Thursday, October 25, 2012

20121025 1046 Soy Oil & Palm Oil Related News.

ITS CPO export up 11.1% to 1,300,495 tonnes for the period of 1~25 Oct 2012.
SGS CPO export up 9.4% to 1,280,652 tonnes for the period of 1~25 Oct 2012.

Soybeans Rise on Global Demand for U.S. Supplies; Corn Drops (Bloomberg)
Soybeans rose to a three-week high on signs of improving demand for supplies from the U.S., the world’s largest grower last year. Corn declined. U.S. exporters sold 105,000 metric tons of soybeans for delivery before Aug. 31 to unknown destinations, the U.S. Department of Agriculture said today. China, the world’s biggest buyer, boosted imports by 20 percent in September from a year earlier with U.S. shipments almost four times higher than a year earlier, the Customs Administration reported today. “Export business continues to be very good for soybeans,” Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. “There appears to be no slowdown in Chinese demand.” Soybean futures for January delivery gained 1.1 percent to close at $15.7225 a bushel at 2 p.m. on the Chicago Board of Trade, after reaching $15.77, the highest since Oct. 1. The price touched $14.8575 on Oct. 15, the lowest since July 3.
Soybean-meal futures for December delivery rose 1.2 percent to $481.90 for 2,000 pounds on the CBOT, capping the first six- day gain since July 20. U.S. export sales for delivery in the marketing year that began Sept. 1 are 35 percent higher than at the same time a year earlier, the USDA said Oct. 18. U.S. supply on Aug. 31 is forecast to drop to 4.4 percent of domestic use and exports, the smallest reserves since 1966. U.S. production was estimated by the government at the lowest since 2008 after the worst drought since 1956 reduced Midwest yields. Corn futures for December delivery declined 0.2 percent to $7.545 a bushel on the CBOT, the third straight drop. The price has tumbled 11 percent from a record $8.49 on Aug. 10, as demand slowed and overseas buyers shifted to cheaper grain from other suppliers. Corn is the biggest U.S. crop, valued at $76.5 billion in 2011, followed by soybeans at $35.8 billion, government figures show.

Pro Farmer: After The Bell Soybean Recap (CME)
Soybean futures ended widely mixed. November through March futures closed 16 1/4 to 17 1/4 cents higher. May and July futures were 4 1/2 to 8 3/4 cents higher, and far-deferred contracts were down 3/4 to 3 1/2 cents. Meal also ended mixed, with soyoil stronger. Early support in the bean pit was tied to fresh demand news, as USDA announced 105,000 MT of beans were sold to unknown destinations for 2012-13.

Soybean Complex Market Recap (CME)
November Soybeans finished up 17 1/4 at 1570 1/2, 4 1/4 off the high and 21 1/4 up from the low. January Soybeans closed up 16 1/2 at 1572 1/4. This was 20 1/2 up from the low and 4 3/4 off the high. December Soymeal closed up 5.7 at 481.9. This was 7.8 up from the low and 2.7 off the high. December Soybean Oil finished up 0.52 at 51.84, 0.09 off the high and 0.49 up from the low. January soybeans made a new high for the move and peaked at levels not seen since October 1st. A rebound in outside markets, sparked by better economic data out of China and the US helped to support futures. Soybean basis was slightly weaker on the river midday but firmed around processor markets. The USDA reported that US exporters sold 105,000 tonnes of soybeans to an unknown destination for 2012/13 delivery. Most in the trade believe the buyer was China as they have been inquiring for bean cargos on setbacks in the market. Support was also coming from a high pressure ridge in central and central west Brazil which could result in higher than normal temperatures this week. The ridge is expected to break down by the end of next week. Northern Brazil remains dry but Southern Brazil and Argentina remain too wet which is delaying the planting pace. The longer term weather outlook looks more favorable which is limiting gains but demand for US soybeans from China and firm cash markets were positive to the trade.

EDIBLE OIL: Malaysian palm oil futures inched up as investors bet on increased festival demand for the tropical oil, although prices were locked in a tight range due to lingering concerns over record-high stocks. (Reuters)

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