20120829 1004 Soy Oil & Palm Oil Related News.

Pro Farmer: After the Bell Soybean Recap(CME)
Soybean futures were highly choppy today but ended near opening levels to post slight gains. Nearby contracts ended around 2 to 3 cents higher, with deferreds posting slightly stronger gains in the range of 6 to 8 cents. Periods of profit-taking were met with fresh buying on signs prices have not yet rallied enough to dramatically slow demand.

Soybean Complex Market Recap(CME)
November Soybeans finished up 3 1/2 at 1722 1/4, 8 3/4 off the high and 21 1/4 up from the low. January Soybeans closed up 3 1/4 at 1714 1/2. This was 21 up from the low and 8 1/4 off the high.
December Soymeal closed up 3.1 at 521.8. This was 8.5 up from the low and 3.3 off the high.
December Soybean Oil finished down 0.17 at 56.39, 0.49 off the high and 0.41 up from the low.
November soybeans closed slightly higher on the day. Soybean meal ended the day higher while soybean oil ended the day lower. Midsession strength in soybeans was linked to news that US private exports sold 110,000 tonnes of US soybeans to China for 2012/13. Traders cited thin volume which made for a choppy, two sided trading range. Spot basis in the Gulf of Mexico firmed today as physical traders covered nearby needs in case Hurricane Isaac dramatically disrupts the supply chain to the export market. The Hurricane is expected to bring torrential rainfall for areas of the southeast and delta but the positive impact might be limited as most soybeans are nearly ready for harvest in the area. Showers are also expected to push north towards Illinois later this week which could ease stress on late planted soybeans and help soil moisture levels. The US Dollar was lower for most of the day which provided support to the commodity complex.

EDIBLES: Malaysian crude palm oil futures slid as investors took profit after the market hit a six-week high the previous session, with traders watching for a big stocks build-up to weigh on prices. (Reuters)