20120830 0955 Soy Oil & Palm Oil Related News.

Pro Farmer: After the Bell Soybean Recap (CME)
Soybean futures built price strength through the session, rallying into the close to finish 24 3/4 to 30 3/4 cents higher in the September through March contracts. Farther deferred futures posted slightly lesser gains. Weather played a key role in price action in the soybean market today. Hot and dry conditions are stressing soybeans across the Corn Belt this week, raising concerns about further yield losses.

Soybean Complex Market Recap (CME)
November Soybeans finished up 30 3/4 at 1753, 1 off the high and 36 1/2 up from the low. January Soybeans closed up 28 at 1742 1/2. This was 32 1/2 up from the low and 3/4 off the high. December Soymeal closed up 8.2 at 530.0. This was 10.1 up from the low and 0.6 off the high. December Soybean Oil finished up 0.91 at 57.3, 0.3 off the high and 1.18 up from the low. November soybeans exploded higher and closed near the highs of the day. Spillover support was seen from a wave of new buying in corn and wheat futures as well. Continued buying interest by China and questionable new crop yields has been supportive to price action. Hurricane Isaac slammed into the New Orleans, LA coast with winds near 80-100 miles per hour. Heavy rains and wind are expected to affect Arkansas, Mississippi, Alabama, Tennessee, Missouri, Illinois, and Indiana. Harvest delays will be seen in the southern and eastern Midwest.
Heavy rainfall from Hurricane Isaac and blistering temperatures in the western Corn Belt were also seen as supporting factors in today's trade. Temperatures are forecasted to reach highs over 95 degrees in areas of Kansas, Nebraska, Iowa, and Illinois today. Spot soybean basis at two Indiana soybean processors jumped 10-15 cents a bushels on fears that the torrential rainfall forecasted for later this week could delay the arrival of new crop soybeans and damage quality.

Argentina to help fill global soy gap - farm chamber (Reuters)
Grain powerhouse Argentina will produce a near-record soy crop in the coming season, helping to fill supply gaps left by a U.S. drought that has sparked fear of a world food crisis by pushing prices to new highs, a local farm chamber said.

EDIBLES: Malaysian crude palm oil futures slipped to the lowest in nearly a fortnight, as traders booked profits with market focus shifting to rising stocks level in the world's second-largest producer. (Reuters)