20120814 1004 Soy Oil & Palm Oil Related News.

Pro Farmer: After the Bell Soybean Recap  (Source:CME)
Soybean futures faced heavy selling pressure today, ending with losses of 39 3/4 to 53 1/4 cents in the August through January contracts. Farther deferred futures posted losses in the 28- to 32-cent range. Futures finished near session lows. Soybean futures faced a round of profit-taking and long liquidation today. Weekend rains and a relatively mild near-term weather forecast provided fundamental backing for the corrective selling.

Soybean Complex Market Recap (Source:CME)
August Soybeans finished down 53 1/4 at 1656 1/4, 57 1/2 off the high and equal to the low. November Soybeans closed down 43 at 1600 3/4. This was 2 1/2 up from the low and 51 1/4 off the high. August Soymeal closed down 18.2 at 526.3. This was equal to the low and 17.1 off the high. August Soybean Oil finished down 0.65 at 52.95, 0.45 off the high and equal to the low. November soybeans spent the day sharply lower and settled near the session lows. Soybean meal and oil saw steep declines as well. Outside markets offered minimal support with the US Dollar trading lower but US stocks weaker on the day. A cooler and wetter forecast is expected for most of the Midwest this week. Dry areas in the western Corn Belt are expected to miss a majority of the rainfall which will continue to stress soybean crops. Recent moisture has helped soybeans in the eastern and northern Corn Belt but has not provided relief to extremely dry areas in the western Midwest. Showers over the next 10 days in the Delta and Southeast should ease stress. Traders expect a 1% gain in good/excellent ratings in the crop conditions report this afternoon. Export inspections for the week ending August 9th were supportive to soybeans and were reported at 15.698 million bushels vs. 12.720 last week. Inspections needed each week stands at 11.8 million bushels to reach the 2011/12 USDA estimate. International demand remains robust for US soybeans which provides support to the long term outlook for prices. The July NOPA crush will be released tomorrow and the market estimates July crush at 132.5 million bushels vs. June crush at 134.156.

Malaysian crude palm oil futures eased, mirroring losses in the soybean oil market where traders booked profits from a drought-driven rally and as rising local stocks weighed on sentiment. (Reuters)