20120824 0953 Soy Oil & Palm Oil Related News.

Soybean Complex Market Recap  (Source:CME)
November Soybeans finished down 12 3/4 at 1715, 29 3/4 off the high and 10 3/4 up from the low. January Soybeans closed down 9 at 1706. This was 12 up from the low and 26 1/2 off the high. December Soymeal closed down 4.4 at 515.3. This was 4.3 up from the low and 10.8 off the high. December Soybean Oil finished down 0.06 at 56.77, 0.43 off the high and 0.42 up from the low. November soybeans closed sharply lower on the day but off session lows. Soybean meal traded weaker, in line with soybeans, however soybean oil only saw marginal loses. Pressure came from technical selling and profit taking in calendar spreads. Spot basis bids for soybeans softened at processing facilities in the Midwest after farmer selling increased as futures rose earlier this week. A large crop tour continues to report below average pod counts and poor plant conditions today. Crop scouts are citing small plants and aborted pods. Net weekly export sales for soybeans totaled 718,700 tonnes which was in line with market estimates. As of August 16, cumulative soybean sales stand at 56% of the USDA forecast for 2012/2013 versus a 5 year average of 26%. The strong pace of sales reflects the robust demand from China in the last month. Total net meal sales came in at 345,400 tonnes and net oil sales totaled 5,200 tonnes. Outside market offered no direction with crude oil trading lower along with the US Dollar.

Pro Farmer: After the Bell Soybean Recap (Source:CME)
September soybeans ended 20 3/4 cents lower and November closed 12 3/4 cents lower -- both a low-range finish. But the rest of the market came off the lows to end 4 1/4 to 9 cents lower. Early losses were limited by fresh demand news, but that gave way to profit-taking pressure and sell tops being triggered.

EDIBLES: Malaysian crude palm oil futures were almost flat after hitting a one-month high earlier, with traders turning a little cautious as the worst drought in the U.S. Midwest in 56 years pushes oilseed prices higher. (Reuters)