RTRS-India issues order to scrap crude soyoil import tax

NEW DELHI, March 25 - The Indian government has issued a formal order to abolish a 20 percent import tax on crude soyoil, a senior government official said on Wednesday.
"Orders have been issued and a notification on the official website should be uploaded anytime," the official at the Central Board of Excise and Customs said, confirming a report in the Hindu Business Line newspaper.
Trade Secretary G.K. Pillai said last week the government had cut the import duty on crude soyoil to keep domestic prices stable.
Imports of crude palm oil are not taxed, while that of refined vegetable oils attract a duty of 7.5 percent.

RTRS-Indonesia keeps April palm oil export tax at zero

JAKARTA, March 25 - Indonesia kept its zero percent palm oil export tax in April, while raising the crude palm oil base export price to $515 per tonne from $480 a tonne in March, a trade ministry official said on Wednesday.

Breaking News-RTRS-India must retain import tax on crude soyoil-trade

NEW DELHI, March 24 (Reuters) - Indian vegetable oil producers have urged the government to retain a 20 percent import tax on crude soyoil, saying a proposed cut would hurt farmers and was causing confusion in the market.

Breaking News-RTRS-U.S. soyoil sales to India may rise -Oil World

HAMBURG, March 24 (Reuters) - U.S. soyoil sales to India could rise following the Indian government's decision to cut soyoil import duties as rival exporters are tied up with biofuel production, Hamburg-based oilseeds analysts Oil World forecast on Tuesday

Breaking News-RTRS-U.S. farmers raise price targets as market rallies

CHICAGO, March 23 (Reuters) - U.S. farmers are raising their price targets to sell corn and soybeans in a sign of optimism amid a resurgent grain market fueled by sharp gains on Wall Street and farmer unrest in Argentina, a major competitor in the export market.
U.S. farmers are now setting their sights on selling soybeans for $10 per bushel and corn at $4.25, up from $9 and $4 last week, bolstered by corn hitting an eight-week high and soybeans touching a five-week top at the Chicago Board of Trade on Monday.

Trader's Comment: Palm oil futures ended below 2000 level on weak export rumors.

Palm oil futures ended below 2000 level on weak export rumors. The weakness shown in eCBOT soy oil and Dalian palm during the early trading had given traders an excuse to book their overnight profit. This led Benchmark Jun09 to open RM25 lower at 2002. It was initially well supported as it immediately bounced to intra day high of 2028 and closed at 2021 before lunch. However, market talk that export figures which will be released tomorrow may decline to around 875k tonnes level (ITS put 1-20Feb export at 1,000,678 tonnes) had triggered some aggressive selling activities after second session resumed. Benchmark Jun09 slid to intra day low of 1978 before it finally settled RM50 lower at 1980.

Trader's Highlight

DJI-NEW YORK, March 24 (Reuters) - U.S. stocks slid on Tuesday as investors paused to reassess the likely success of the government's latest plans to clean up bank balance sheets and revive the financial system, a day after initial euphoria over
the plan drove huge gains.

The Dow Jones industrial average <.DJI> was down 115.65 points, or 1.49 percent, at 7,660.21. The Standard & Poor's 500 Index <.SPX> was down 16.59 points, or 2.02 percent, at 806.33. The Nasdaq Composite Index <.IXIC> was down 37.43 points, or
2.41 percent, at 1,518.34.

NYMEX-NEW YORK, March 24 (Reuters) - U.S. crude oil futures fell back in post-settlement trading on Tuesday after industry group American Petroleum Institute said domestic crude stocks last week rose much more than analysts had forecast.

On the New York Mercantile Exchange, May crude at 4:55 p.m. EDT (2055 GMT), was down 42 cents, or 0.78 percent, at $53.38 a barrel. It had settled up 18 cents, or 0.33 percent, at $53.98, the highest settlement since Nov. 28 when it closed at $54.43. It traded from $52.45 to $54.20, a fresh intraday high for 2009 and the highest since $54.62 was struck on Dec. 1.

CBOT-SOYBEANS - May up 11-1/2 cents at $9.67 per bushel.

Nearbys supported by Argentine farmer strike that is shifting soy export business to the United States and away from that South American country. Backs pressured by falling crude and Dow.

CBOT-SOYOIL - May up 0.17 cent per lb at 33.27 cents per lb. Gains in soy supportive in addition to commercial buying.

FCPO-JAKARTA, March 24 (Reuters) - Malaysian crude palm oil futures dropped 2.5 percent on Tuesday amid fears that a fall in exports might have steepened in the first 25 days of March on weak demand, traders said.

The benchmark June contract on the Bursa Malaysia Derivatives Exchange dropped 50 ringgit to 1,980 ringgit ($547) per tonne.

Other traded months were lower, except for November which rose 0.6 percent. <0#KPO:>. Overall volume was 12,465 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, March 24 (Reuters) - Most Southeast Asian stock
markets rose on Tuesday, boosted by Washington's plan to clear the banking system of toxic assets, which spurred Wall Street's biggest gain since late October.

Singapore's stock index <.FTSTI> ended up 2.5 percent after touching a six-week high, adding to Monday's 4.2 percent surge. Indonesia's index <.JKSE> climbed 2.09 percent, touching its highest level in almost three months

Malaysian shares <.KLSE> drifted 0.04 percent lower, ending a five-day rally as investors dumped Sime Darby , down almost 1 percent after a drop in palm oil prices.

DJI Daily: Tough resistance at 7800-8000

Market is making an effort to test the tough resistance at 7800-8000. However, more strength is needed to maintain the current posture. We maintain the upside resistance at 7800-8000. Downside support is remain at 7100-7000.

KLSE Daily: Maintain sideways to upside bias posture

Market maintain its sideways to upside bias posture. As for now, resistance is at 900. While, downside support is stood at 870-868.

FKLI Daily: Sideways to higher move remain intact

Immediate daily technical landscape remains positive despite a negative close. Thus, we maintain our view sideways to higher move in near term market. We are now looking for the resistance at 900. Support is pegged at 870-865.

FCPO Daily: Bull taking a breathe

Market fully covered the downside gap left over at 2002-1985 to close in negative territory. Bull took a breathe after two days sharp rise and it views as a healthy correction in order for a longer lasting rally. Upside resistance remained at 2058 followed by 2100-2150. While, downside support is pegged at 1950-1945 followed by 1900.