Monday, September 10, 2012

20120910 0950 Soy Oil & Palm Oil Related News.

MPOB Official Data for the month of Aug 2012 vs Jul 2012
Exports up 10.1% to 1.43 million tonnes
Stocks up 5.8 to 2.1 million tonnes
Output down 1.7% to 1.66 million tonnes

ITS CPO export up 26.8% to 453,302 tonnes for the period of 1~10 Sep 2012.
SGS CPO export up 30% to 460939 tonnes for the period of 1~10 Sep 2012.

Pro Farmer: After the Bell Soybean Recap (CME)
Soybean futures saw choppy trade all week, but bears held the upper hand most of the session today and into the close. Futures ended with double-digit losses for the day and slightly lower for the week. Soymeal and soyoil also ended lower for the day and the week. Action in the soybean market next week will revolve around USDA's Crop Production and Supply & Demand Reports on Wednesday and whether the Federal Reserve announces a third round of quantitative easing on Thursday.

Soybean Complex Market Recap (CME)
November Soybeans finished down 10 1/2 at 1736 1/2, 15 1/2 off the high and 10 1/4 up from the low. January Soybeans closed down 10 at 1735 3/4. This was 9 3/4 up from the low and 15 1/2 off the high. December Soymeal closed down 1.2 at 526.9. This was 4.5 up from the low and 6.3 off the high. December Soybean Oil finished down 0.76 at 56.62, 1.03 off the high and 0.04 up from the low.
November soybeans traded sharply lower in the close as traders took profits ahead of the weekend and next week's USDA report. Soybean meal and oil traded lower as well. A closely followed private analyst estimated that the final US soybean yield would be 35.4 bushels per acre which was down from prior estimates of 37.2. Production was estimated at 2.639 billion bushels vs. prior estimates of 2.791. Both the yield and production estimates are slightly below the current USDA forecast. Ideas that farmers will sell soybeans right off the combine and that harvest will move along at record pace have pressured the November contract since last week. Total export sales for the week ending August 30th were reported at 525,000 tonnes which was slightly below market estimates. The fact that the 2012/13 sales pace is currently 60% of the current USDA estimate vs. the 5 year average of 35% offered support. The US Dollar traded sharply lower on the day which added a positive spin to most commodity markets.

EDIBLES: Malaysian crude palm oil futures fell posting their worst weekly performance since late July, with traders made cautious by the prospect that data next week could show rising inventories in the Southeast Asian country. (Reuters)

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