Thursday, March 5, 2009
Trader's Comment: CPO futures recouped its previous losses and rallied strongly to end above 1900 level.
CPO futures recouped its previous losses and rallied strongly to end above 1900 level. Benchmark May09 was well supported and had been hovering between the tight range of 1870-1860 level through out the morning session. It hit intra day low at 1856 but immediately bounced back again and closed at 1864 before lunchtime. News released by Reuters poll stating that palm oil stocks may fall 8.6% to 1.67 million tones (16 month low) had succeeded in gaining back the confidence of traders as they previously were in fear of facing higher end stock level. Furthermore, the bullish sentiment in external market also helped to boost more buying activities in CPO market. Both eCBOT soy oil and Dalian palm had rose steadily, while regional equity market also recovered from yesterday’s heavy losses. Benchmark May09 started to gain momentum after second session resumed and rallied strongly until it finally settled RM47 higher at 1902 after it hit intra day high of 1910.
RTRS:Informa raises Argentine soy forecast
CHICAGO, March 4 - Analytical firm Informa Economics raised its forecast for Argentina's 2008/09 soybean crop to 44.5 million tonnes, from 43.75 million, to reflect increased plantings, trade sources said on Wednesday.
In contrast, Informa cut its Brazilian soy estimate to 57.5 million tonnes, from its previous estimate for 58.5 million, due to lower-than-expected yields in the soy state of Parana.
Informa officials had no comment on the numbers.
USDA is currently estimating the Argentine soy crop at 43.80 million tonnes and Brazilian soy output at 57 million.
In contrast, Informa cut its Brazilian soy estimate to 57.5 million tonnes, from its previous estimate for 58.5 million, due to lower-than-expected yields in the soy state of Parana.
Informa officials had no comment on the numbers.
USDA is currently estimating the Argentine soy crop at 43.80 million tonnes and Brazilian soy output at 57 million.
Drought to cut Argentine corn 36 pct, soy 10 pct
BUENOS AIRES, March 4 - Lack of rain will cut Argentina's 2008/09 soy output 10 percent from the previous season to 41.7 million tonnes, according to a special report from the Rosario Grains Exchange on Wednesday.
Corn production in the South American country will be down 36 percent in the 2008/09 season to 14 million tonnes, the report said.
Corn production in the South American country will be down 36 percent in the 2008/09 season to 14 million tonnes, the report said.
Trader's Highlight
DJI - NEW YORK, March 4 - U.S. stocks rallied on Wednesday, ending a five-day losing streak, as another Chinese stimulus package boosted commodity prices and encouraged
investors to jump into energy and natural resource shares.
News that China will increase spending on infrastructure and manufacturing drove oil and metals prices higher, helping to underpin the market after it hit a 12-year low a day earlier. Data also suggested China's economy is recovering.
The Dow Jones industrial average rose 149.82 points, or 2.23 percent, to 6,875.84. The Standard & Poor's 500 Index gained 16.54 points, or 2.38 percent, to 712.87. The Nasdaq Composite Index jumped 32.73 points, or 2.48 percent, to 1,353.74.
NYMEX - NEW YORK, March 4 - U.S. crude futures ended nearly 9 percent higher on Friday, rallying on government data showing a surprise drawdown in domestic crude supplies last week and not the increase forecast by analysts.
On the New York Mercantile Exchange, April crude settled up $3.73, or 8.96 percent, at $45.38 a barrel, the highest since the $45.73 settlement on Jan. 26. It traded from $41.04 to 45.76, the highest since Jan. 27's $47.49.
CBOT - SOYBEANS - March up 12-1/2 cents at $8.75-1/2 a bushel. Following stock market and crude oil with tight cash soy markets lending support. No deliveries on the March contract and a conflict between Argentine government and farmers supportive.
CBOT - SOYOIL - March up 0.55 cent at 30.74 cents per lb. Lifted by higher crude oil, Dow, uncertainty about Argentine exports given farmer-government conflict.
FCPO - KUALA LUMPUR, March 4 - Malaysian crude palm oil futures rose 2.53 percent Wednesday, in line with soybean oil and supported by an expected drop in stocks for February.
The benchmark May contract on the Bursa Malaysia Derivatives Exchange closed up 47 ringgit at 1,902 ringgit ($512.7) per tonne, reaching a low of 1,856 ringgit and a high of 1,910 ringgit.
REGIONAL EQUITIES - BANGKOK, March 4 - Most Southeast Asian stock markets gained on Wednesday, with Singapore bouncing from four-month lows, led by gains in CapitaLand and SingTel, while battered financial shares recovered in Thailand and Indonesia.
Optimism about the Chinese government's efforts to support its economy lifted sentiment in most Asian stock markets, with good buying interest seen in Singaporean firms whose business stands to benefit in China.
Singapore's index climbed 1.04 percent, with top developer CapitaLand surging 5.4 percent and top telecoms firm Singapore Telecommunications rising 3.2 percent.
investors to jump into energy and natural resource shares.
News that China will increase spending on infrastructure and manufacturing drove oil and metals prices higher, helping to underpin the market after it hit a 12-year low a day earlier. Data also suggested China's economy is recovering.
The Dow Jones industrial average rose 149.82 points, or 2.23 percent, to 6,875.84. The Standard & Poor's 500 Index gained 16.54 points, or 2.38 percent, to 712.87. The Nasdaq Composite Index jumped 32.73 points, or 2.48 percent, to 1,353.74.
NYMEX - NEW YORK, March 4 - U.S. crude futures ended nearly 9 percent higher on Friday, rallying on government data showing a surprise drawdown in domestic crude supplies last week and not the increase forecast by analysts.
On the New York Mercantile Exchange, April crude settled up $3.73, or 8.96 percent, at $45.38 a barrel, the highest since the $45.73 settlement on Jan. 26. It traded from $41.04 to 45.76, the highest since Jan. 27's $47.49.
CBOT - SOYBEANS - March up 12-1/2 cents at $8.75-1/2 a bushel. Following stock market and crude oil with tight cash soy markets lending support. No deliveries on the March contract and a conflict between Argentine government and farmers supportive.
CBOT - SOYOIL - March up 0.55 cent at 30.74 cents per lb. Lifted by higher crude oil, Dow, uncertainty about Argentine exports given farmer-government conflict.
FCPO - KUALA LUMPUR, March 4 - Malaysian crude palm oil futures rose 2.53 percent Wednesday, in line with soybean oil and supported by an expected drop in stocks for February.
The benchmark May contract on the Bursa Malaysia Derivatives Exchange closed up 47 ringgit at 1,902 ringgit ($512.7) per tonne, reaching a low of 1,856 ringgit and a high of 1,910 ringgit.
REGIONAL EQUITIES - BANGKOK, March 4 - Most Southeast Asian stock markets gained on Wednesday, with Singapore bouncing from four-month lows, led by gains in CapitaLand and SingTel, while battered financial shares recovered in Thailand and Indonesia.
Optimism about the Chinese government's efforts to support its economy lifted sentiment in most Asian stock markets, with good buying interest seen in Singaporean firms whose business stands to benefit in China.
Singapore's index climbed 1.04 percent, with top developer CapitaLand surging 5.4 percent and top telecoms firm Singapore Telecommunications rising 3.2 percent.
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