Monday, November 26, 2012

20121126 1010 Soy Oil & Palm Oil Related News.

ITS CPO export down 1.8% to 1,276,792 tonnes for the period of 1~25 Nov 2012.

Soybean Complex Market Recap (CME)
January Soybeans finished unchanged at 1418 3/4, 8 1/4 off the high and 4 1/4 up from the low. March Soybeans closed unchanged at 1403. This was 4 up from the low and 8 1/4 off the high.
December Soymeal closed up 0.7 at 428.6. This was 2.2 up from the low and 6.1 off the high.
December Soybean Oil finished up 0.51 at 49.04, 0.11 off the high and 0.29 up from the low.
January soybeans traded sharply higher on the day on positive export data, a lower dollar, and fears that South American weather may disrupt supply pipelines. Positive economic data out of China and Europe pushed the dollar sharply lower which triggered rallies in metals and stocks today. This helped the grain and soybean market open in positive territory. Additional support was linked to positive export demand data for soybeans, meal, and oil last week. Net weekly export sales for soybeans came in at 543,600 tonnes for the current marketing year and none for the next marketing year. This was in line with market estimates and supportive to the trade throughout the day. As of November 15th, cumulative soybean sales stand at 74% of the USDA forecast for the current marketing year vs. a 5 year average of 59%. Sales of 231,000 tonnes are needed each week to reach the USDA forecast. Net meal sales totaled 197,900 tonnes which was also in line with market expectations and cumulative meal sales stand at 59% of the USDA forecast for current marketing year vs. a 5 year average of 41%. Sales of only 65,000 tonnes are needed each week to reach the USDA forecast. Net oil sales totaled 124,100 tonnes and the USDA reported that US exporters sold 20,000 tonnes of oil to and unknown destination for the 2012/13 crop year. As of November 15th, cumulative soybean oil sales stand at 83% of the USDA forecast for the current marketing year vs. a 5 year average of 30%. Sales of only 2,000 tonnes are needed each week to reach the USDA forecast.

EDIBLES: Malaysian palm oil futures fell for a fourth straight session and posted a third weekly loss in four, as investors remained concerned over slowing demand for the edible oil as prospects for global economic growth remained dim.(Reuters)

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