Soybeans (Source: CME)
US soybean futures finished lower, retreating from early gains on poor export demand and outside pressure. Early gains fueled by optimism about Europe's debt, but enthusiasm waned and commodities fell on reports S&P is putting Europe's triple-A countries on downgrade watch. Weekly soybean export inspections were disappointing, and traders say South American weather, while dry, is not yet a major problem for the crop. CBOT Jan soybeans end down 9 1/2c to $11.26 1/4 a bushel, down 20c off day's highs
Soybean Meal/Oil (Source: CME)
Dec soymeal ended down $5.30 to $281.10 per short ton while Dec soyoil holds steady amid flat crude oil prices, ending up 0.02 cents to 50.07 cents/lb.
Palm Oil Output in Malaysia Likely Declined in November From Two-Year High (Source: Bloomberg)
Palm oil output in Malaysia, the world’s second-biggest producer, probably fell from a two-year high last month after the peak harvest season ended, according to a Bloomberg News survey. Output fell 11 percent to 1.7 million metric tons in November from 1.91 million tons in October, according to the median estimate in the survey of four analysts and two plantation companies last week. Production was 1.46 million tons a year earlier, according to the Malaysian Palm Oil Board, which is scheduled to publish the official estimates on Dec. 13. Declining output may pare stockpiles and stem a 18 percent slide in palm oil prices this year. Futures may rally to a four- year high of 4,000 ringgit ($1,277) a ton in the next seven months as growth in output decelerates in Indonesia and Malaysia, the biggest growers, Dorab Mistry, director of Godrej International Ltd. said Dec. 2.
Palm oil up on flood reports, euro zone meeting eyed
KUALA LUMPUR, Dec 5 (Reuters) - Palm oil futures rose 1.2 percent as weekend floods in No.2 producer Malaysia raised concerns about supply disruptions and hopes grew that a crucial euro zone summit this week may reveal a plan to solve the region's debt crisis.
"It will be an interesting week for palm oil," said a trader with a foreign commodities brokerage. "The short term focus is the supply disruption arising from floods and the long term view will be coloured by the success of this euro zone meeting."
Lull before the storm for India's cooking oil refiners?
NEW DELHI/JAKARTA, Dec 2 (Reuters) - Strong global demand for palm oil appears to have won India's refiners a temporary reprieve from a potentially devastating deluge of cheap Indonesian cooking oil, but imports of products could double from 2013 as extra supplies hit the market.
Indonesia altered taxes on exports to make its refined palm oils more attractive than crude palm oil (CPO) from October, prompting warnings from refiners in India, the world's top cooking oil buyer, that they would be dealt a "death blow."
Argentine soy planting advances quickly-gov't
BUENOS AIRES, Dec 2 (Reuters) - The planting of Argentine 2011/12 soy advanced quickly over the last week thanks to ample rains, although several pockets of excessive moisture caused concerns among growers, the Agriculture Ministry said in its weekly crop report on Friday.
As of Thursday, which ended the week covered by the report, farmers had planted 66 percent of the 19 million hectares planned for soy this season, advancing by 10 percentage points during the seven-day period, 6 points faster than the last year's tempo.
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