ITS CPO export down 1.9% to 1,004,159 tonnes for the period of 1~15 Dec 2012.
Soybean Complex Market Recap (CME)
January Soybeans finished down 29 at 1437, 35 1/4 off the high and 4 up from the low. March Soybeans closed down 29 1/2 at 1431. This was 4 3/4 up from the low and 35 1/2 off the high.
January Soymeal closed down 8.4 at 436.5. This was 3.7 up from the low and 10.5 off the high.
January Soybean Oil finished down 0.76 at 48.41, 1.08 off the high and 0.13 up from the low.
March soybeans traded sharply lower for the second day in a row after failing to recover from yesterday's 300,000 tonne soybean cancelation by China. The negative sentiment and poor technical charts added to the negative bias. The historically firm basis in the interior of the US and export markets continues to add underlying support and physical traders noted that farmer selling is non-existent given the slide in soybean prices. Pressure is coming from year end fund liquidation and favorable growing conditions in Brazil at the moment. A good mixture of rainfall and sunshine is expected over the next 2 weeks. Showers are expected to shift to the drier regions in the south and some expect harvest to begin in areas as early as January 5th. The USDA currently has the Brazil production estimate at 81 million tonnes but some analysts are beginning to raise their expectations. Brazil's vegetable oils association raised their production forecast to 81.6 million tonnes vs. 81.3 previously. A closely followed private analyst released updated 2013 planted acreage estimates and pegged soybean planting at 78.96 million bushels vs. prior estimates of 80.1 and against 77.2 this year.
EDIBLE OIL: Malaysian palm oil futures inched lower for a second day as sluggish exports in the first half of the month fan concerns that stockpiles in the world's No.2 producer could hit another record high. (Reuters)