BUENOS AIRES, March 23 (Reuters) - Argentine farmers refused to sell their grains and livestock on Monday in a commercial strike aimed at pressuring the government and Congress to lower export taxes on soy, the country's top crop.
Farmers are angry over the government's refusal to reduce soy levies, even though global prices for the oilseed have slid and a drought has cut production. The battle over soy taxes first flared one year ago, and it has escalated ahead of mid-term congressional elections.
Tuesday, March 24, 2009
Trader's Highlight
DJI-NEW YORK, March 23 (Reuters) - U.S. stocks surged around 7 percent on Monday after the Obama administration detailed a plan to purge toxic assets from bank balance sheets, fueling optimism about a revival in bank lending and driving double-digit gains in financial shares.
The Dow Jones industrial average <.DJI> jumped 497.48 points, or 6.84 percent, to 7,775.86 and the Standard & Poor's 500 Index <.SPX> surged 54.38 points, or 7.08 percent, to 822.92. The Nasdaq Composite Index <.IXIC> spiked 98.50 points, or 6.76 percent, to 1,555.77.
An unexpected rise in housing sales, seen as a key factor in spurring an economic recovery, also boosted sentiment. Data showed the pace of sales of existing homes in the United States rose 5.1 percent in February, the biggest increase since July 2003.
NYMEX-NEW YORK, March 23 (Reuters) - U.S. crude oil futures rose more than 3 percent on Monday, as Wall Street and global stock markets rallied on a U.S. plan to buy up distressed assets to tidy up bank balance sheets.
On the New York Mercantile Exchange, May crude settled up $1.73, or 3.32 percent, at $53.80 a barrel, trading from $51.62 to $54.05, highest since $54.62 was struck on Dec. 1, 2008.
CBOT-SOYBEANS - May up 3-1/2 cents at $9.55-1/2 a bushel.
Ended firm but well below the day's five-week high with late pressure from farmer selling. But, ended firm on concerns over slow exports from Argentina as tensions mount between farmers and government.
CBOT-SOYOIL - May up 0.85 cent at 33.10 cents per lb.
Following soybeans with higher equities supportive. But market well below the day's highs on a late sell-off.
FCPO-JAKARTA, March 23 (Reuters) - Malaysian crude palm oil futures rose 2.3 percent to their highest close in nearly six months on the back of fund buying, with stronger crude oil and soy prices weighing on sentiment, traders said.
The benchmark June contract on the Bursa Malaysia Derivatives Exchange rose 45 ringgit to 2,030 ringgit ($558) per tonne, the first time it closed above 2,000 ringgit since September. The previous high was 2,090 ringgit set on Sept. 30.
The benchmark contract briefly hit an intraday high of 2,051 ringgit, a level unseen since Jan. 8.
Other traded months rose between 30 and 70 ringgit. Overall volume was 17,506 lots of 25 tonnes each versus the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, March 23 (Reuters) - Most Southeast Asian stock
markets rose to multi-week highs on Monday, as Washington's plan to rid U.S. banks of toxic assets bolstered banking shares across the region.
Southeast Asia's largest bank, DBS Group rose 3.2 percent, while Malaysia's largest lender, Maybank , surged 5 percent, and Indonesia's Bank Mandiri Tbk jumped 10.8 percent.
Singapore's benchmark Straits Time Index <.FTSTI> closed up 4.21 percent at its highest closing level since Feb. 16, while Thailand's main SET index <.SETI> ended up nearly two percent, reaching a 4-week high.
Indonesia's main stock index <.JKSE> rose 3.36 percent to a 10-week closing high, while Malaysia's main stock index <.KLSE> rose for the fifth consecutive day, adding 2.51 percent to a three-week high.
The Dow Jones industrial average <.DJI> jumped 497.48 points, or 6.84 percent, to 7,775.86 and the Standard & Poor's 500 Index <.SPX> surged 54.38 points, or 7.08 percent, to 822.92. The Nasdaq Composite Index <.IXIC> spiked 98.50 points, or 6.76 percent, to 1,555.77.
An unexpected rise in housing sales, seen as a key factor in spurring an economic recovery, also boosted sentiment. Data showed the pace of sales of existing homes in the United States rose 5.1 percent in February, the biggest increase since July 2003.
NYMEX-NEW YORK, March 23 (Reuters) - U.S. crude oil futures rose more than 3 percent on Monday, as Wall Street and global stock markets rallied on a U.S. plan to buy up distressed assets to tidy up bank balance sheets.
On the New York Mercantile Exchange, May crude
CBOT-SOYBEANS - May
Ended firm but well below the day's five-week high with late pressure from farmer selling. But, ended firm on concerns over slow exports from Argentina as tensions mount between farmers and government.
CBOT-SOYOIL - May
Following soybeans with higher equities supportive. But market well below the day's highs on a late sell-off.
FCPO-JAKARTA, March 23 (Reuters) - Malaysian crude palm oil futures rose 2.3 percent to their highest close in nearly six months on the back of fund buying, with stronger crude oil and soy prices weighing on sentiment, traders said.
The benchmark June contract
The benchmark contract briefly hit an intraday high of 2,051 ringgit, a level unseen since Jan. 8.
Other traded months rose between 30 and 70 ringgit. Overall volume was 17,506 lots of 25 tonnes each versus the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, March 23 (Reuters) - Most Southeast Asian stock
markets rose to multi-week highs on Monday, as Washington's plan to rid U.S. banks of toxic assets bolstered banking shares across the region.
Southeast Asia's largest bank, DBS Group
Singapore's benchmark Straits Time Index <.FTSTI> closed up 4.21 percent at its highest closing level since Feb. 16, while Thailand's main SET index <.SETI> ended up nearly two percent, reaching a 4-week high.
Indonesia's main stock index <.JKSE> rose 3.36 percent to a 10-week closing high, while Malaysia's main stock index <.KLSE> rose for the fifth consecutive day, adding 2.51 percent to a three-week high.
DJI Daily: DJI soared
A triple digit up of more than 6 per cent had helped to neutralise the immediate technical outlook. However, more effort is needed to breakout from the resistance of 7800-8000 in order to have a stable momentum. Downside support is pegged at 7100-7000.
KLSE Daily: Gaining ground
Market gaining ground with a long white candle printed had turned the immediate technical landscape looks positive. As for now, resistance is at 883-888. While, downside support is stood at 856-857 (gap left over on 23/3/2009).
FKLI Daily: Eyeing 900 mark
A long white candle printed had added strength to the market momentum. Resistance at 875-880 had been violated, thus market likely to move sideways to higher in near term. We now looking for the resistance at 886-888.5 (left over gap since 2/3/2009) followed by 9000. Support is pegged at 861.5-860.5 (gap left over on 23/3/2009).
FCPO Daily: 2000 mark looks firm!
Market strengthened further as prices managed to stay firm above 2000 mark. Market looks has slowly built up its concrete base to move higher in near term. Upside resistance is stood at 2058 followed by 2100-2150. While, downside support is pegged at 2002-1985 (gap left over on 23/3/2009).
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