20121121 0937 Soy Oil & Palm Oil Related News.

SGS CPO export down 3.8% to 1,010,417 tonnes for the period of 1~20 Nov 2012.

Soybean Complex Market Recap (CME)
January Soybeans finished up 18 at 1412 3/4, 3 1/4 off the high and 32 up from the low. March Soybeans closed up 14 1/4 at 1396 1/4. This was 30 1/4 up from the low and 2 3/4 off the high. December Soymeal closed up 5 at 429.6. This was 9.5 up from the low and 1.6 off the high. December Soybean Oil finished up 0.43 at 48.32, 0.11 off the high and 0.69 up from the low. January soybeans saw double digit gains today on thoughts that the complex was slightly oversold which triggered a round of short covering shortly after pit trading began. Firm cash markets and strong export demand helped to support the sharp move higher. Argentina and Brazil soybean production was cut by a well-known market analyst overnight which added momentum to the positive trade throughout the day. Farmer sales of soybeans in Brazil were reported at 49% last week which was unchanged from the week prior vs. the 5 year average of 25%. Higher prices early on prompted a wave of new sales by Brazilian farmers but the recent decline in prices has slowed additional sales. Weather conditions in South America have been mostly favorable so far this crop year. Drier than normal conditions in central and northern Brazil early in year were a concern but rainfall over the last couple weeks have helped soil conditions. Concern is beginning to form around southern Brazil which has been trending drier than normal this month. Argentina has heavy rainfall in the forecast for the middle of this week followed by another period of dry weather thereafter. The wetter forecast for Argentina has delayed corn planting in areas which could mean some acreage is actually shifted over to soybeans which could be considered a long term negative to the price trend. The USDA "corrected" yesterday's 20,000 soybean oil sale to an unknown destination from US origin, to optional origin.

Argentine soy planting helped by recent sunshine (Reuters)
Argentina's main farm areas benefited from good weather last week and over the weekend, helping growers advance soy planting that has been delayed by months of heavy rain and flooding, a meteorologist said on Monday.

EDIBLES: Malaysian palm oil futures edged lower as investors booked profits after the contract hit a more than two week high earlier in the day and as export demand continued to show signs of slowing. (Reuters)