Tuesday, October 23, 2012

20121023 1006 Soy Oil & Palm Oil Related News.

ITS CPO export up 14.1% to 1,058,844 tonnes for the period of 1~20 Oct 2012.

SGS CPO export up 16.7% to 1,050,548 tonnes for the period of 1~20 Oct 2012.

Pro Farmer: Soybeans close higher  (CME)
Soybean futures closed roughly 8 to 12 cents higher in the November through July contracts, which was mostly mid-range. Far-deferred contracts closed mixed. Soybean futures were supported by short-covering today as traders continue to transition from the "better-than-expected" yield results to demand.

Soybean Complex Market Recap (CME)
November Soybeans finished up 12 1/4 at 1546 1/2, 12 off the high and 20 up from the low. January Soybeans closed up 12 3/4 at 1549 1/4. This was 20 1/4 up from the low and 12 off the high. December Soymeal closed up 7.2 at 471.0. This was 9.7 up from the low and 1.2 off the high. December Soybean Oil finished up 0.08 at 51.66, 0.57 off the high and 0.42 up from the low. November soybeans traded higher on the day but settled off the session highs made overnight. Soybeans spent the day in a choppy range as markets were pushed around by strong demand fundamentals mixed with negative outside markets. This afternoons Harvest Progress report is expected to show that harvest is 82% complete vs. the 5 year average of 71%. The strong harvest, firm cash markets, and explosive export demand continues to add underlying support to prices. Export inspections for the week ending October 18th were reported at 61.4 million bushels vs. 57.8 last week. Total inspections are now 22% of the current USDA export estimate vs. the 5 year average of 11.5%. Even more impressive is that only 19 million bushels are needed each week to reach this crop years USDA export estimate. The South American weather outlook is providing a mixed influence to futures. Heavy rain in Argentina over the weekend is causing concern that planting will be delayed but better rainfall for dry areas of Brazil should help moisture deficits. Physical traders noted that soybean movement was quiet to start the week but farmer sales have stalled as they await higher cash prices.

EDIBLE OIL: Malaysian palm oil futures inched up on rising exports, although gains were capped by growing stockpiles and as investors waited for further trading cues in a choppy market. (Reuters)

VEGOILS-Palm oil futures rise to 3-week high on strong exports
Mon Oct 22, 2012 6:22am EDT
* Prices rise to 2,580 ringgit, level unseen since Sept. 28
    * Malaysia palm oil exports for Oct. 1-20 up 14.1 pct -ITS
    * Exports up 16.7 pct for same period -SGS

 (Updates throughout)
    By Chew Yee Kiat
    SINGAPORE, Oct 22 (Reuters) - Malaysian palm oil futures
rose to their highest in more than three weeks on Monday,
boosted by rising exports which investors said may help ease
record stocks in the world's No.2 palm oil producer.
    Latest data from cargo surveyor Societe Generale de
Surveillance showed Malaysia's palm exports rose 16.7 percent
for the first twenty days of October from a month ago, lending
support to futures that have lost almost one-fifth so far this
    Another cargo surveyor Intertek Testing Services reported on
Saturday a 14.1 percent increase in exports to 1.06 million
tonnes for the same period, signalling buoyant demand for the
tropical oil.
    "The export numbers improved market sentiment. It's good to
see positive signs after seeing so many negative signs lately,"
said a Singapore-based trader with a global commodities house.
    "Prices are very likely to go to the 2,700-2,800 ringgit
range but there may be dips in between."
    At the close, the benchmark January contract on the
Bursa Malaysia Derivatives Exchange rose 3 percent to 2,577
ringgit ($845) per tonne, just off an intraday high at 2,580
ringgit, a level unseen since Sept. 28.
    Total traded volumes stood at 37,259 lots of 25 tonnes each,
much higher than the usual 25,000 lots.  
    Palm oil prices fell to a near 3-year low earlier this month
on fears over rising stocks and concerns that a sluggish global
economic growth could hurt commodity demand.  
    But traders said low prices could lure buyers back to the
market and also make the tropical oil an attractive choice to be
used as biodiesel.
    In related markets, Brent crude oil steadied above $110 per
barrel on Monday as fighting in Beirut and Gaza raised fears for
the security of fuel supplies from the Middle East, helping stem
a four-day decline in prices.
    In other vegetable oil markets, U.S. soyoil for December
delivery increase 1.1 percent in late Asian trade,
drawing support from the Chicago soybeans market, which bounced
back from a three-and-half month low last week.
    The most-active May 2013 soybean oil contract on
the Dalian Commodity Exchange also closed 0.4 percent higher.

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