Thursday, November 22, 2012

20121122 1005 Soy Oil & Palm Oil Related News.

Soybean Complex Market Recap (CME)
January Soybeans finished down 4 1/2 at 1408 1/4, 15 3/4 off the high and 9 up from the low. March Soybeans closed down 2 1/2 at 1393 3/4. This was 9 up from the low and 13 1/4 off the high. December Soymeal closed down 1.7 at 427.9. This was 1.4 up from the low and 7.6 off the high. December Soybean Oil finished up 0.21 at 48.53, 0.27 off the high and 0.68 up from the low. January soybeans traded modestly lower on the day in what was described as a choppy, low volume trading session. Soybean meal finished the day slightly lower but soybean oil nudged higher. The market sank overnight but buying interest showed up just before pit trading began. The market turned lower shortly thereafter as traders evened up positions ahead of the Thanksgiving holiday. Pressure was also linked to a more favorable outlook for South American weather the next 2 weeks. Strong demand by China continues to support the market and the USDA reported this morning that US exporters sold 20,000 tonnes of soybean oil to China and 56,000 tonnes to an unknown destination. The soybean oil sales pace has surged in the last 2 weeks which has triggered large amounts of speculative short covering in the market. It was also reported that US exporters sold 120,000 tonnes of US soybeans to China which was rumored yesterday. Chinese October soybean imports were reportedly up 5.79% on the year and January through October imports are up 16.6%. Soybean oil imports surged 82.7% on the year and January through October imports up 47.3%.

EDIBLES: Malaysian palm oil futures eased  inching down for a second straight session as lacklustre export data fuelled traders' concerns over a slowdown in demand. (Reuters)

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