SGS CPO export down 26.1% to 533,556 tonnes for the period of 1~15 Jul 2012.
Pro Farmer: After the Bell Soybean Recap (Source:CME)
Bulls' maintained a solid grip on the soybean market today and pulled futures to a high-range close. Futures ended 30-plus cents higher through the July 2013 contract, with nearby contracts leading the advance. Soyoil and soymeal also posted strong gains. Traders worked to build additional weather premium into prices today after weekend rains weren't widespread or heavy enough to reduce the drought's grip and the forecast calls for building heat with limited precip chances.
Soybean Complex Market Recap (Source:CME)
August Soybeans finished up 39 at 1633 3/4, 2 1/4 off the high and 23 3/4 up from the low. November Soybeans closed up 38 at 1590 1/2. This was 22 1/2 up from the low and 8 off the high. August Soymeal closed up 13.2 at 487.3. This was 9.3 up from the low and 3.3 off the high. August Soybean Oil finished up 0.95 at 54.65, 0.02 off the high and 0.67 up from the low. November soybeans extended their overnight gains and settled sharply higher (up 38 cents) on the day. Soybean meal and oil traded higher with soybean meal posting a new high for the move. Showers last week provided beneficial rainfall for the southeast and delta but the two week forecast calls for warm temperatures and below normal rainfall, which will likely continue to stress the Midwest soybean crop. Reports that soybean growth has slowed and plants are stunted in the central Midwest have traders wondering if the most recent USDA yield estimate of 40.5 bushels/acre is too high. One market analyst lowered their average soybean yield to 40 bushels/acre from 42. The trade expects good/excellent ratings to be cut 5 points from last week in the afternoon Crop Condition reports. NOPA monthly crush data showed June crush at 134.156 million bushels vs. 117.178 million bushels in June 2011. This was more than 1 million bushels above expectations and suggests that the record high prices for soybeans have done little in the way of destroying demand. Export inspections for the week ending July 12, 2012 were reported at 14.271 million bushels. Export shipments need to average 12.3 million bushels each week to reach the USDA projection. The outside markets provided support as the US Dollar traded slightly lower and crude oil was higher on the day.
VEGOILS-Palm oil futures gain on U.S. weather woes
SINGAPORE, July 16 (Reuters) - Malaysian crude palm oil futures edged higher as demand prospects brightened after forecasts of more stressful weather in the U.S. threatened to tighten global oilseed supply further.
"One reason for the market rally today is the U.S. weather. Another reason is the big spread between soybean oil and palm oil that is more than $200 per tonne," said a trader with a foreign commodities brokerage in Malaysia.
Brazil '12/'13 soy harvest may top US crop-Agroconsult
SAO PAULO, July 13 (Reuters) - Brazil's 2012/13 soybean output could surpass U.S. production of the oilseed for the first time in history due to the drought in U.S. Midwest growing areas, local analyst Agroconsult said on Friday.
Under normal weather conditions, Brazilian farmers are expected to harvest a record 83.1 million tonnes of soybeans next season, which would be up 25 percent from the 66.4 million tonnes harvested from the drought-parched crop that ended in May, the analysts said.
High soyoil prices to spur demand for palm oil 16-Jul-2012 23:23 (Source: Reuters)
Soyoil rose 15 pct, palm oil 5 pct in past month Dealers are reluctant to buy due to uncertainty
AMSTERDAM, July 16 (Reuters) - A sharp increase in soyoil prices will spur demand for cheaper palm oil in Europe, lifting prices, but any deepening of the euro zone debt crisis could cap gains, traders said.
Soyoil prices on the European vegetable oil market rose 15 percent over the past month to 1,055 euros a tonne on Monday from 916 euros a tonne on June 16.
In the same period crude palm oil prices rose 7 percent to $1,037 a tonne from $967.
"The spread with soybean oil is getting bigger and that could be the demand driver (for palm oil), but the economic downturn in Europe could pressure down prices," one trader said.
"If the crisis deepens, people could panic and pull out of the market, going to safe havens such as gold."
"It is a very difficult market these days," another trader said.
The Dutch Board for Margarine Fats and Oils said in February it saw p alm oil d emand i n the European Union f lat this year as the main consumers - the food-processing industry and biodiesel producers - faced difficulties including higher raw material costs and a fall in demand due to economic crisis.(Full Story)
Soybean futures on the Chicago Board of Trade reached new highs on Monday as the worst drought since 1988 hit key growing areas in the United States, the world's top exporter. GRA/
Unfavourable weather in the Black Sea region, one of the world's top exporters, supported prices of all grains and oilseeds as well.
Higher prices of oilseeds, including soybean and rapeseed, lifted prices of palm oil, but at a slower pace as production is forecast to rise this year.
"We expect this will encourage increased end-user demand (for palm oil) as the prospect for oilseed production in the U.S. and India has declined due to adverse weather," Rabobank said in a research note.
"We maintain our view that vegetable oil prices will maintain their historically low valuation relative to meal in the short term, but will remain bullish across the entire oilseed complex on the deteriorating supply outlook."
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