20120816 0954 Soy Oil & Palm Oil Related News.

Pro Farmer: After the Bell Soybean Recap(Source:CME)
Soybean futures were supported throughout the day by tightening supplies. Nearby soybean futures ended 30-plus cents higher. Gulf basis levels have surged recently to suggest supplies are tightening and demand remains strong. And while the crop in some areas has benefited from recent rains, there is still concern about the ability of the crop to properly fill pods as rains haven't been widespread and drier conditions are expected next week.

Soybean Complex Market Recap (Source:CME)
November Soybeans finished up 36 1/2 at 1634 1/2, 1 1/2 off the high and 37 1/4 up from the low. January Soybeans closed up 32 3/4 at 1625 1/2. This was 32 3/4 up from the low and 1 3/4 off the high. December Soymeal closed up 14.4 at 493.8. This was 14.5 up from the low and 0.6 off the high. December Soybean Oil finished up 0.28 at 53.71, 0.16 off the high and 0.43 up from the low. November soybeans settled near the highs of the day following two straight days of losses. Cash soybean levels along the Mississippi River spiked higher today as traders attempt to buy nearby supplies to fulfill export sales. Domestic crush margins remain positive as demand for soybean meal accelerates. The weather forecast for the rest of August provides a slightly bearish outlook for soybeans with cooler temperatures and better rainfall. However, a closely followed commodity weather analyst suggests that 35% of the US Midwest will remain stressed this week. The favorable outlook for soybean yields is being offset by surging domestic and international demand for soybeans and soybean meal. Analysts believe this trend could last well into 2013 causing US supply to tighten further given the lower US production forecast. Soybeans also saw support on reports that Brazil could trend drier this week and a drier than normal pattern could return in their peak growing season later this year.

EDIBLE OIL: Malaysian crude palm oil futures gained slightly as last-minute buying on rising exports for the first half of August erased losses posted earlier in the session. (Reuters)