Thursday, December 13, 2012
20121213 1007 Soy Oil & Pam Oil Related News.
Soybean Complex Market Recap (CME)
January Soybeans finished up 1 1/2 at 1473 1/2, 5 1/4 off the high and 16 1/4 up from the low. March Soybeans closed down 3/4 at 1470 1/2. This was 15 1/4 up from the low and 5 1/2 off the high. January Soymeal closed up 3.9 at 452.0. This was 9.0 up from the low and 1.7 off the high. January Soybean Oil finished down 0.66 at 49.54, 0.89 off the high and 0.04 up from the low.
January soybeans traded slightly higher on the day but forward contracts ended the day in negative territory due to weakness in the peripheral grain markets. Strong end user demand continues to support the complex and rumors continue to circulate that China has secured additional cargos on this week's dip in prices. The market expects another impressive showing from the export sales report tomorrow as well as NOPA crush on Friday. Brazil weather remains favorable at the moment which supports good growing conditions for the soybean crop. Some suggest that if there are no major disruptions in the December weather pattern, production has the potential to be greater than the estimated 81 million tonnes. Argentina is expected to see a drier period over the next 7-10 days which should improve planting progress. Corn planting remains behind schedule which is helping support the theory that more acreage has already been shifted to soybeans. Basis was firm across the Corn Belt and in the Gulf of Mexico due to slow farmer sales and strong crush and export demand.
EDIBLE OIL: Malaysian palm oil futures dropped to a one-month low as forecasts for a higher supply of rival soybean oil stoked concerns of a global vegetable oil surplus. (Reuters)
Posted by MW Chong at 10:07 AM