20120704 0951 Soy Oil & Palm Oil Related News.

Pro-Farmer: Grains Recap (Source: CME)
Soybean futures finished 34 3/4 to 40 cents higher in the July through January 2013 contracts. Far-deferred futures posted slightly lesser gains. All contracts ended near session highs. Weather was again the source of support in the soybean market today. After USDA lowered crop condition ratings more than anticipated yesterday afternoon, traders responded by building more weather premium into the market.

Soybean Complex Market Recap (Source: CME)
August Soybeans finished up 35 1/4 at 1529 1/2, 3 1/2 off the high and 32 up from the low. November Soybeans closed up 36 3/4 at 1474 3/4. This was 33 1/2 up from the low and 3 1/4 off the high. August Soymeal closed up 11.9 at 447.2. This was 11.2 up from the low and 1.1 off the high. August Soybean Oil finished up 0.78 at 53.14, 0.02 off the high and 0.69 up from the low. Soybeans were trading near the highs of the session heading into the close. November soybeans pushed above 14.50 early and closed at the upper end of the daily range, posting a fresh high for the move. August soybean oil and soybean meal also traded sharply higher on the day. Soybean products saw support after it was reported that U.S. exporters sold 35,000 tonnes of soybean oil to China for 2011/12 marketing year. The 5-day weather outlook calls for very hot and dry conditions for the Midwest and northern Delta region. The 6-10 day forecast calls for cooler temperatures but still lacks much in the way of rain coverage. While the moisture and cooler temperatures will be welcomed, the rainfall is not expected to improve soil moisture conditions for the driest areas of the Soybean Belt. Soybeans saw further support after Crop Condition reports showed sharply lower decreases in condition ratings. Traders are also anticipating strong demand for U.S. soybeans and soybean products, from international buyers after a poor production year in South America. Scorching temperatures will likely produce another round of crop condition downgrades next Monday.

Palm ends off 5-week high on US dry weather
SINGAPORE, July 3 (Reuters) - Malaysian crude palm oil futures touched the highest in five weeks as a U.S. crop report cutting soybean crop condition ratings cemented market views of a tighter global oilseed supply.
"The weather issue is still in play and we have a positive sentiment on demand as Ramadan is coming closer," said Ker Chung Yang, commodities analyst with Phillip Futures in Singapore, referring to the Muslim fasting month that begins in end-July.

Celeres raises 11/12 soy crop estimate by 2 pct
SAO PAULO, July 2 (Reuters) - Brazil's now-finished 2011/12 soy harvest is estimated to have produced 66.3 million tonnes, local grains analyst Celeres estimated on Monday, up from its prior estimate in May of 64.95 million tonnes. The corn crop was also estimated to be larger.
The consultancy said it raised its figures for productivity resulting in the increase in the estimate for the crop, which was blighted by drought in the southern states in the first months of this year. The drought slashed millions of tonnes off initial projections and put Chicago soy futures prices  on a steep rise.