Trader's Comment: Palm oil futures extended from yesterday’s losses on weak global commodities market.

Palm oil futures extended from yesterday’s losses on weak global commodities market. The sharp fall of overnight NYMEX crude oil and CBOT soy oil led Benchmark Jun09 to open RM23 lower at 1967. It was supported well initially as it bounced back immediately to intra day high of 2005, fully covered its yesterday’s left over gap. However, lack of follow through buying activities coupled with the gloomy global market outlook saw Benchmark Jun09 to ease off and fell to hit intra day low of 1961 in the afternoon session. eCBOT soy oil surrendered its earlier gains to edge lower in late trading and Dalian palm ended more than 1% lower. Regional equity market encountered a sharp fall today while Asian time NYMEX crude oil also fell to below $51 level. Benchmark Jun09 finally settled RM20 lower at 1970. Players await of Mar09 export data which scheduled to be released tomorrow by private cargo surveyors, expecting a poorer number.

Breaking News-RTRS-US rejects automaker pleas for more funds; G20 readies

WASHINGTON, March 30 (Reuters) - A White House task force rejected multi-billion dollar pleas from U.S. automakers General Motors and Chrsyler for more government aid, pushing them closer to bankruptcies that could deepen the U.S. recession.

Breaking News-RTRS-USDA to forecast more U.S. soy acres, less corn

CHICAGO, March 26 (Reuters) - High fertilizer prices and more cropland available for spring planting due to fewer winter wheat seedings should result in a big jump in U.S. soybean acres in 2009 and reduced corn acreage, grain analysts say.
Analysts polled by Reuters on average expect USDA to peg 2009 U.S. corn acreage at 84.411 million acres, down from 86 million a year ago. Soybean acres, on the other hand, are seen rising to a record 79.622 million, up from 75.7 million in 2008.

Breaking News-RTRS-Soyoil starts moving from India ports after tax cut

NEW DELHI, March 27 (Reuters) - Up to 130,000 tonnes of crude soyoil imports, about two months worth of shipments, has started moving from Indian ports after the scrapping of a 20 percent import tax this week, traders and importers said.
Analysts said it should ensure adequate supplies and stabilise prices as the country heads into elections in April and May.

Breaking News-RTRS-Northern US flooding may cut wheat crop, boost soy

FARGO, North Dakota, March 26 (Reuters) - North Dakota and Minnesota girded for the worst flooding in years, which could prompt farmers to cut spring wheat plantings by as much as 500,000 acres in the four main wheat-producing U.S. states.
Fargo, N.D. was expecting a 41-foot crest on the Red River by Saturday that would break a 112-year-old record.
Farmers still able to seed a crop will look hard at soybeans, which can be planted as late as early June, experts said.

Breaking News-RTRS-China soyoil strong as more crushers close -survey

BEIJING, March 27 (Reuters) - China's soyoil market has turned bullish as supplies tighten amid more crushers shutting down operations in the north, but the outlook will be pressured by heavy imports of soybeans, an official survey showed.
Soyoil demand will "stay at a high level" in coming weeks as retailers are building up stocks, the China National Grain and Oils Information Centre (CNGOIC) said in the report.

Breaking News-RTRS-China agency prepares for soybean stock sale-trade

BEIJING, March 27 (Reuters) - China's state grains agency Sinograin has notified local warehouses that it will release some of the soybeans it has stockpiled into the local market, trade sources said, but it remained uncertain how much would be sold.
Some Chinese brokers said Sinograin could release about 500,000 tonnes, half as much as rumoured in Chicago on Thursday, when soybean prices fell due to talk of the stock release.

Breaking News-RTRS-Argentine farmers wrap up strike, mull new protests

BUENOS AIRES, March 27 (Reuters) - Argentine farmers said they would end a strike on Friday but their leaders were already considering new protests against the soy export taxes that have fueled a year-long conflict with the center-left government.

Trader's Highlight

DJI-NEW YORK, March 27 (Reuters) - Wall Street capped a strong week on a down note on Friday as investors booked profits in the wake of the recent upward surge and bank shares dropped after bank executives indicated March had been a tougher month
for the industry than the previous two.

The Dow Jones industrial average <.DJI> fell 148.38 points, or 1.87 percent, to 7,776.18. The Standard & Poor's 500 Index <.SPX> shed 16.92 points, or 2.03 percent, to 815.94. The Nasdaq Composite Index <.IXIC> slid 41.80 points, or 2.63 percent, to 1,545.20.

NYMEX-NEW YORK, March 27 (Reuters) - U.S. crude oil futures ended more than 3 percent lower on Friday as traders booked profits after prices rose to a four-month high above $54 on Thursday.

On the New York Mercantile Exchange, May crude settled at $52.38, down $1.96 or 3.61 percent, trading from $51.64 to $54.28. Thursday's $54.66 intraday high was a 2009 peak and the highest since Nov. 28.

CBOT-SOYBEANS - May down 27 cents per bushel at $9.17 per bushel.

Drop of stock market, weak crude oil and firm dollar weighed on soy as did news China was releasing soy into the local market [ID:nPEK184023] and optimism that the Argentine farmer strike will end by the weekend.

CBOT-SOYOIL - May down 1.18 cents per lb. at 32.42 cents per lb. Following soybeans with lower crude oil also weighing on prices.

FCPO-JAKARTA, March 27 (Reuters) - Malaysian crude palm oil futures dropped 2.2 percent on Friday as investors, made uneasy by a lack of physical market deals, took profits following a sharp rise in the previous session, traders said.

The benchmark June contract on the Bursa Malaysia Derivatives Exchange dropped 45 ringgit to 1,990 ringgit ($550) per tonne. The contract rose 3.2 percent on Thursday.

Other traded months dropped by between 6 and 30 ringgit. <0#KPO:>. Overall volume was 11,579 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, March 27 (Reuters) - Southeast Asian stocks mostly
ended higher on Friday amid optimism that the U.S. economy might see better times soon, but Singapore bucked the trend due to losses in index heavyweights such as DBS Group.

Singapore's Straits Times Index <.FTSTI> closed down 0.75 percent but was still up 9.3 percent on the week, hovering around eight-week highs.

Malaysian shares <.KLSE> snapped earlier losses to close unchanged. The Indonesian bourse <.JKSE> touched an 11-week high, adding 3.01 percent, and Thai shares <.SETI> rose 0.32 percent, but analysts said an anti-government rally in Bangkok capped gains.

DJI Weekly: trying to bottom out

Market looks to build up base and trying to bottom out. However, it has to crack above 8000 mark for a sustainable upside momentum. To the downside, support is pegged at 7300-7200.

KLSE Weekly: May due for correction

Market may due for correction in near term after the recent rebound. Thus, upside resistance at 890-900 while downside support is at 860-850.

FKLI Weekly: Remains sideway

Sideways move likely to continue in near term market with resistance and support is looking at 900 and 870-860 level respectively.

FCPO Weekly: Struggle around 2000 mark

Market struggles after few attempts failed to break through the recent high at 2058 (high since 1st July, 2009). However, we maintain our view sideways to higher in near term market. Upside resistance is stood at 2051-2058. While, downside support is pegged at 1900-1890.