Friday, October 19, 2012

20121019 0957 Soy Oil & Palm Oil Related News.

Soybeans Gain Most in Five Weeks on Demand Signs; Corn Advances (Bloomberg)
Soybeans rose the most in five weeks on signs that demand is increasing for supplies from the U.S., the world’s biggest grower and exporter. Corn also gained. Soybean exports from the start of the marketing year on Sept. 1 through Oct. 11 totaled 4.7 million metric tons, up 57 percent from the same period a year earlier, U.S. Department of Agriculture data show. Exporters sold 523,382 tons in the week through Oct. 11, up 4.5 percent from the prior seven days, according to the USDA. “Our export business is looking good,” Mark Schultz, the chief market analyst at Northstar Commodity Investment Co., said by telephone. “There’s still a lot of business being done.” Soybean futures for November delivery climbed 2.4 percent to settle at $15.455 a bushel at 2 p.m. on the Chicago Board of Trade, the biggest gain since Sept. 12. Futures have surged 18 percent since mid-June as the worst U.S. drought since 1956 curbed production.
Corn futures for December delivery gained 2 percent to $7.6075 a bushel in Chicago. The price is up 50 percent since June 15 because of dry weather in the U.S.

Pro Farmer: After the Bell Soybean Recap (CME)
Soybean futures strengthened as the day progressed and ended 30 1/2 to 38 cents higher in the November through May contracts. Deferred months saw gains in the teens to 20s. Soybean futures benefited from short-covering today amid recent signs more rationing is needed as well as ideas the downside has been overdone. Today's rally was especially impressive considering strength in the U.S. dollar index.

Soybean Complex Market Recap
November Soybeans finished up 36 1/4 at 1545 1/2, 2 1/4 off the high and 38 up from the low. January Soybeans closed up 38 at 1546 1/4. This was 39 1/2 up from the low and 1 3/4 off the high. December Soymeal closed up 8.6 at 463.3. This was 8.6 up from the low and 2.5 off the high. December Soybean Oil finished up 1.27 at 52.3, 0.09 off the high and 1.44 up from the low. November soybeans posted its largest daily gain since September 12th and ended near the highs of the day after trader sentiment turned positive overnight following the release of China's GDP rating of 7.4%. Cash markets were firm across the Corn Belt as farmer sales slowed and harvest inched closer to the finish line. Rumors that China has been in the market buying US soybean cargos this week also added to the positive tilt. Export sales were impressive this morning but failed to meet market expectations. Net weekly export sales for soybeans came in at 523,400 tonnes for the current marketing year and 1,800 for the next marketing year for a total of 525,200 tonnes. As of October 11th, cumulative soybean sales stand at an impressive 71% of the USDA forecast for current marketing year vs. a 5 year average of 47%. Total net meal sales came in at 146,000 tonnes and cumulative soybean meal sales stand at 49% of the USDA forecast vs. a 5 year average of 30%. Finally, total net oil sales came in at 24,500 tonnes and cumulative sales stand at 42% of the USDA forecast for the current marketing.

EDIBLE OIL: Malaysian palm oil futures climbed on emerging concerns of floods in key growing regions curbing output and a slew of economic data from the U.S. and China that showed global growth trends were intact. (Reuters)

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