ITS CPO export down 13.5% to 363,975 tonnes for the period of 1~10 Jul 2012.
MPOB Official Data for the month of Jul 2012 vs Jun 2012
Exports up 8.7% to 1.53 million tonnes
Stocks down 4.9% to 1.7 million tonnes
Output up 6.3% to 1.47 million tonnes
Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures were higher throughout the day to post another round of fresh contract highs. While beans ended off session highs, most contracts still ended around 40 cents higher. Soymeal and soyoil saw strong spillover support.Weather continues to dominate price action. While temps have moderated across the Corn Belt, there's very little rain in the near-term forecast to provide relief from the widespread drought.
Soybean Complex Market Recap (Source: CME)
August Soybeans finished up 39 1/2 at 1606 3/4, 18 3/4 off the high and 23 1/4 up from the low. November Soybeans closed up 42 at 1547 3/4. This was 25 1/4 up from the low and 23 1/2 off the high. August Soymeal closed up 12.5 at 474.0. This was 6.7 up from the low and 5.3 off the high. August Soybean Oil finished up 1.12 at 54.56, 0.63 off the high and 0.92 up from the low. The soybean market traded sharply higher on the day with July soybeans setting a new all-time high of 16.79 1/2. August soybean oil rose $1.12 while soybean meal traded $12 higher. The lack of rain for the heart of the Midwest for the next week after the extreme heat of last week has traders expecting sharply lower yield potential for the soybean crop and this has sparked the aggressive buying in soybeans and corn. Weather maps are showing a break from the record heat this week, but mostly dry conditions. The southeast and delta are expected to see showers this week but coverage and accumulation is expected to be low. None-the-less, the rainfall should be beneficial to soybeans in these regions. Traders look for crop conditions for tonight's update to show good to excellent ratings drop to just 40% from 45% last week for the soybean crop and this compares with 66% last year and 64% as the 10-year average. Weekly export inspections came in at 18.9 million bushels as compared with 13.89 million last week and 12 million necessary each week to reach the USDA projection for the year. Outside markets provided a mixed tone with the U.S. Dollar trading lower, stocks were lower, and energies higher on the day.
VEGOILS-Global weather concerns lift palm oil futures
KUALA LUMPUR, July 9 (Reuters) - Malaysian crude palm oil futures rose on worries that unfavourable weather, from the United States to India, could crimp oilseed production and tighten global supply of cooking oil during a peak season for Asian demand.
"Palm oil is taking a free ride. It will take more of the market from soybean oil, especially during the festival season on the Asian side," said a trader with a foreign commodities brokerage.
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