Tuesday, November 6, 2012

20121106 0915 Soy Oil & Palm Oil Related News.

Soybean Complex Market Recap (CME)
November Soybeans finished down 22 3/4 at 1504 1/4, 20 3/4 off the high and 3/4 up from the low. January Soybeans closed down 23 1/2 at 1503 1/4. This was 1 1/4 up from the low and 21 off the high. December Soymeal closed down 6.9 at 469.0. This was 0.6 up from the low and 8.4 off the high. December Soybean Oil finished down 0.94 at 48.32, 0.9 off the high and 0.07 up from the low. January soybeans registered double digit losses today as bulls took profits ahead of a USDA report that many expect will show an increase in the US average soybean yield and production. Additional pressure was linked to a less than stellar outside market performance ahead of the Presidential election tomorrow. Traders noted that commercial and end user buying was active on the setback today as the US continues to export soybeans at a staggering pace. Export inspections for the week ending November 1st were reported at 59.4 million bushels vs. 63.3 last week. Only 17 million bushels are needed each week to reach this crop years USDA export estimate. Cumulative export inspections are 33% of the current USDA export goal vs. the 5 year average of 19%. The weaker tone in futures today was also linked to a more favorable weather forecast for South America this week. Drier conditions are expected for Southern Brazil and Argentina while Northern Brazil is expected to see better rainfall. Both weather events could help summer planting progress and could be considered a short term negative to prices if they develop.

EDIBLE OIL: Malaysian palm oil futures tumbled to their lowest in more than three weeks as traders continued to worry over large stockpiles in the world's No.2 producer of the tropical oil. (Reuters)

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