Wednesday, November 11, 2009

Trader's Highlight

DJI-NEW YORK, Nov 10 (Reuters) - U.S. stocks finished little changed on Tuesday as investors paused after the Dow touched a 13-month high the previous day, while the U.S. dollar edged up from a 15-month low against major currencies.

The Dow Jones industrial average <.DJI> ended up 20.03 points, or 0.20 percent, at 10,246.97. The Standard & Poor's 500 Index <.SPX> ended down 0.07 point, or 0.01 percent, at 1,093.01. The Nasdaq Composite Index <.IXIC> finished down 2.98 points, or 0.14 percent, at 2,151.08.

NYMEX-NEW YORK, Nov 10 (Reuters) - U.S. crude futures ended lower on Tuesday, retreating from an early high above $80 a barrel on the fading threat from tropical weather in the Gulf of Mexico and the dollar's bounce.

"Crude pulled back from its highs because the dollar bounced a bit and there was no sizzle after the Ida fizzle," said Andrew Lebow, broker at MF Global in New York.

On the New York Mercantile Exchange, December crude fell 38 cents, or 0.48 percent, to settle at $79.05 a barrel, trading from $77.89 to $80.51. Crude ended Globex electronic post-settlement trading down 59 cents at $78.84, little changed by the API data release.

CBOT-SOYBEANS - November down 2-3/4 cents per bushel at $9.61-1/2. January down 4 at $9.68.

Pressure from USDA's November crop production report that showed 2009 U.S. production above an average of analysts' estimates and ending stocks for 2009/10 also above estimates.

USDA pegged 2009/10 U.S. ending stocks at 270 million bushels, above average estimate for 236 million.

USDA said 2009 U.S. soy production a record high 3.319 billion bushels, above average estimate for 3.262 billion.

USDA increased its estimate for Brazil's 2010 soy production to 63.0 million tonnes from previous 62.0 million and increased its forecast for Argentina's production to 53.0 million from the previous 52.5 million tonnes.

CBOT-SOYOIL - December down 0.21 cent per lb at 37.56 cents. Following soybeans. USDA trimmed U.S. 2009/10 soyoil end stocks forecast to 2.304 billion lbs, from 2.380 billion.

FCPO
-JAKARTA, Nov 10 (Reuters) - Malaysian crude palm oil futures fell on Tuesday on fears that palm stocks in the world's number 2 producer may rise to a previous record above 2 million tonnes after climbing faster than expected in October, traders said.

The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 24 ringgit to 2,242 ringgit ($662.73) per tonne, after going as high as 2,285 ringgit. Overall volume was 11,963 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Nov 10 (Reuters) - Singapore shares climbed to their
highest in three weeks and Malaysian stocks hit 17-month highs on Tuesday as palm oil firms such as Wilmar and Sime Darby extended gains amid optimism about the outlook for palm prices.

CIMB Research upgraded Asia's plantation industry to "overweight" from "neutral" as it raised its crude palm oil price forecasts for the next two years by 7-18 percent. Macquarie Research has also upgraded its view on the plantation sector.

Singapore's index <.FTSTI> rose 0.5 percent, with Wilmar International adding 1.7 percent and Noble Group rising 2.2 percent. The benchmark Straits Times Index <.FTSTI> earlier touched its highest since Oct. 20.

Malaysia's index <.KLSE> ended up 0.5 percent at its highest since May 23, 2008, with Sime Darby up 0.3 percent and Kuala Lumpur Kepong 1.2 percent higher.