Friday, June 15, 2012

20120615 1137 Soy Oil & Palm Oil Related News.

ITS CPO export up 20% to 716,322 tonnes for the period of 1~15 Jun 2012.
SGS CPO export up 28%% to 722,455 tonnes for the period of 1~15 Jun 2012.

Soybeans Extend Losses (Source: CME)
The soybean market tried to rally but changed direction and closed sharply lower. Corn and wheat were able to hold to the plus side with July corn continuing to lead the way. By John Sanow DTN Analyst

Pro Farmer: After the Bell Soybean Recap (Source: CME)
The July and August soybean contracts closed 14 and 22 1/4 cents lower, respectively, while deferred months posted losses of 8 to 11 1/4 cents. Aside from the front-month July contract, futures extended losses in after-hours trade. Soybean futures weakened in the midst of bullish fundamental news today as speculators liquidated long positions.

Soybean Complex Market Recap (Source: CME)
July Soybeans finished down 21 at 1387 1/4, 28 1/2 off the high and 3 1/4 up from the low. November Soybeans closed down 11 3/4 at 1308. This was 5 3/4 up from the low and 16 3/4 off the high. July Soymeal closed down 4.1 at 417.9. This was 2.3 up from the low and 8.0 off the high. July Soybean Oil finished down 1.04 at 48.06, 1.23 off the high and 0.08 up from the low. July soybeans were trading near 21 cents lower on the day late in the session with significant weakness and new lows posted late in the day. A strong recovery in outside market forces plus a surge higher in corn and wheat helped to support the market bounce well off of the overnight lows. However, even very strong short-term demand news failed to support follow-through buying and the market experienced a steady flow of fund trader selling for much of the day. Higher than expected weekly export sales news and higher than expected monthly crush news failed to provide much support after a minor bounce. The NOPA crush for May came in at 138.3 million bushels which is up about 3 million from trade expectations. In addition, weekly export sales came in at 425,100 tonnes for the current marketing year and 580,000 for the next marketing year for a total of 1.005 million tonnes which was about twice expectations. Cumulative old crop sales stand at 101.3% of the USDA forecast for the marketing year versus a 5 year average of 98.9% for this time of the year. Meal sales came in at 116,800 metric tonnes for the current marketing year and 24,500 for the next marketing year for a total of 141,300. Sales of 83,000 metric tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 6,800 metric tonnes for the current marketing year and 500 for the next marketing year for a total of 7,300. Continued talk of fund trader liquidation of July bean/July corn spreads added to the bearish tone today.

VEGOILS-Palm oil hits new 2012 low on global economic woes
SINGAPORE, June 14 (Reuters) - Malaysian palm oil futures slumped to the lowest in 2012 as the euro zone debt crisis and sluggish U.S. growth triggered a flight of capital from riskier assets.
"On the weekend ahead we are going to see the Greek election and market participants are staying away from the market for the time being," said Ker Chung Yang, commodities analyst with Phillip Futures in Singapore.

India's May vegoil imports fell 3.1 pct m/m -trade
NEW DELHI, June 14 (Reuters) - India's vegetable oil imports in May fell 3.1 percent to 896,921 tonnes as soyoil purchases declined, a leading trade body said on Thursday, while there was a jump of 70 percent in refined palm oil imports as worries over a duty hike dissipated.
The monthly imports were slightly higher than the average forecast in a Reuters survey.

Argentine soy crushing down 6.5 percent in April
BUENOS AIRES, June 13 (Reuters) - Argentina crushed 3.5 million tonnes of soybeans in April, down 6.5 percent from a year ago and marking the second straight month of decline, the Agriculture Ministry said in its latest crushing report.
The South American country is the world's top exporter of soyoil and soymeal, as well at its No. 3 supplier of soybeans. This season's yields have suffered from a six-week drought that parched the Pampas grains belt in December and January.

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