RTRS-Malaysian palm futures to weaken in H2 2009 -Mistry

KUALA LUMPUR, March 12 (Reuters) - Malaysian palm oil futures may come under pressure in the second half of 2009 on weaker soyoil prices as well as an uptick in output from August and slower shipments, a top industry analyst said on Thursday.
But for the moment, palm prices could cross 2,000 ringgit ($541.4) per tonne and test the 2,100 ringgit level in the next few weeks as stock levels fall in top producers Malaysia and Indonesia, said Dorab Mistry, whose views are closely followed by the market.
Mistry, head of vegetable oils trading with Indian conglomerate Godrej, said the price of palm oil had done well in recent months due to strong exports but this had eroded its competitive advantage over rival soyoil.

RTRS-Crude palm oil prices to rise slightly-Mielke

KUALA LUMPUR, March 12 (Reuters) - Crude palm oil prices will probably rise 6.7 percent to $640 per tonne, including cost, insurance and freight at Rotterdam in January to June, as global output of vegetable oils slows, a top industry analyst said on Thursday.
Thomas Mielke, head of German oilseeds research group Oilworld, said prices of RBD palm olein is will range around $670 a tonne CIF Rotterdam for the same period, but noted that the spreading economic downturn would limit palm oil's price rally.

RTRS-Global vegoil output slowing on weaker prices - Mielke

KUALA LUMPUR, March 12 (Reuters) - Global vegetable oil output is expected to slow this year on weaker commodity prices, said leading Industry analyst Thomas Mielke on Thursday.
Mielke, head of German oilseeds research group Oil World, earlier told Reuters that Indonesia and Malaysia, the world's top palm producers, will see only a small rise in output this year due to tree stress after months of good harvests and less fertiliser usage.

RTRS-Palm oil prices may fall to 1,500 ringgit -Fry

KUALA LUMPUR, March 12 (Reuters) - Malaysian crude palm oil futures may fall back to 1,500 ringgit, felled by slow demand and lower crude oil prices, a top industry analyst said on Thursday.
"We would be set for a soft landing, with BMD futures settling in the 1,400-1,500 ringgit range, that is on trend," James Fry, chairman of commodities consultancy LMC International, said.

RTRS-UPDATE 1-Malaysia's palm prices "not bad" -minister

KUALA LUMPUR, March 12 (Reuters) - Malaysia's palm oil industry, the world's second largest producer of the commodity, is comfortable with current prices, Commodities Minister Peter Chin said on Thursday.

Trader's Comment: 16-month low end stock triggered short covering to trade above 2000 level.

16-month low end stock triggered short covering to trade above 2000 level. Market was in the bullish mood in the early part of the afternoon session after the released of MPOB official Feb supply & demand data which prompted “shortish” covering activities and speculative buying sent Benchmark May09 rallied to hit intra day high at 2026. However, lack of follow through buying coupled with profit taking activities saw prices eased off and slides down to intra day low of 1976 before it settled RM15 lower at 1980. Earlier session was rather cautious and hovering between the narrow range of 2003-1985 level ahead of the release of MPOB data, and also 3 key speakers will only deliver their papers tomorrow at the 2009 Price Outlook Conference in Kuala Lumpur.

RTRS-China Feb soy imports up 62 pct on year

BEIJING, March 11 - China, the world's largest soy buyer, imported 3.27 million tonnes of the oilseed in February, a rise of 62 percent from the same month of 2008, according to Reuters calculation based on official Customs figures.

Imports in the first two months rose 15.1 percent to 6.29 million tonnes, figures from the General Administration of Customs showed.

Trader's Highlight

DJI - NEW YORK, March 11 - U.S. stocks rose for a second day on Wednesday after JP Morgan Chase's chief executive said his bank was profitable in January and February,
echoing comments by Citigroup's CEO a day earlier.

The Dow Jones industrial average gained 3.91 points, or 0.06 percent, to 6,930.40. The Standard & Poor's 500 Index added 1.76 points, or 0.24 percent, to 721.36. The Nasdaq Composite Index rose 13.36 points, or 0.98 percent, to 1,371.64.

NYMEX - NEW YORK, March 11 - U.S. crude futures ended more than 7 percent lower on Wednesday, down for a second day in a row after government data showed a modest though larger-than-expected inventory rise last week.

On the New York Mercantile Exchange, April crude settled down $3.38, or 7.39 percent, at $42.33 a barrel, trading from $42.08, lowest since March 4's $41.04, to $46.04.

CBOT - SOYBEANS - March down 14 cents at $8.75 per bushel.
Weighed down by fund selling, late weakness in the Dow and falling crude oil.

CBOT - SOYOIL - March down 1.08 cents at 29.64 cents per lb.
Pressure from falling crude oil, late weakness in the Dow and by a big soyoil stocks number in USDA's supply/demand report.

FCPO - JAKARTA, March 11 - Malaysian crude palm oil futures edged lower on Wednesday, coming off a fresh 9-week high as investors locked in profit amid concerns over the outlook for prices, traders said.

The benchmark May contract on the Bursa Malaysia Derivatives Exchange fell 15 ringgit, or 0.8 percent, to 1,980 ringgit ($538) per tonne, after hitting a high of 2,026 ringgit.

REGIONAL EQUITIES - BANGKOK, March 11 - Stock markets in Singapore and Indonesia rose for a second day on Wednesday after some positive news from the U.S. financial sector helped push up big-cap banks including Singapore's DBS and Indonesia's Bank Mandiri.

Hopes that Citigroup would deliver a first-quarterprofit sparked an improvement in investor confidence.

Singapore's benchmark Straits Times Index rose 1.3 percent, earlier touching its highest in nearly a week, led by DBS Group, the region's biggest bank, which climbed 2.2 percent after a 4.7 percent gain on Tuesday.