KUALA LUMPUR, March 11 - Malaysian crude palm oil stocks in February fell 14.7 percent to 1,561,151 tonnes from a revised 1,829,357 tonnes in January, official crop agency Malaysian Palm Oil Board (MPOB) said on Wednesday.
Palm oil output was down 10.7 percent in February from the previous month while exports dropped 7.2 percent, the MPOB data showed.
Wednesday, March 11, 2009
RTRS-Malaysia palm to fall 10 pct on slow demand -Fry
KUALA LUMPUR, March 11 - Malaysian crude palm oil prices will probably drop at least 10 percent in the next 6 months as a worsening global recession reduces food and fuel consumption, senior analyst James Fry said on Wednesday.
"If crude oil stays at these kinds of levels, just below $45, I would see a fall of over 10 percent," Fry told Reuters on the sidelines of an industry seminar. "If crude oil goes down, then the price will fall more." Bursa Malaysia palm oil futures edged lower on Wednesday, with the benchmark May contract down 2 ringgit to 1,993 ringgit per tonne.
"If crude oil stays at these kinds of levels, just below $45, I would see a fall of over 10 percent," Fry told Reuters on the sidelines of an industry seminar. "If crude oil goes down, then the price will fall more." Bursa Malaysia palm oil futures edged lower on Wednesday, with the benchmark May contract
Asian palm oil exports set to rise again-Oil World
HAMBURG, March 10- Palm oil exports by key producer Malaysia and its rival Indonesia are set to rise again this season as the global food industry becomes more dependent on palm oil, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Malaysia's October 2008/September 2009 palm oil exports are likely to rise to 15.83 million tonnes from 15.04 million tonnes in the same 2007/08 period, it estimates.
Indonesia's 2008/09 exports are forecast to rise to 15.63 million tonnes from 14.10 million tonnes.
Malaysia's October 2008/September 2009 palm oil exports are likely to rise to 15.83 million tonnes from 15.04 million tonnes in the same 2007/08 period, it estimates.
Indonesia's 2008/09 exports are forecast to rise to 15.63 million tonnes from 14.10 million tonnes.
Trader's Highlight
DJI - NEW YORK, March 10 - U.S. stocks posted their best day in four months on Tuesday after Citigroup said it was profitable in the first two months of 2009.
Major indexes jumped off 12-year lows in heavy trading after a key lawmaker said he expected the reinstatement of a rule that makes it harder to bet that a stock will fall.
The Dow Jones industrial average gained 379.44 points, or 5.80 percent, to 6,926.49. The Standard & Poor's 500 Index climbed 43.07 points, or 6.37 percent, to 719.60. The Nasdaq Composite Index jumped 89.64 points, or 7.07 percent, to 1,358.28.
NYMEX - NEW YORK, March 10 - U.S. crude futures were lower in post-settlement trading on Tuesday after inventory data from the industry group American Petroleum Institute showed domestic crude stocks fell last week, but gasoline supplies rose, countering forecasts in a Reuters poll.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), April crude was down $1.49, or 3.17 percent, at $45.58 a barrel. It earlier settled down $1.36, or 2.89 percent, at $45.71, trading from $45.33 to $48.32.
CBOT - SOYBEANS - March up 8 cents at $8.89 a bushel. Strength in equities rally soybeans in addition to firm cash markets.
CBOT - SOYOIL - March up 0.21 cent at 30.72 cents per lb. Spillover support from gains in soy and crude oil.
FCPO - JAKARTA, March 10 - Malaysian crude palm oil rose 2.8 percent to their highest close in three weeks on Tuesday, on the back of strong exports and higher soybean prices, although some late selling took prices off their best, traders said.
The benchmark May contract on the Bursa Malaysia Derivatives Exchange climbed 55 ringgit, or 2.8 percent, to 1,995 ringgit ($541) per tonne, coming off an intra-day high of 2,010 ringgit.
REGINOAL EQUITIES - BANGKOK, March 10 - Singapore shares gained nearly 2 percent on Tuesday as beaten bank shares recovered some of their recent losses, while other Southeast Asian markets were mixed, reflecting concern over the global financial crisis.
Singapore's Straits Times Index closed up 1.98 percent, recouping part of a 5.3 percent loss in the past three sessions, with Southeast Asia's biggest bank, DBS Group, which fell to a 10-year low on Monday, up 4.7 percent.
Thai stocks climbed 1.5 percent, Indonesia was up 1.1 percent and Vietnam shares rose for a second day, adding 1.6 percent.
However, Malaysia ended 0.35 percent lower and the Philippine index fell for a third day, down 0.92 percent at its lowest since March 4.
Major indexes jumped off 12-year lows in heavy trading after a key lawmaker said he expected the reinstatement of a rule that makes it harder to bet that a stock will fall.
The Dow Jones industrial average gained 379.44 points, or 5.80 percent, to 6,926.49. The Standard & Poor's 500 Index climbed 43.07 points, or 6.37 percent, to 719.60. The Nasdaq Composite Index jumped 89.64 points, or 7.07 percent, to 1,358.28.
NYMEX - NEW YORK, March 10 - U.S. crude futures were lower in post-settlement trading on Tuesday after inventory data from the industry group American Petroleum Institute showed domestic crude stocks fell last week, but gasoline supplies rose, countering forecasts in a Reuters poll.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), April crude was down $1.49, or 3.17 percent, at $45.58 a barrel. It earlier settled down $1.36, or 2.89 percent, at $45.71, trading from $45.33 to $48.32.
CBOT - SOYBEANS - March up 8 cents at $8.89 a bushel. Strength in equities rally soybeans in addition to firm cash markets.
CBOT - SOYOIL - March up 0.21 cent at 30.72 cents per lb. Spillover support from gains in soy and crude oil.
FCPO - JAKARTA, March 10 - Malaysian crude palm oil rose 2.8 percent to their highest close in three weeks on Tuesday, on the back of strong exports and higher soybean prices, although some late selling took prices off their best, traders said.
The benchmark May contract on the Bursa Malaysia Derivatives Exchange climbed 55 ringgit, or 2.8 percent, to 1,995 ringgit ($541) per tonne, coming off an intra-day high of 2,010 ringgit.
REGINOAL EQUITIES - BANGKOK, March 10 - Singapore shares gained nearly 2 percent on Tuesday as beaten bank shares recovered some of their recent losses, while other Southeast Asian markets were mixed, reflecting concern over the global financial crisis.
Singapore's Straits Times Index closed up 1.98 percent, recouping part of a 5.3 percent loss in the past three sessions, with Southeast Asia's biggest bank, DBS Group, which fell to a 10-year low on Monday, up 4.7 percent.
Thai stocks climbed 1.5 percent, Indonesia was up 1.1 percent and Vietnam shares rose for a second day, adding 1.6 percent.
However, Malaysia ended 0.35 percent lower and the Philippine index fell for a third day, down 0.92 percent at its lowest since March 4.
Trader's Comment: Palm oil futures ended generally higher on strong export and supportive external vege oil market
Palm oil futures ended generally higher on strong export and supportive external vege oil market. Steady overnight NYMEX crude oil coupled with the release of strong export data for the period of 1-10 Mar by private cargo surveyor ITS (an increase of 11.2%) prior to market open sent Benchmark May09 to gap up RM40 higher at 1980 during opening bell. FCPO prices had then rose steadily through out the rest of the day until it hit intra day high of 2010 in the second session, despite the second private cargo surveyor SGS reported a mere increase of 1.2% of export data. The emerged of some profit taking activities in late trading saw Benchmark May09 to ease off slightly and settle RM55 higher at 1995. Supportive external factors had also helped lifting the CPO market sentiment. Both eCBOT soy oil and Dalian palm edged up higher for more than 2%. Traders were also anticipating some good comments from the top industry analyst in tomorrow’s long awaited Price Outlook Conference. World renown vegetable oil speaker Mr. Dorab Mistry in a sideline interview said Malaysian end stocks may draw down to 1.5 million tones also had added the market sentiment.
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