Reuters Survey :
India May 2012 refined palm oil imports seen up 51.2% vs April 2012.
India May 2012 total palm oil imports seen up 24.5% vs April 2012.
India May 2012 soy oil imports seen down 48.4% vs April 2012.
Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures settled mostly 1 to 2 cents lower, which was a mid- to low-range finish for most contracts. Losses were extended to the 3- to 10-cent range in after-hours trade, with new-crop feeling the most pressure. The outside market strength that supported soybean futures overnight faded during daytime trade, which led to choppy price action.
Soybean Complex Market Recap (Source: CME)
July Soybeans finished down 1 1/2 at 1424 3/4, 20 3/4 off the high and 6 3/4 up from the low. November Soybeans closed down 1 1/4 at 1331 1/4. This was 10 3/4 up from the low and 18 off the high. July Soymeal closed down 3.3 at 426.5. This was 2.1 up from the low and 7.5 off the high. July Soybean Oil finished up 0.28 at 49.74, 0.64 off the high and 0.86 up from the low. July soybeans closed lower on the day after first moving to the highest level since May 17th. Overnight, the market pushed up as high as 19 1/4 higher on the day but a less threatening weather forecast plus a major shift from bullish to bearish for outside market forces helped to pressure. The forecast for next week is not as hot and a little wetter for the western Corn Belt which could keep some areas in the East needing rain. The system moving across Iowa overnight and across Illinois and Indiana and south but rain amounts seem less than expected in the northern parts of these states but a bit better than expected south. Areas that miss out on the moisture in the next two days (1/4 to 3/4 inches of about 75% coverage) could be under significant stress into next week. Temperatures are still expected to be above normal next week; just not as hot as the models indicated on Friday. The outside markets turned sour with weakness in metal and energy markets and a move sharply lower in the stock market and this helped to pressure the market into the mid-day and into the close as the stock market pushed to new lows for the day late in the grain session. Weekly export inspections came in at 14.2 million bushels which was right on expectations. Inspections need to average 10.9 million bushels per week to reach the USDA projection for the season. Traders look for a 2-3% decline in crops rated good to excellent for this afternoon's update.
Palm gains on Spain bank rescue; data in focus
SINGAPORE, June 11 (Reuters) - Malaysian palm oil futures rose after euro zone finance ministers agreed on a rescue package for Spain's struggling banks, temporarily easing concerns that the ongoing crisis could slow the global economy and hurt commodity demand.
"We see some defensive play ahead of the MPOB and USDA numbers. The relief in Europe is bringing some money back to riskier assets," said a trader with a foreign commodities brokerage in Malaysia.
Ukraine to raise '12 sunoil, sunseed output-analyst
KIEV, June 11 (Reuters) - Ukraine, the world's top sunflower oil producer and exporter, is likely to increase its sunoil output to 3.77 million tonnes in 2012 from 3.73 million in 2011, the ProAgro consultancy said on Monday.
It said Ukraine could also increase sunoil exports to 3.25 million tonnes in 2012/13 season from 3.22 million in 2011/12.
Rain leaving fields fallow in Canada's canola belt
WINNIPEG, Manitoba, June 8 (Reuters) - Some fields were flooded in the heart of Western Canada's canola belt as farmers headed into the final week of planting, raising the chances of acres going fallow.
Much of Saskatchewan, the top canola-growing province, has received as much as 1-1/2 times more precipitation than normal in the past month, according to the Canadian government's Drought Watch website.
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