Malaysia Jul 2012 Crude Palm Oil
- Exports seen down 15% at 1.3 million tonnes from Jun 2012
- Stocks seen up 17.7% at 2 million tonnes from Jun 2012
- Output seen up 13% at 1.66 million tonnes from Jun 2012
Pro Farmer: After the Bell Soybean Recap (Source:CME)
Soybean futures posted double-digit losses in all but the front-month contract, which ended just slightly lower. But futures posted a low-range close across the board, with meal and soyoil seeing spillover pressure. Soybeans were firmer in early trade, but as the day progressed, selling intensified due to improved moisture chances for the Corn Belt.
Soybean Complex Market Recap(Source:CME)
August Soybeans finished down 2 1/4 at 1605 1/4, 22 1/4 off the high and 2 1/4 up from the low. November Soybeans closed down 18 1/2 at 1565 3/4. This was 3 3/4 up from the low and 39 3/4 off the high. August Soymeal closed down 5.9 at 512.3. This was 1.0 up from the low and 10.5 off the high. August Soybean Oil finished down 0.19 at 51.29, 0.71 off the high and 0.01 up from the low. Soybeans bounced midday but long liquidation was ultimately too much for bulls. November soybeans turned sharply lower near noon and ended the day near the session lows. Reports that China purchased 4 cargos of US Soybeans were pushed aside as profit taking was the featured trade today. A closely followed crop scout left his average US soybean yield unchanged at 38 bushels per acre citing relief from recent rainfall in the east. While last week's rainfall was beneficial to some areas of the Corn Belt, others remain dry. Temperatures are expected to moderate for most of this week but another round of 90-100 degree temperatures are expected next week for the central and southern Midwest. A chance of better rain for parts of the Corn Belt next week offered resistance. One market analyst suggests soybean stocks for major exporters in South America have fallen to 45.4 million tonnes, or a 22.5 million tonnes drop from a year earlier. This has raised questions as to if Brazil soybean crushers will need to import soybeans from neighboring countries to support their local livestock industry. The US Dollar traded slightly lower and crude oil was higher, adding slight support to the commodity complex midday.
VEGOILS-Palm oil falls to 1-week low, data eyed
SINGAPORE, Aug 7 (Reuters) - Malaysian crude palm oil touched its lowest in more than a week, as traders priced in wetter weather in the U.S. Midwest that eased concerns about further damage to new-crop oilseed supplies. "The market is exercising caution here ahead of MPOB and USDA data," said a dealer with a foreign commodities brokerage in Malaysia. "The crop rating was rather neutral despite some rains reported over the weekend," he added, referring to the unchanged weekly soybean crop condition rated by the USDA.
India's July oilmeal exports down 2.6 pct yr/yr-trade body
MUMBAI, Aug 7 (Reuters) - India's oilmeal exports fell to 274,635 tonnes in July from 281,879 tonnes a year earlier led by a sharp drop in the overseas sales of rapeseed meal, a leading trade body said on Tuesday.
Soymeal exports, which make up the bulk of sales, rose to 168,341 tonnes in July, the fourth month of the current fiscal year, from 139,547 tonnes a year ago, the Solvent Extractors' Association of India said in a statement.
Brazil's new soybean crop seen up 17.8 pct-Celeres
SAO PAULO, Aug 6 (Reuters) - Brazil's new 2012/13 soybean crop, which begins planting in September, will produce a record 78.1 million tonnes, up 17.8 percent from last year's drought-parched harvest, local analyst Celeres said in its first forecast of the season.
Celeres said area dedicated to soybeans would grow by more than 8 percent to 27.14 million hectares from last season. If confirmed, that would be one of the biggest annual increases in planted area in almost a decade.
Soybean conditions stabilize on welcome Midwest rains
CHICAGO, Aug 6 (Reuters) - The condition of the U.S. soybean crop stabilized due to rain in some key growing areas during the past week, snapping a string of six straight weeks where the crop's health has deteriorated due to the severe drought in the Midwest, a government report showed.
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