ITS CPO export up 7.6% to 606,449 tonnes for the period of 1~15 Aug 2012.
SGS CPO export up 10.3% to 588,749 tonnes for the period of 1~15 Aug 2012.
Soybean Complex Market Recap (Source:CME)
August Soybeans finished up 23 3/4 at 1680, 10 off the high and 20 3/4 up from the low. November Soybeans closed down 2 3/4 at 1598. This was 11 up from the low and 15 off the high. August Soymeal closed up 4.5 at 530.8. This was 3.0 up from the low and 3.3 off the high. August Soybean Oil finished down 0.12 at 52.83, 0.19 off the high and 0.03 up from the low. November soybeans traded slightly lower into the close but managed to settle off session lows made this morning. Soybean oil traded lower on the day while soybean meal saw slight gains. Early losses were linked to a slightly cooler weather outlook for the Midwest and technical sell pressure. July NOPA crush was reported at 137.4 million bushels vs. 134.2 in June. The crush estimate was much better than trade expectations at 132.5 million bushels. Rising food prices in China have traders expecting more soybean imports in the near future. This has strengthened cash soybean levels along the Mississippi River and in export channels providing a lift to futures. A closely followed crop advisor revised his US average soybean yield to 36 bushels/acre vs. 38 in his last estimate. US soybean export sales for the 2012/13 (next) marketing year are already more than 50% of the current USDA estimate vs. the 5 year average of just 22%. The sharply lower production in South America continues to push export demand to the US market. Analysts believe this trend could last well into 2013 causing US supply to tighten further given the lower US production forecast.
Pro Farmer: After the Bell Soybean Recap(Source:CME)
August soybean futures expired 23 3/4 cents higher at $16.80. Deferred months saw two-sided trade and ended mid-range and narrowly mixed. Soymeal ended with slight gains while soyoil ended mostly slightly lower. Soybean futures were initially supported by better-than-expected NOPA soybean crush data that along with firmer Gulf basis point to still-strong soybean demand and the need for more price rationing.
Brazil forward soy sales slow, shortage of physical beans-Celeres(Reuters)
Some Brazilian states seeking to lock in record-high grains prices have already sold half of their 2012/2013 soybean crop as the U.S. drought spurs fears of a global food crisis, local analyst Celeres said on Monday.
EDIBLE OIL: Malaysian crude palm oil futures hit a fresh 10-month low as improving output and slower exports in the Southeast Asian country stirred concerns over swelling stocks.(Reuters)
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