Wednesday, August 13, 2008

Trader's Highlight

DJI-NEW YORK, Aug 12 (Reuters) - U.S. stocks fell on Tuesday, as bank shares tumbled on fresh worries about the economy and further losses stemming from the mortgage crisis. News that JPMorgan Chase has racked up $1.5 billion of losses so far this quarter on mortgage-linked assets sent the bank's stock down more than 9 percent.

The Dow Jones industrial average <.DJI> fell 139.88 points, or 1.19 percent, to 11,642.47, while the Standard & Poor's 500 Index <.SPX> slid 15.73 points, or 1.21 percent, to 1,289.59. The Nasdaq Composite Index <.IXIC> dropped 9.34 points, or 0.38 percent, to 2,430.61.

NYMEX-NEW YORK, Aug 12 (Reuters) - U.S. crude oil futures ended lower for a third day in a row, buffeted by worries about falling demand and a stalled dollar rally after prices rose as oil and gas pipelines running through Georgia were shut.

On the New York Mercantile Exchange, September crude settled down $1.44, or 1.26 percent, at $113.01 a barrel, trading from $112.31, lowest since May 2, to $115.95.

CBOT-SOYBEANS - August up 5 cents at $12.20 per bushel,most-active November up 18 cents at $12.14.Supported by a smaller-than-expected number for soy production in USDA's August crop production report. U.S. soy ending stocks remain tight.

USDA estimated 2008 U.S. soybean production at 2.973 billion bushels, below an average of analysts' estimates for 3.001 billion. USDA lowered its soy yield estimate to 40.5 bushels per acre, down from 41.6 in July. [ID:nDAT001109]

But USDA raised its estimate of harvested soybean acres to 73.3 million, up from 72.1 million in July.

SOYOIL - August down 0.58 at 49.83 cents per lb.Following a drop in crude oil. Market underpinned by firm trend in soybeans after USDA's August crop report.

FCPO-KUALA LUMPUR, Aug 12 (Reuters) - Malaysian crude palm oil futures fell as much as 4.1 percent on Tuesday to hit a fresh 10-month low as faltering crude oil prices and expectations of higher global stocks pressured vegetable oil prices.

The benchmark October contract fell on the Bursa Malaysia Derivatives Exchange as much as 110 ringgit to 2,561 ringgit ($770.9) per tonne, breaking well past a key resistance level of 2,600 ringgit for the first time this year.

REGIONAL EQUITIES-Aug 12 (Reuters) -Economic growth worries weighed on Southeast Asian markets.Malaysia <.KLSE> fell 0.8 percent,Singapore <.FTSTI> edged 0.3 percent lower while the Philippine index <.PSI> eased 0.5 percent lower.