HAMBURG, Dec 2 (Reuters) - Global soybean crushings are expected to fall in 2008 because of low demand, reversing 10 years of crushing growth, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Global soybean crushings will fall by 1.5 million tonnes on the year in the last quarter of 2008 after falling 300,000 tonnes on the year in July/Sept 2008, Oil World estimates.
Wednesday, December 3, 2008
Breaking News-RTRS-Oil World sees lower U.S. December soybean stocks
HAMBURG, Dec 2 (Reuters) - U.S. soybean stocks on Dec 1, 2008, fell to 61.4 million tonnes, the lowest in five years and down 2.1 million tonnes at the same time in 2007, Hamburg-based oilseeds analysts Oil World estimated on Tuesday.
But the global market will be helped by rising Argentine stocks, which are forecast at a record 14.2 million tonnes on Dec 1, up 2.6 million tonnes on the year, it said.
But the global market will be helped by rising Argentine stocks, which are forecast at a record 14.2 million tonnes on Dec 1, up 2.6 million tonnes on the year, it said.
Breaking News-INTERVIEW-UPDATE 1-India may tax palm in a month's time-Mistry
NUSA DUA, Indonesia Dec 2 (Reuters) - India, the world's second largest vegetable oil importer, could tax crude palm oil shipments within a month, top industry analyst Dorab Mistry said on Tuesday.
"It will happen. When you say soon, it will be within a month and something will happen," Mistry told Reuters in an interview ahead of a palm oil conference in the resort island of Bali.
"They have given us the indication by a level of 20 percent on soybean oil, so usually we have seen in historical terms, they try to put both (soybean oil and palm oil) at the same level playing field."
"It will happen. When you say soon, it will be within a month and something will happen," Mistry told Reuters in an interview ahead of a palm oil conference in the resort island of Bali.
"They have given us the indication by a level of 20 percent on soybean oil, so usually we have seen in historical terms, they try to put both (soybean oil and palm oil) at the same level playing field."
Breaking News-RTRS-INTERVIEW-Asian palm fights with sunoil to dominate food sector
NUSA DUA, Indonesia Dec 2 (Reuters) - Asian palm oil exports are set to grow as more soybean oil gets channelled into the biodiesel sector but the tropical oil could find itself in competition with sunoil for a bigger share of the food market, a leading industry analyst said on late Tuesday.
Sunoil is considered to be a premium, much healthier oil and recent drops in commodity prices as well as swelling stocks have led to a rush of orders from North Africa to India, said Siegfried Falk, co-editor of Hamburg-based research firm Oil World.
Sunoil is considered to be a premium, much healthier oil and recent drops in commodity prices as well as swelling stocks have led to a rush of orders from North Africa to India, said Siegfried Falk, co-editor of Hamburg-based research firm Oil World.
Breaking News-RTRS-UPDATE 1-GM says needs fast $4 bln from U.S. to survive
DETROIT, Dec 2 (Reuters) - General Motors Corp warned the U.S. government on Tuesday that it needs a $4 billion loan by the end of December or else it faces the risk of immediate failure.
Trader's Highlight
DJI-NEW YORK, Dec 2 (Reuters) - U.S. stocks snapped back on Tuesday after a pledge by General Electric , a global bellwether, to leave its dividend intact in a fragile economy sparked optimism.
The Dow Jones industrial average <.DJI> gained 270.00 points, or 3.31 percent, at 8,419.09. The Standard & Poor's 500 Index <.SPX> rose 32.60 points, or 3.99 percent, at 848.81. The Nasdaq Composite Index <.IXIC> added 51.73 points, or 3.70 percent, at 1,449.80.
NYMEX-NEW YORK, Dec 2 (Reuters) - U.S. crude oil futures ended nearly 5 percent lower on Tuesday, extending the market's slide to more than $100 from the record intraday peak in July.
On the New York Mercantile Exchange, January crude closed down $2.32 or 4.71 percent at $46.96, the lowest settlement since prices ended at $46.80 on May 20, 2005.
CBOT-SOYBEANS - January down 19 cents to $8.27 per bushel.
Fell to six-week low and nearly a one-year low as unwinding and profit-taking of soy/corn spreads weighed on soy and supported corn. Soy had been gaining on corn over the past month. Soy also pressured by improved crop weather in Argentina
and Brazil and weak crude oil. Declines limited by firm stock markets and weaker dollar.
SOYOIL - December down 0.69 cent to 30.42 cents per lb, January down 0.63 to 30.77. Lower soybeans and crude oil weighed on soyoil.
FCPO-JAKARTA, Dec 2 (Reuters) - Malaysian palm futures ended down more than 1 percent on Tuesday, depressed by weak crude oil, although they were off their lows on expectations holiday demand may reduce stocks, traders said.
The benchmark February palm oil contract on the Bursa Malaysia's Derivatives Exchange settled down 25 ringgit, or 1.54 percent, after falling 4.17 percent to a low of 1,560 a tonne earlier in the session. Other traded contracts fell between 8 ringgit and 40 ringgit. The overall volume was 9,022 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Dec 2 (Reuters) - Southeast Asian stock markets slid
on Tuesday, taking their cues from a deep sell-off on Wall Street overnight, as grim news about the global economy continued to pile up.
The Philippine index <.PSI> slumped 4.7 percent and Singaporean shares <.FTSTI> fell 3 percent, leading falls in the region. Indonesian shares <.JKSE> dropped 2.6 percent, while Vietnam <.VNI> lost 2.3 percent. Thailand <.SETI> ended down 0.9 percent while Malaysia <.KLSE> slid 0.3 percent.
The Dow Jones industrial average <.DJI> gained 270.00 points, or 3.31 percent, at 8,419.09. The Standard & Poor's 500 Index <.SPX> rose 32.60 points, or 3.99 percent, at 848.81. The Nasdaq Composite Index <.IXIC> added 51.73 points, or 3.70 percent, at 1,449.80.
NYMEX-NEW YORK, Dec 2 (Reuters) - U.S. crude oil futures ended nearly 5 percent lower on Tuesday, extending the market's slide to more than $100 from the record intraday peak in July.
On the New York Mercantile Exchange, January crude
CBOT-SOYBEANS - January
Fell to six-week low and nearly a one-year low as unwinding and profit-taking of soy/corn spreads weighed on soy and supported corn. Soy had been gaining on corn over the past month. Soy also pressured by improved crop weather in Argentina
and Brazil and weak crude oil. Declines limited by firm stock markets and weaker dollar.
SOYOIL - December
FCPO-JAKARTA, Dec 2 (Reuters) - Malaysian palm futures ended down more than 1 percent on Tuesday, depressed by weak crude oil, although they were off their lows on expectations holiday demand may reduce stocks, traders said.
The benchmark February palm oil contract
REGIONAL EQUITIES-BANGKOK, Dec 2 (Reuters) - Southeast Asian stock markets slid
on Tuesday, taking their cues from a deep sell-off on Wall Street overnight, as grim news about the global economy continued to pile up.
The Philippine index <.PSI> slumped 4.7 percent and Singaporean shares <.FTSTI> fell 3 percent, leading falls in the region. Indonesian shares <.JKSE> dropped 2.6 percent, while Vietnam <.VNI> lost 2.3 percent. Thailand <.SETI> ended down 0.9 percent while Malaysia <.KLSE> slid 0.3 percent.
FKLI Daily: weak
Market manage to bounce back to stay above 840 level after hit the intra-day low at 831. However, the immediate technical landscape remains weak as market is losing off its strength to hold on. As for now, support is pegged at 827.5. For upside, immediate resistance is at 847-848 (gap left over 1/12/2008) followed by 864.5-865 (gap left over on 28/11/2008).
KLSE Daily: remains bearish
Market violated the critical support at 848 level and manage to bounce back to hold on at 840 level. Nevertheless, Overall technical landscape remains in bearish mode. We continue to look at the immediate support at 838-837 followed by 826. For upside, immediate resistance is at 845-848 (gap left over since 1/12/08) followed by 857-858.
DJI Daily: continue to struggle
DJI continue to struggle to look for surviving. Resistance and support maintain at 8831-8827 and 8048-8071 level respectively.
FCPO Daily: double top formation
Market remains firm as prices manage to crawl back to 1600 mark. However, upside gains were limited due to the double top formation. Thus, it may continue to cap in range trading in near term. We continue to look for the immediate support at 1556-1539 followed by 1500-1490. For upside, immediate resistance is at 1666-1675 followed by 1692-1696.
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