SGS CPO export down 8.7% to 420,758 tonnes for the period of 1~10 Oct 2012.
ITS CPO export down 1% to 448,624 tonnes for the period of 1~10 Oct 2012.
MPOB Official Data for the month of Sept 2012 vs Aug 2012
Exports up 4.5% to 1.505 million tonnes
Stocks up 17.4 to 2.48 million tonnes
Output up 20.4% to 2 million tonnes
Pro Farmer: After The Bell Soybean Recap (CME)
Soybean futures saw gains erode into the close. November beans ended 1 cent lower, with most other contracts ending 1 to 2 cents higher. Meal ended weaker, with soyoil able to hold onto slight gains. Early gains were tied to short-covering, but buying interest eroded as focus returned to the macro-economic picture. The U.S. dollar index posted sharp daily gains after the International Monetary Fund lowered its forecast for global economic growth.
Soybean Complex Market Recap (CME)
November Soybeans finished down 1 at 1550, 24 off the high and 3 up from the low. January Soybeans closed up 1 1/4 at 1549 1/4. This was 5 1/4 up from the low and 22 1/4 off the high. December Soymeal closed down 1.6 at 471.0. This was 0.6 up from the low and 7.7 off the high. December Soybean Oil finished up 0.32 at 51.25, 0.73 off the high and 0.32 up from the low.
November soybeans traded lower into the close and nearly 25 cents off its highs of the day. Soybean meal ended the day lower but soybean oil was able to hold onto gains and finish higher on the day. Early support was linked to rumors that China bought US soybean cargos off the PNW coast overnight but no reported sales have hit the market yet. Soybean basis was steady to slightly firm in certain areas of the Midwest as harvest moves along and most feel soybean harvest will be reported at 61% complete this afternoon. Additional support is coming from a robust US export program and export inspections for the week ending October 4th were reported at 45.6 million bushels vs. 41.7 last week. Only 20.8 million bushels are needed each week to reach this year's USDA forecast. The export pace is running 11% of the current USDA estimate vs. the 5 year average of 6%. A brief period of sell pressure hit the market midday after Brazil's government reported that its current Brazil soybean production estimate for 2012/13 is 82.8 million tonnes which would be the largest crop on record. Outside markets were mixed on the day with crude oil trading higher, US stocks lower, and the US Dollar was sharply higher which limited gains in the soybean market.
EDIBLE OIL: Malaysian palm oil futures rose to their highest in more than a week, supported by a possible export tax change, while traders took positions ahead of key industry data due out this week. (Reuters)
Indonesia and Malaysia eye joint body to support CPO prices
Indonesia and Malaysia are in talks to form a joint body that will seek to support prices by reducing stocks and controlling supplies of palm oil, government trade officials said. Indonesia’s Trade Minister Gita Wirjawan said future cooperation would be similar to that already in place for the rubber industry. Ideas included increasing the replanting of old oil palm trees and increasing biofuel usage through government subsidies. (Financial Daily)
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