20120725 1028 Soy Oil & Palm Oil Related News.

ITS CPO export down 14.25% to 1,026,153 tonnes for the period of 1~25 Jul 2012.
SGS CPO export down 18.6% to 986,829 tonnes for the period of 1~25 Jul 2012.

Soybean futures post 2nd straight day of sharp losses (Source:CME)
Soybean futures posted sharp losses again today, with the August through January contracts around 50 cents lower while farther deferred futures ended 20 to 40-plus cents lower. Despite the sharp losses, futures closed well off their session lows as the first five contract months traded down the 70-cent daily limit intra-day.Parts of the northern and eastern Corn Belt got precip overnight and throughout the morning as rains slid over the top of the high pressure ridge centered over the central Corn Belt. That gave traders a "reason" to actively take profits as the rains are timely with beans flowering, setting pods and filling pods. Additional precip chances are expected through Thursday. But futures were able to come well off session lows into the close as some private forecasters reduced rain chances in the five-day outlook.

Soybean Complex Market Recap (Source:CME)
August Soybeans finished down 49 1/4 at 1649 1/4, 57 off the high and 20 3/4 up from the low. November Soybeans closed down 52 3/4 at 1569 1/2. This was 17 1/4 up from the low and 58 1/2 off the high. August Soymeal closed down 13.2 at 509.8. This was 14.8 up from the low and 12.8 off the high. August Soybean Oil finished down 2.17 at 51.58, 2.21 off the high and 0.25 up from the low. August soybeans traded sharply lower into the close but managed to claw their way back from a limit lower move. August soybean meal and soybean oil also traded lower on the day. Traders took profits for the second day in a row following a sharply lower overnight session. Storm systems passed through Wisconsin, northern Illinois, northern Indiana, and Ohio today which most likely benefited soybean growth during pod-setting. The western Corn Belt saw above normal heat today and missed showers causing further stress to soybean crops. The 6-10 weather outlook shows another ridge setting up next week which will push heat into the Central Midwest again. The eastern Corn Belt may see an increase in precipitation but accumulation is expected to be light. Overall, the market feels very uncertain about the forecast going forward. Outside markets turned extremely negative today as stocks traded lower for the 2nd day in a row and the US Dollar move sharply higher.

VEGOILS-Palm oil hits five-week low on U.S. rain forecasts
SINGAPORE, July 24 (Reuters) - Malaysian crude palm oil futures dropped to the lowest in five weeks extending losses from the previous day as forecast for rains in the U.S. Midwest improved production outlooks for soybeans.
"Prices are reflecting macroeconomic risk aversion but technically palm prices are terribly oversold," said a trader with a local commodities brokerage in Malaysia.