ITS CPO export up 4.4% to 1,196,702 tonnes for the period of 1~25 Jun 2012.
SGS CPO export up 8.8% to 1,212,262 tonnes for the period of 1~25 Jun 2012.
Indonesia cuts crude palm export tax to 15 pct in July - RTRS 25-Jun-2012 19:43
JAKARTA, June 25 (Reuters) - Indonesia, the world's top palm oil producer, will cut its export tax for crude palm oil to 15 percent in July from 19.5 percent for June, a trade ministry official said on Monday. The government will also cut its export tax for RBD palm olein to 7 percent in July, from 10 percent this month. It will hold its export tax on cocoa beans at 5 percent.
Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures settled slightly off their highs with still-impressive gains of 40 to 50 cents in most contracts. Soymeal and soyoil futures also ended in the upper half of their daily trading range with strong gains. Soybean traders were squarely focused on building weather premium today, as weekend rains were largely disappointing and heat and dryness is expected to persist in the Corn Belt through July 4.
Soybean Complex Market Recap (Source: CME)
August Soybeans finished up 42 1/4 at 1468 1/4, 10 3/4 off the high and 25 3/4 up from the low. November Soybeans closed up 50 1/4 at 1425 3/4. This was 27 1/4 up from the low and 11 1/4 off the high. August Soymeal closed up 9.5 at 429.2. This was 5.8 up from the low and 6.6 off the high. August Soybean Oil finished up 1.56 at 51.4, 0.36 off the high and 1.13 up from the low. November soybeans surged to 50 cents higher heading into the closing bell and the market managed to push to new contract highs. Soybean futures rose in Chicago after morning weather maps showed that crops in the lower and eastern Midwest will see no significant stress relief, at least through Wednesday of this week. Afternoon weather models show a cooler and wetter pattern for the southern Midwest, beginning next Monday. Confidence and accumulation for this idea is low at this point in time. Western Corn Belt regions, especially southern areas, look to turn very hot in the next two weeks with mid-90's and even 100 degree temperatures common in the week ahead. The dry conditions are making it difficult for farmers to double crop beans over harvested wheat. The U.S. Dollar is trading slightly higher while stocks are lower on the day, ahead of the European Summit later this week. November soybeans received additional strength after the USDA reported that private exporters sold 120,000 tonnes of new crop soybeans to China this morning. Weekly Net Export Inspections, released for the week ending June 21st, were reported below market estimates at 9.18 million bushels. Inspections need to average 12.8 million per week to reach the USDA projection for the marketing year. Traders expect the soybean "good to excellent" ratings to be revised lower in the afternoon Crop Progress Report.
VEGOILS-Palm ends higher on dry U.S. weather, export demand
SINGAPORE, June 25 (Reuters) - Malaysian crude palm oil futures closed higher on hopes demand for the tropical oil would get a boost as dry weather in the United States curbs supply of competing soybean oil.
"The dry weather is lending support. Demand should also be able to stay healthy because of last-minute purchase ahead of Ramadan," said Alan Lim Seong Chun, research analyst with Malaysia's Kenanga Investment Bank.
Dry weather puts late US soy plantings in jeopardy
CHICAGO, June 22 (Reuters) - Kelly Robertson jammed a screwdriver into the hard, dry ground on his farm in southern Illinois, carved out six inches (15 cm) of soil and could not find any moisture.
Because of the dry conditions, Robertson, who grows corn, soybeans and wheat near Benton, Illinois, did not begin planting soybeans until last week, fearing the seeds would not have enough moisture to germinate.
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