20120817 1034 Soy Oil & Palm Oil Related News.

Soybean Complex Market Recap (Source: CME)
November Soybeans finished down 9 1/4 at 1625 1/4, 18 off the high and 5 3/4 up from the low. January Soybeans closed down 10 3/4 at 1614 3/4. This was 3 3/4 up from the low and 18 1/4 off the high. December Soymeal closed down 4.2 at 489.6. This was 1.3 up from the low and 8.8 off the high. December Soybean Oil finished down 0.05 at 53.66, 0.37 off the high and 0.2 up from the low. November soybeans traded lower into the closing bell after storm systems brought better than expected rainfall to Iowa and Wisconsin overnight. Soybean meal and oil traded lower as well. Weather this week and into the end of August remains favorable for soybeans but 25-35% of Midwest will remain stressed. Export sales were supportive this morning but soybeans shook off the news and took profits following yesterday's gains. Total net weekly export sales came in at 1,021,800 tonnes. As of August 9, cumulative soybean sales stand at 54% of the USDA forecast for 2012/2013 vs. the 5 year average of 24%. Net soybean meal sales totaled 130,700 tonnes which was in line with market expectations. The USDA also announced that private exporters sold 123,900 tonnes of soybean cake and meal to the Philippines for 2012/13 delivery. Net oil sales totaled 1,500 tonnes. The Argentina Agriculture Ministry held it's soybean production forecast at 40.1 million tonnes for 2011/12. The US Dollar traded lower on the day but offered no support to soybean futures.

EDIBLE OIL: Malaysian crude palm oil futures edged up to a near 2-week high as exports staged a tentative recovery, signalling stocks could come under pressure. (Reuters)