Wednesday, December 5, 2012

20121205 0948 Soy Oil & Plam Oil Related News.

Soybean Complex Market Recap (CME)
January Soybeans finished up 1 3/4 at 1455 1/2, 5 1/2 off the high and 19 1/2 up from the low. March Soybeans closed up 2 at 1450 1/4. This was 20 1/4 up from the low and 5 off the high. January Soymeal closed up 1.7 at 440.3. This was 4.8 up from the low and 0.7 off the high. January Soybean Oil finished down 0.15 at 50.06, 0.41 off the high and 1 up from the low.
January soybeans finished the day near the unchanged after staging an impressive recovery off the lows in the last hour of trading. Soybean oil finished the day lower while meal ended higher on the day. Rumors that China may have bought soybean cargos off the PNW yesterday firmed the basis in the west and provided a bullish tilt to calendar spreads. The strong pace of soybean, oil, and meal exports for the US continues to provide the market with a bullish foundation. South American weather remains mostly favorable which is helping to offset the demand influences. Argentina will trend wetter this week which could delay corn planting and possibly shift more acres to soybeans. Central and Northern Brazil will see steady showers and Southern Brazil has a better chance for rainfall it the short term forecast. The US Dollar traded lower throughout the day which is generally supportive to commodities.

EDIBLE OIL: Malaysian palm oil futures fell to its lowest in more than three weeks as investors fret over the prospects of another  month of record stocks in the world's No.2 producer. (Reuters)

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