Thursday, January 10, 2013

20130110 1246 Soy Oil & Palm Oil Related News.

ITS CPO export down 25% to 373,462 tonnes for the period of 1~10 Jan 2013.

MPOB Official Data for the month of Dec 2012 vs Nov 2012
Exports down 0.7% to 1.65 million tonnes
Stocks up 2.4% to 2.63 million tonnes
Output down 5.9% to 1.78 million tonnes

Soybean Complex Market Recap (CME)
January Soybeans finished up 6 at 1419 3/4, 3 1/4 off the high and 10 1/2 up from the low. March Soybeans closed down 1 at 1385 1/2. This was 5 1/2 up from the low and 7 1/2 off the high.
January Soymeal closed up 0.4 at 411.0. This was 2.8 up from the low and 0.5 off the high.
January Soybean Oil finished up 0.1 at 49.24, 0.15 off the high and equal to the low.
March soybeans traded nearly unchanged on the day as traders positioned ahead of Friday's USDA report. There were reports yesterday that soybean cargos were sold to China out of South America for next spring which was seen as a negative to price direction and suggests buyers are beginning to shift away from the US border for cheaper cargos elsewhere. The USDA announced this morning that US exporters sold 120,000 tonnes of optional origin soybeans to China for 2013/14 delivery. The Brazilian government agency CONAB raised their 2012/13 soybean crop production estimate to 82.68 million tonnes vs. 82.6 in December. The USDA is currently projecting 81 million tonnes and some private analysts are estimating production near 85 million tonnes. The trade expects the USDA to raise their current estimate to 82.75 million tonnes on Friday. Argentina production is estimated at 54.75 million tonnes vs. current USDA estimates of 55 million tonnes.

China's Jan-Feb soy imports seen tumbling after year-end binge (Reuters)
China is likely to scale back soybean purchases in January and February by more than a third after buying unusually high amounts at the end of 2012, with a drop in poultry consumption also dulling the nation's appetite.

EDIBLE OIL: Malaysian palm oil futures rebounded from a more-than-two-week low snapping four consecutive days of losses, although gains were limited by investor caution ahead of a slew of key industry data this week. (Reuters)

European vegoils: Palm oil firmer on position squaring - RTRS
10-Jan-2013 02:28
ROTTERDAM, Jan 9 (Reuters) - Palm oil on the European vegetable oils market firmed a little on Wednesday as speculators squared positions ahead of fresh export and stocks data. OILS/E
Malaysian palm exports for the first 10 days of January and MPOB palm oil stocks for December are due on Thursday and on Friday USDA supply/demand data will be issued.* “Many speculators bought futures ahead of the fresh data in the hope the figures will turn out bullish, but on the cash market buyers were cautious expecting that already record high palm oil stocks could rise further,” one broker said.
Palm oil was offered between $5 and $12.50 a tonne up from Tuesday after Malaysian palm oil futures closed between 30 ringgit per tonne up and 10 ringgit down, mostly underpinned by hopes that exports in January will be optimistic. 0#FCPO: April/June RBD palm olein traded $2.50 a tonne up from Tuesday at $837.50 and $840 a tonne fob Malaysia and April/June changed hands at $850 and $855, up $2.50 also. At 1700 GMT, CBOT soyoil was between 0.09 and 0.23 cents per lb up on position evening ahead of the USDA supply/demand report. Liquid oils – soyoil, rapeoil and sunoil - were offered between eight euros per tonne down and four euros up from Tuesday with the market mostly going in all directions ahead of the key market data this week and supported by stronger rapeseed futures. 0#COM: Feb/April EU rapeoil changed hands at 908 euros per tonne fob exmill, up seven euros from Tuesday, May/July traded four euros up at between 905 and 908 euros and Aug/Oct fetched 895 euros fob. Lauric oils were offered between unchanged and $10 a tonne down from Tuesday as sellers tried to find buying interest. Coconut oil changed hands at $820 a tonne cif Rotterdam for March/April, the same position in palmkernel oil fetched $795 a tonne cif Rotterdam.

Cooking Oil Imports by India Seen Surging After Palm Oil Plunge (Bloomberg)
Cooking oil imports by India, the world’s second-largest user, probably jumped in December after palm oil prices slumped to a three-year low and farmers curbed domestic oilseed sales.
Purchases rose 34 percent to 900,000 metric tons in December from 669,912 tons a year earlier, according to the median of estimates from five processors and brokers compiled by Bloomberg. Imports of crude and refined palm oils probably gained 38 percent to 750,000 tons from 543,830 tons, the survey showed. The Solvent Extractors’ Association of India will publish data next week.
Palm oil dropped 23 percent in Kuala Lumpur last year, the worst slump since the financial crisis in 2008, as slowdowns in Europe and China curbed demand, boosting stockpiles in Indonesia and Malaysia, the biggest producers. Increased imports by India, the biggest palm oil buyer, may help pare inventories and stem the slide in futures. Reserves in Malaysia were probably 2.53 million tons in December, near a record 2.56 million tons a month earlier, according a Bloomberg survey.
“Prices have been cheaper than last year and there is good demand,” said Govindlal G. Patel, managing partner at GG Patel & Nikhil Research Co. “The local soybean harvesting is going on, but the oil content in the seed is lower and availability of oil is not comfortable.”

No comments: