20120423 1025 Soy Oil & Palm Oil Related News.

Recap: Soybean Futures (Source: CME)
Soybean futures rallied sharply into the close to finish 20 1/4 to 31 cents higher in the May through September contracts. New-crop futures posted lesser gains, with the November contract 13 1/2 cents higher. For the week, old-crop contracts finished higher and new-crop contracts posted slight losses. Rumors of decreased South American exports and increased demand for U.S. soybeans triggered the strong price rally into the weekend.

Soybean Complex Market Recap (Source: CME)
July Soybeans finished up 28 1/2 at 1449 1/2, 9 1/4 off the high and 31 1/2 up from the low. November Soybeans closed up 13 1/2 at 1356. This was 16 up from the low and 8 3/4 off the high. July Soymeal closed up 14.5 at 409.9. This was 14.8 up from the low and 2.1 off the high. July Soybean Oil finished up 0.69 at 56.28, 0.02 off the high and 0.79 up from the low. May soybeans closed 31 cents higher on the session and managed to close 10 cents higher on the week. Aggressive fund traders buying, especially into the close, helped to support the strong gains and helped push the market to the highest level since early September. Talk of large positions short the 1420's, 1430's and 1440 strike prices for the expiring May calls today was seen as a factor to fuel the buying as the shorts rushed to own long futures as an offset to the short call positions. Grain markets were higher early today led by continued talk of strong demand for old crop soybeans and a bullish tilt to outside market forces. Concerns that there could be another drop of near 2-3 million tonnes for South America production for the May USDA report helped to support the early rally. Weakness in corn and wheat helped pull the market well off of the early highs into the mid-session. Open interest forged another new all-time high of 817,841 contracts as compared with 551,998 at the beginning of March.

Palm oil slips on euro zone fears, US data  (Source: CME)
Malaysian palm oil futures inched down, weighed by lower export data and concerns about the global economy prompted by lacklustre U.S. economic data and the euro zone. "The market will still close lower again ... there is no fresh bullish news yet even though the April 1-20 export seems to be a bit better than what people are expecting," said a trader with a commodities house in Singapore.

Argentina cuts soy, corn output estimates  (Source: CME)
Argentina cut its official estimates for this season's soy and corn crops, citing bad weather, while a top grains exchange said lower-than-expected yields may force it to trim its expectations as well.
Argentina, the world's second largest exporter of corn and third largest supplier of soybeans, is set to produce 42.9 million tonnes of soy and 20.3 million tonnes of corn in this crop year, the Agriculture Ministry said on Thursday.

VEGOILS-Palm oil slips on euro zone fears, US data
SINGAPORE, April 20 (Reuters) - Malaysian palm oil futures inched down, weighed by lower export data and concerns about the global economy prompted by lacklustre U.S. economic data and the euro zone.
"The market will still close lower again ... there is no fresh bullish news yet even though the April 1-20 export seems to be a bit better than what people are expecting," said a trader with a commodities house in Singapore.

Disease, frost seen shrinking EU rapeseed harvest
PARIS, April 19 (Reuters) - The European Union's rapeseed harvest could shrink this year for the second year running as plant disease in top producers Germany and France follows a severe winter frost and a long dry spell, analysts said.
A drop in production would further strain tight rapeseed supplies in the EU, making the region more dependent on imports and raising the prospect of further price rises on top of one-year highs on the Paris futures market this month. -