ITS CPO export down 3.3% to 1,023,517 tonnes for the period of 1~20 Nov 2012.
Soybean Complex Market Recap (CME)
January Soybeans finished up 11 1/2 at 1394 3/4, 8 off the high and 9 1/4 up from the low. March Soybeans closed up 14 at 1382. This was 12 up from the low and 7 off the high. December Soymeal closed unchanged at 424.6. This was 1.2 up from the low and 5.9 off the high. December Soybean Oil finished up 0.84 at 47.89, 0.21 off the high and 1.05 up from the low. January soybeans traded higher on the day after some suggested the complex was oversold in the short term and the sharp recovery in the US Stock market seemed to help trigger a round of short covering. The US Dollar traded lower on the day which added to the upside momentum. Soybean meal saw modest gains and oil led the complex higher as speculators covered short positions and following news that US exporters sold 20,000 tonnes of US soybean oil to an unknown destination for the 2012/13 crop year. Gains were limited due to favorable weather conditions in South America over the next two weeks however the strong pace of US export shipments continues to add underlying buying support. Export inspections for the week ending November 15th were reported at an explosive 62 million bushels vs. 64 million last week. Soybean shipments are exceeding the pace needed to reach this crop years USDA estimate by 47.2 million bushels. The cumulative inspection pace is averaging 45% of the current USDA export estimate vs. the 5 year average of 26%. The data is supportive to soybeans long term but some traders believe Chinese demand may be deteriorating after they reportedly canceled cargos last week.
China to halt regular state soy sales from this week –CNGOIC (Reuters)
China, the world's top soy buyer, will temporarily halt regular state soy sales from this week as Beijing starts a stockpiling programme for the oilseed, an official think tank said on Monday, to improve margins for soy plants and spur imports.
EDIBLES: Malaysian palm oil futures rose to their highest in two weeks tracking climbs in soybeans and rival soybean oil, although caution ahead of export data later in the day kept gains in check. (Reuters)
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