Wednesday, May 16, 2012

20120516 0955 Soy Oil & Palm Oil Related News.

Market Recap: Soybean Futures  (Source: CME)
Soybean futures finished high-range with old-crop futures 21 to 26 cents higher and new-crop contracts 5 to 13 1/4 cents higher. An easing of euro-zone concerns thanks to flat GDP for the region (most had expected a decline) allowed bean traders to engage in some corrective short-covering on ideas the downside had been overdone.

Soybean Complex Market Recap  (Source: CME)
July Soybeans finished up 26 at 1413, 2 3/4 off the high and 33 up from the low. November Soybeans closed up 10 1/4 at 1305. This was 14 1/2 up from the low and 7 1/4 off the high. July Soymeal closed up 13.7 at 417.2. This was 15.0 up from the low and 0.5 off the high. July Soybean Oil finished up 0.17 at 51.47, 0.27 off the high and 0.6 up from the low. July soybeans closed sharply higher on the session and near the highs of the day. Rumors that China was still in the market for old crop soybeans helped tio spark the late buying. July meal led the whole complex higher late in the day closing $13.70 higher. The market setback after the strong opening to trade slightly lower on the day before a move back up to moderately higher on the day into the mid-session. Outside market forces are mixed and this helped to spark some of the volatile trade. Talk of a six year low in rapeseed production in Europe helped to provide some support but a lack of new export news on the daily wire and a fast start to the planting season helped to limit the advance. The soybean crop is 46% planted from 24% as the 5-year average. With a dry weather outlook for the next week, many traders see a surge in plantings into late May. The excellent weather outlook for planting helped to limit the buying in new crop November soybeans.

Soybeans Rise From Six-Week Low as Biggest Growers’ Exports Gain (Source: Bloomberg)
Soybeans rebounded from a six-week low as export sales from the U.S. and Brazil climbed, draining supply in the world’s two largest growers. The amount of soybeans inspected for U.S. export almost doubled in the week to May 10 to 20.3 million bushels from the prior seven days, the Department of Agriculture said yesterday. In Brazil, growers had sold 83 percent of the harvest as of May 11, up from 63 percent a year ago, according to researcher Celeres. “In the oilseed market, global stocks will tighten considerably over the next 12 months, leaving this market still susceptible to a large rally in prices,” Australia & New Zealand Banking Group Ltd. (ANZ) analysts including Paul Deane in Melbourne said in a report e-mailed today. Soybeans for July delivery rose 1.3 percent to $14.05 a bushel on the Chicago Board of Trade by 1:15 p.m. London time. The oilseed yesterday reached $13.76, the lowest price since March 30.
Rising demand for U.S. supplies will probably cut the nation’s inventories by 31 percent from a year ago to 145 million bushels (3.94 million metric tons) before the 2013 harvest, the USDA said May 10. Wheat for July delivery advanced 1.4 percent to $6.065 a bushel. In Paris, November-delivery milling wheat gained 0.6 percent to 196.75 euros ($252.55) a ton on NYSE Liffe. Wheat was supported after the USDA cut condition ratings for the country’s winter crops yesterday, Rory Deverell, a risk- management consultant at INTL FCStone in Dublin, said in a report. About 60 percent of the crop was in good or excellent condition as of May 13, down from 63 percent a week earlier that received the top ratings, the USDA said. Corn for July delivery climbed 0.9 percent to $5.885 a bushel in Chicago.

VEGOILS-Palm oil rebounds on bargain hunting, Europe caps
SINGAPORE, May 15 (Reuters) - Malaysian palm oil futures rebounded, supported by bargain hunting after prices fell to a three-month low in the previous session, although concerns remained that demand could be hit if Greece exits the euro zone.
"We see a small recovery today because selling was a bit overdone yesterday and exports were also slightly better," said a trader with a foreign commodities brokerage in Malaysia.
"But sentiment is still weak because of external factors, especially when we talk about Greece and the revival of uncertainty in Europe."

No comments: