Soybean Complex Market Recap (CME)
January Soybeans finished down 2 1/4 at 1417 1/2, 12 off the high and 3 up from the low. March Soybeans closed down 7 1/2 at 1378. This was 1 3/4 up from the low and 16 3/4 off the high.
January Soymeal closed down 2.6 at 408.7. This was equal to the low and 4.1 off the high.
January Soybean Oil finished up 0.15 at 49.39, 0.32 off the high and 0.14 up from the low.
March soybeans traded mixed on the day but saw pressure at the closing bell to settle in negative territory. Traders continue to shift focus to the favorable weather conditions in South America and large production estimates, as well as tomorrow's big USDA report. The USDA reported this morning that US private exporters sold a total of 587,500 tonnes of soybeans to China and unknown destinations and 246,000 of the total were for delivery in 2013/14. Export sales were reported slightly below market expectations with sales coming in at 321,800 tonnes for the current marketing year and 85,000 for the next marketing year for a total of 406,800. As of January 3rd, cumulative sales stand at 85% of the USDA forecast for the current marketing year vs. a 5 year average of 71%. Sales of 160,000 tonnes are needed each week to reach the USDA forecast. Net meal sales came in at 118,200 tonnes for the current marketing year and as of January 3rd, cumulative meal sales stand at 80% of the USDA forecast vs. a 5 year average of 50.5%. Sales of 39,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 10,900 tonnes and as of January 3rd, cumulative oil sales stand at 82% of the USDA forecast vs. a 5 year average of 41%. Sales of 4,000 tonnes are needed each week to reach the USDA forecast.
European vegoils: Palm oil down on bearish data - RTRS
11-Jan-2013 02:59
ROTTERDAM, Jan 10 (Reuters) - Palm oil on the European vegetable oils market eased on Thursday following data showing disappointing Malaysian exports during the first 10 days of January and new record high palm oil stocks. OILS/E PALM/SGS PALM/ITS (Full Story)
* “Palm oil eased a little with palm oil futures but ended the day off the lows, underpinned by a weak dollar. Buyers remained cautious ahead of Friday’s fresh USDA crop and supply/demand data,” one broker said.
Palm oil was offered mostly between unchanged and $7.50 a tonne down from Wednesday after Malaysian palm oil futures closed down between 15 and 32 ringgit per tonne on further growth in already record stocks, which could rise even more after lower-than-expected exports. 0#FCPO: Feb delivery RBD palm olein changed hands at $800 and $802.50 a tonne fob Malaysia, while April/June traded $5 down from Wednesday between $847.50 and $835, and July/Sept fetched from $860 down to $847.50 and back up to $850, which was down $5 on the day. Crude palm oil changed hands at $862.50 and $865 a tonne cif Rotterdam for April/June, and July/Sept traded between $870 and $875 cif. At 1700 GMT CBOT soyoil was between 0.22 cents down and 0.14 cent per lb up, supported by a weak dollar, while position squaring ahead of the USDA supply/demand report weighed on levels. Liquid oils – soyoil, rapeoil and sunoil - were offered between 5 and 9 euros per tonne down due to the dollar weakness, which weighs on euro-priced products, and to bearish sentiment ahead of Friday’s USDA data and to prospects for a bumper South American soybean crop, which also weighed on rapeseed futures. 0#COM: Feb/April EU rapeoil changed hands at 900 euros per tonne fob exmill, down 8 euros from Wednesday, while May/July traded 11 euros down at between 900 and 987 euros, and Aug/Oct fetched 888 euros fob, down 7 euros. July/Sept EU sunoil traded between $1,235 and $1,230 a tonne extank. Lauric oils were offered between unchanged and $15 a tonne down from Wednesday in sympathy with palm oil.
VEGOILS-Palm falls to 3-wk low on slowing exports, high stocks BOZ2 DBYF3 FCPOc3 - RTRS
10-Jan-2013 18:26
Malaysia's Jan 1-10 palm exports fall 25 pct -ITS Exports drop 34 pct for same period -SGS Malaysia Dec palm oil stocks up 2.4 pct to record 2.63 mln tonnes -MPOB
(Updates prices, adds SGS exports data)
By Chew Yee Kiat
SINGAPORE, Jan 10 (Reuters) - Malaysian palm oil futures fell to a three-week low on Thursday, weighed down by falling exports and persistently high stocks in the world's No.2 producer of the edible oil.
Exports of Malaysian palm oil products for Jan. 1-10 tumbled 25 percent to 373,462 tonnes from a revised 499,732 tonnes shipped during Dec. 1-10, cargo surveyor Intertek Testing Services said on Thursday. PALM/ITS
Another cargo surveyor, Societe Generale de Surveillance, reported a steeper 34 percent drop in exports during the same period, to 343,081 tonnes. PALM/SGS
The fall came despite Malaysia's zero percent export tax that was expected to boost crude palm oil shipments and amid stricter Chinese regulations on edible oil imports that may have deterred some exporters.
"Exports were bad for the first ten days. A lot of people think that with the new tax structure, exports should improve, but it's not necessarily so because for the past few years we already have a 3-million-tonne per year duty-free export quota," said a trader with a foreign commodities brokerage in Malaysia.
"For the longer term, yes, the tax structure is positive but if you expect an immediate impact for the first ten days, I don't think it's possible."
The benchmark March contract FCPOc3 on the Bursa Malaysia Derivatives Exchange lost 1.2 percent to close at 2,383 ringgit ($789) per tonne, off an earlier low at 2,356 ringgit, a level not seen since Dec. 21.
Total traded volume stood at 50,625 lots of 25 tonnes each, more than twice the usual 25,000 lots.
Palm oil could face further pressure as data released by the Malaysian Palm Oil Board after the midday break showed stocks climbed 2.4 percent from the previous month to a new record at 2.63 million tonnes, fuelling concerns that inventory levels could remain high well into January. (Full Story)
The data went against market expectations that stocks are likely to have dropped 2.5 percent to 2.5 million tonnes. PALM/POLL
Malaysia's weather office maintained its forecast for heavy rain, saying the downpour may cause floods in low-lying areas in the key palm producing state of Sarawak and could disrupt harvesting.
Brent crude futures jumped towards $113 on Thursday after news of a sharp cut in Saudi oil production, an explosion in Yemen which halted most of the country's oil exports and following bullish Chinese trade data. O/R
In competing vegetable oil markets, U.S. soyoil for March delivery BOH3 was flat in late Asian trade, with investors awaiting a U.S. Department of Agriculture supply-demand report due to be released on Friday. GRA/
The most active May soybean oil contract DBYcv1 on the Dalian Commodity Exchange had edged up 0.2 percent by 0540 GMT.
Palm oil stocks at all time high
Palm oil stocks rose to an all-time high of 2.62m tonnes in Dec 2012, higher than expectations of 2.5m tonnes. CPO stocks decreased by 5.5% to 1.58m tonnes, but processed palm oil jumped 17.2% to 1.05m tonnes. Production fell by 5.8% m-o-m to 1.78m tonnes and export fell 0.7% m-o-m to 1.64m tonnes. (Financial Daily)
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