Breaking News-RTRS-UPDATE 1-India's Dec qtr edible oil imports jump - trade

MUMBAI, Jan 14 (Reuters) - India's edible oil imports in the December quarter rose 80 percent from a year ago after a sharp drop in global prices and in anticipation of new import duties by the federal government, a leading trade body said on Wednesday.

Breaking News-RTRS-Brazil soy, corn crop forecasts pared back-AgraFNP

SAO PAULO, Jan 14 (Reuters) - Brazil's 2008/09 soybean crop forecast was pared back to 57.85 million tonnes from the 59.2 million tonnes estimated in December, due to drought in the southern grain belt, independent analyst AgraFNP said Wednesday.

Breaking News-RTRS-NOPA December soy crush estimated at 140.2 mln bu

CHICAGO, Jan 13 (Reuters)- National Oilseed Processors Association monthly crush data to be released Wednesday morning should show a December U.S. soybean crush near 140.2 million bushels, analysts said Tuesday.
Trade estimates ranged from 138.5 million to 142 million bushels and compare with NOPA's November soy crush figure of 139.4 million.
Analysts were mixed in their views whether NOPA would report a decline or increase in soyoil stocks. Estimates ranged from up 30 million lbs to down 60 million from its November stocks figure of 2.042 billion lbs.

Trader's Highlight

DJI-NEW YORK, Jan 14 (Reuters) - U.S. stocks fell to six-week lows on Wednesday on worries about steeper losses at banks worldwide and as U.S. retail sales data pointed to a deepening recession.

Highlighting the strain banks are under, The Wall Street Journal reported that the U.S. government is close to extending billions more aid to Bank of America Corp , sending the bank's stock lower after the bell.

Fears about the banking sector were exacerbated after Morgan Stanley analysts forecast HSBC , Europe's biggest bank, is likely to halve its dividend and may need to raise up to $30 billion of capital, while Germany's Deutsche Bank said it lost more than $6 billion last quarter.

The Dow Jones industrial average <.DJI> fell 248.42 points, or 2.94 percent, to 8,200.14. The Standard & Poor's 500 Index <.SPX> gave up 29.17 points, or 3.35 percent, at 842.62. The Nasdaq Composite Index <.IXIC> lost 56.82 points, or 3.67
percent, to 1,489.64.

NYMEX-NEW YORK, Jan 14 (Reuters) - U.S. crude oil futures ended lower on Wednesday, pressured by an unexpectedly large increase last week in distillate supplies which include heating oil and diesel fuel.

On the New York Mercantile Exchange, February crude settled at $37.28, down 50 cents, or 1.32 percent, after trading from $35.52 to $39.45. Options on the contract expired at the close.

CBOT-SOYBEANS - January expired 8-1/2 cents per bushel higher at $9.78, March unchanged at $9.71-1/2 a bushel.

Weak crude oil and tumbling stock market add pressure. Fears about heat and drought damaging the crop in Argentina, world's No. 3 soy exporter, lend support in volatile trade.

NOPA pegs U.S. December soy crush 134.787 million bushels, below average estimate for 140.2 million.

CBOT-SOYOIL - January expired down 0.60 cent per lb at 34.00 cents per lb, March down 0.78 cent at 34.05 cents a pound. Weakness in crude oil prices pressuring soyoil futures.

NOPA pegs U.S. December soyoil stocks 2.176 billion lbs versus November 2.042 billion.

FCPO-KUALA LUMPUR, Jan 14 (Reuters) - Malaysian crude palm oil futures gained nearly 3 percent on Wednesday after posting sharp losses the previous day, as some investors returned to global vegetable oil markets on weather-related fears.

The benchmark March contract on the Bursa Malaysia Derivatives Exchange traded up 54 ringgit at 1,884 ringgit ($528.2) a tonne after going as high as 1,894 ringgit.

Other traded months rose between 2 and 35 ringgit <0#KPO:>. Overall trade stood at 7,559 lots of 25 tonnes each, falling from the usual 10,000 lots.

REGIONAL EQUITIES-BANGKOK, Jan 14 (Reuters-major Southeast Asian stocks ended mixed, with Singapore shares <.FTSTI> inching up 0.16 percent, Malaysian shares <.KLSE> drifting down 0.03 percent and Philippines stocks <.PSI> closing 0.56 percent lower.

DJI Daily: 8300 mark failed to hold

Immediate daily technical landscape turn weak following market violated the immediate support at 8300 mark. We are now looking the immediate support at 8000-7880. Meanwhile, upside resistance maintain at 9000.

KLSE Daily: Losing ground

Market continue to lose ground with a weak close. Downside support maintain at 910-907 followed by 901-897 (gap left over on 5/1/2009). While, upside resistance is at 925.

FKLI Daily: 900 mark manage to defend?

Market violated the immediate support at 910 to close weak had again signaled that market momentum is getting weak. We now looking for the support at 903.5-901 (gap left over on 5/1/2009) followed by 879.5-876. For upside, resistance is at 937-942.

FCPO Daily: Market is slowing down its upside move

Market retreated after the recent rebound and looks bull looks may take a breather to slow down its upside move. For now, we continue to look for downside support at 1800-1797. Upside resistance is at 1913-1935 (gap left over on 13/1/2009).