Palm Oil Related News.

After trading firmer overnight and into mid-morning, profit-taking became the featured activity in the bean pit and futures ended 11 3/4 to 15 3/4 cents lower. Meal and soyoil saw spillover pressure, as well as pressure from negative outside markets. Early support was tied to concerns about the South American crop, which has raised demand prospects.  (Source: CME)

Soybean Complex Market Recap  (Source: CME)
Thu 29 Mar 2012 14:39:01 CT
May Soybeans finished down 12 at 1355 1/2, 21 off the high and 4 1/2 up from the low. July Soybeans closed down 11 3/4 at 1361 1/4. This was 5 1/4 up from the low and 20 off the high. May Soymeal closed down 2.7 at 375.0. This was 0.7 up from the low and 7.1 off the high. May Soybean Oil finished down 1.01 at 53.59, 1.24 off the high and 0.04 up from the low. May soybeans opened higher but closed sharply lower on the day and experienced the lowest close since March 22nd. Weakness in other commodity markets and a sharp break in equity, energy and metal markets helped to turn the market lower into the mid-session but soybeans continue to hold up well relative to the other grains. The Buenos Aires Grains Exchange pegged the soybean crop at just 45 million tonnes from 46.2 million as their previous estimate and compared with 46.5 million as the last USDA estimate. Weekly export sales for soybeans came in at 471,900 metric tonnes for the current marketing year and 120,400 for the next marketing year for a total of 592,300 which was about as expected. As of March 22, cumulative soybean sales stand at 90.2% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 91.0%. Sales of 145,000 metric tonnes are needed each week to reach the USDA forecast. Meal sales came in at 132,900 metric tonnes for the current marketing year and 12,500 for the next marketing year for a total of 145,400. Sales of 91,000 metric tonnes are needed each week to reach the USDA forecast. Oil sales came in at 3,500 metric tonnes. Sales of 7,000 metric tonnes are needed each week to reach the USDA forecast. On top of the weekly sales, exporters reported sales of 120,000 tonnes of US soybeans to China for the 2011/12 season. Positioning ahead of the USDA reports for release in the morning has helped to keep trade choppy. Fund long liquidation selling increased to drive the market lower late in the session.

Soy Rises: Market Eyes USDA Report  (Source: CME)
By Thomson Reuters - Thu 29 Mar 2012 10:34:11 CT
Chicago soybean futures rose around half a percent as strong global oilseed demand and shrinking supplies after a drought in South America continued to support the market. "The corn market is a little bit bearish pricing in Friday's report as there are going to be more planted acres for corn," said Abah Ofon, commodities analyst at Standard Chartered in Singapore.

VEGOILS-Palm oil loses more ground, USDA report eyed
SINGAPORE, March 29 (Reuters) - Malaysian palm oil futures slipped for a second day, as traders booked more profit from a rally this week, although losses were curbed by soybean supply fears in South America and firm export outlook for palm oil.
"We see that palm oil prices have come to a one-year high, so it's not surprising that some profit-taking activities start to kick in, especially now as we are at the end of the month, some book squaring is going to happen," said Ker Chung Yang, an analyst at Phillip Futures in Singapore.  

Argentina sees solid China soy demand even as economy slows
BUENOS AIRES, March 28 (Reuters) - China's economic slowdown will not choke demand for Argentine soy used to feed cattle, an official said on Wednesday, as the Asian country's emerging middle class clamors for beef.
China's strong buying of animal feed has defied forecasts  that imports would slow along with the country's downshift in economic growth. Argentina is the world's No. 1 exporter of soymeal, used as animal feed, and its No. 3 soybean supplier.

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