Thursday, October 4, 2012

20121004 1219 Soy Oil & Palm Oil Related News.

Soybeans Advance as 16% Slump From Record Attracts Importers (Bloomberg)
Soybeans gained as a 16 percent slide from last month’s record to a three-month low yesterday probably attracted importers on concern the worst U.S. drought in half a century will cut its reserves to the lowest level in nine years. The November-delivery contract rose as much as 0.5 percent to $15.3925 a bushel on the Chicago Board of Trade and was at $15.36 at 9:22 a.m. Singapore time. Futures, that surged to an all-time high of $17.89 a bushel on Sept. 4, dropped yesterday to $15.04, the lowest price since July 5. Taiwan is seeking to buy as much as 180,000 metric tons of soybeans from the U.S. or Brazil at a tender today, buyer Taichung Group said yesterday. U.S. exporters sold 21,000 tons of soybean oil to China, the Department of Agriculture said yesterday, after reporting sales of 180,000 tons of soybeans on Sept. 28 and 110,000 tons of the oilseed on Sept. 27.
“Any fall in prices usually does bring out some opportunistic buyers,” Michael Creed, an agribusiness economist at National Australia Bank Ltd., said by phone from Melbourne today. “Any news out of China tends to be closely watched.” Inventories of soybeans in the U.S., the largest grower last year, were estimated to drop to 3.13 million tons by August 2013, the smallest since 2004, according to the USDA outlook on Sept. 12. Corn for December delivery declined 0.3 percent to $7.545 a bushel, while wheat for delivery in the same month fell 0.3 percent to $8.70 a bushel. U.S. production of ethanol, which can be made from corn, fell 3 percent last week to 785,000 barrels a day, the least since the Energy Department began publishing weekly data in 2010.

Pro Farmer: After The Bell Soybean Recap (CME)
Soybean futures finished well off session lows but could only muster a mixed close. Soybean futures settled 1 cent lower to as much as 13 cents higher in far-deferred contracts. Meal and soyoil futures mildly favored the upside on the close. After facing active followthrough selling early, soybean futures staged a late-morning rally amid ideas the downside has been overdone.

Soybean Complex Market Recap (CME)
November Soybeans finished up 1 at 1531 1/2, 12 1/4 off the high and 27 1/2 up from the low. January Soybeans closed down 1 1/4 at 1532. This was 25 3/4 up from the low and 11 1/2 off the high. December Soymeal closed up 1.5 at 464.4. This was 9.3 up from the low and 3.9 off the high. December Soybean Oil finished up 0.04 at 50.73, 0.32 off the high and 0.67 up from the low. November soybeans were on their way to test $15.00 in early trade today but managed to find support late in the session to close in positive territory. Bullish traders suggested yields might be better than expected but pointed to the staggering export demand pace as reason for prices to move higher. A closely followed trade house released their revised US average soybean yield and production estimates after the close yesterday. The average soybean yield was reported at 38.2 bushels per acre vs. 36.7 in September. Production rose to 2.849 billion bushels vs. 2.739 previously. The USDA in September had yield at 35.3 and production at 2.634 billion bushels. Most in the trade expect demand to be revised higher if soybean yields rise on next week's USDA report. This could offset some of the bearish enthusiasm in the long term. China remains on holiday this week but it was reported this morning that 21,000 tonnes of US Soybean Oil was sold to China overnight for 2012/13 delivery. This offered a brief period of support for soybean oil futures. Outside markets limited price gains as the US Dollar traded higher and crude fell by 4%.

Argentina's Aug soy crushing falls 6.8 pct yr/yr on drought (Reuters)
Argentina's soy crushing activity fell 6.8 percent in August to 2.81 million tonnes from a year ago due in part to lower supplies caused by last season's drought, the Agriculture Ministry said in its latest report.

EDIBLES: Malaysian palm oil futures rebounded from their lowest in nearly three years as investors looked for bargains, although traders said the recovery could be short-lived as fundamentals remain weak. (Reuters)

No comments: