20120906 1019 Soy Oil & Palm Oil Related News.

Pro Farmer: After the Bell Soybean Recap (CME)
Soybean futures closed with losses of 17 1/2 to 23 cents in the September through March contracts. Farther deferred futures posted losses in the 5 to 10-cent range. Soybean futures faced pressure from weakness in the cash market. The bulk of the pressure on soybean basis is coming from interior bids in anticipation of the start of harvest. Still, basis remains strong overall amid tight supplies and active global end-user demand. That should limit near-term downside pressure on basis and futures.

Soybean Complex Market Recap (CME)
November Soybeans finished down 20 3/4 at 1747 1/2, 22 1/4 off the high and 5 up from the low. January Soybeans closed down 20 at 1746 1/4. This was 4 1/4 up from the low and 21 1/4 off the high. December Soymeal closed down 8.4 at 525.0. This was 1.7 up from the low and 9.1 off the high. December Soybean Oil finished down 0.25 at 57.97, 0.27 off the high and 0.31 up from the low.
November soybeans traded sharply lower into the close and settled near the lows of the day. Pressure was also seen in soybean meal and soybean oil throughout today's trade. Thoughts that recent rainfall has benefited soybeans crops in the eastern Corn Belt, along with views that the market may be slightly overbought triggered profit taking by bulls and added to the downside momentum. Gulf of Mexico soybean basis was mostly steady today on slow barge movement down the Mississippi River. Processor bids in the central Midwest have weakened this week as traders await new crop harvest. Calendar spread weakness along with the soft cash market offered a negative tilt to the market throughout the day. Outside markets were mixed with US Stocks trading slightly higher and the US dollar traded lower for most of the day but offered limited support to soybeans.

Malaysian crude palm oil prices slipped to a one-week low on market expectations of rising stockpiles in the world's second biggest producer. (Reuters)