20110816 0943 Soy Oil & Palm Oil Related News.

Soybeans
US soybean futures rallied, with traders reestablishing risk premium in the market amid the uncertainties of new crop production. The market rebounded to the middle of 6-month trading range as uncertain U.S. crop potential provided support. Traders are concerned about key areas of the Midwest lacking adequate soil moisture during the crop reproductive phase, traders say. The market is concerned about a drop in crop potential, particularly with new crop soybean end of year supplies already forecast at precariously tight levels by government forecasters. CBOT Nov soy end up 16 1/2c at $13.51 1/4/bushel.

Soybean Meal/Oil
Soy product futures rise with soybeans, as the market factors in the potential for tighter available new crop supplies for crushing. The uncertainty of the 2011 soy crop underpinned prices, with strength in crude oil futures further fueling gains in soyoil. CBOT Dec soyoil end up 0.81c/pound, and Dec soymeal was up $5.60 at $357.70/short ton.

Palm oil hits 10-day high, buoyed by export data
JAKARTA, Aug 15 (Reuters) - Malaysian palm oil climbed for a fourth straight session, boosted by strong export data and as financial market jitters eased slightly after last week's volatility.
"The market is very strong on the back of good export data," said a Kula-Lumpar based trader. "Also on external factors, with soybean and Dalian up and palm oil following."

US soy to enjoy showers; minor relief in Plains
CHICAGO, Aug 12 (Reuters) - Showers and moderate temperatures in the U.S. over the next week will give soybean production a boost and stabilize the deteriorating corn crop.
But only minor relief from drought was in the cards for the parched Plains wheat and cattle country, an agricultural meteorologist said Friday.

Malaysia’s palm oil exports rose 26% in the first 15 days of August from the same period in July, independent market surveyor Intertek said. A total of 953,852 metric tons of the commodity were tracked from Aug. 1 to 15, versus 752,047 tons in the same period last month, Intertek said. (Bloomberg)