20121008 0942 Soy Oil & Palm Oil Related News.

Pro Farmer: After The Bell Soybean Recap (CME)
Soybean futures saw a choppy day of trade today and favored a weaker tone on the close. For the week, soybeans posted losses and extended the decline from contract highs. November beans ended the week about 50 cents below last week's close. Traders had plenty of demand news to digest this week, but instead focused on reports of "better-than-expected" yields.

Soybean Complex Market Recap (CME)
November Soybeans finished unchanged at 1551 1/2, 18 off the high and 7 up from the low. January Soybeans closed unchanged at 1551. This was 6 3/4 up from the low and 18 off the high. December Soymeal closed up 2.3 at 471.2. This was 3.7 up from the low and 5.4 off the high. December Soybean Oil finished down 0.25 at 51.19, 0.69 off the high and 0.21 up from the low.
November soybeans closed near 1 cent higher on the session but down about 48 1/2 cents for the week. The market saw choppy and two-sided trade early in the day and managed a strong rally to as much as 18 cents higher on the day after the pit opening. News that China bought another 180,000 tonnes of US soybeans for the 2012/13 season helped to support the market. The rally fell short of yesterday's highs as traders seem to feel that the bounce off of Wednesday's lows has helped to alleviate the short-term oversold condition of the market. The market set-back to near unchanged on the day into the mid-session due to weakness in the other grains and bearish crop production estimates for next week's reports with more and more traders looking for a 2-4 bushel per acre increase in soybean yield. While a constant flow of bullish demand news has helped to provide support, the market is still trying to absorb news of higher than expected soybean yields and weather which is very conducive to an active harvest. Basis levels on the river are firm today supported by active demand news. The solid China buying comes just one day after a weekly sales total of 1.3 million tonnes and traders are somewhat optimistic that China buyers may be active again next week after returning from holiday.

Palm Oil Exports From Indonesia Set to Sink Most in Four Months (Bloomberg)
Palm oil shipments from Indonesia, the world’s largest producer, are poised to tumble the most in four months in October because of weak demand from importers. Exports may slump 12 percent to 1.41 million metric tons from 1.6 million tons in September, according to the median of estimates from four plantation executives, a refiner and an analyst compiled by Bloomberg. That’s the biggest drop since June when shipments fell 13 percent. Output may climb to 2.43 million tons from 2.05 million, the survey showed. Stockpiles are about 2.6 million tons, according to three respondents. Palm oil has plunged 20 percent since the end of August as the global slowdown hurt demand for the oil used in everything from candy to biofuel amid an increase in production in Indonesia and Malaysia. Buyers are monitoring prices to see what the export tax will be in November, said Sahat Sinaga, executive director at the Indonesian Vegetable Oil Industry Association.
“The tax will probably decline if the price direction stays the same, by how much we will have to see,” Sinaga said on Oct. 4. Indonesia kept the tax for crude palm oil exports at 13.5 percent in October and will decide the November rate at the end of this month, using average prices in Rotterdam, Kuala Lumpur and Jakarta from Sept. 20 to Oct. 19. For now, the price decline may prompt buyers to renegotiate contracts or defer fresh orders, Sinaga said last week. Some buyers in India, the biggest importer, may default or review contracts as purchases are unprofitable, according to Atul Chaturvedi, chief executive officer of Adani Wilmar Ltd.

EDIBLE OIL: Malaysian palm oil futures gained as steep losses earlier in the week continued to lure buyers back into the market, while there was also some positioning ahead of a government decision on a proposal to cut palm oil export taxes. (Reuters)