BEIJING/SINGAPORE, April 30 (Reuters) - At least two U.S. soybean cargoes have found new buyers in China, traders said on Thursday, after worsening crushing margins and swine flu fears threatened to weigh on trade between the top buyer and seller of soy globally.
Traders said earlier this week that up to five cargoes, or 300,000 tonnes, of Chinese imports had been cancelled.
Monday, May 4, 2009
Breaking News-RTRS-China to buy extra domestic soybeans for reserves
BEIJING, April 30 (Reuters) - China has raised its domestic soybean buying target by 21 percent to 7.25 million tonnes, the State Administration of Grain said on Thursday, in a push to help farmers sell last year's surplus before the planting season.
The agency increased its existing target for soybean purchases by 1.25 million tonnes because farmers are struggling to sell in a market swamped by record import volumes -- which were prompted in part by China's own soy buying campaign.
Buying will continue until the end of June, with the government offering its previous purchase price of 3,700 yuan ($542.2) per tonne, around 300 yuan higher than the price of imported U.S. soybeans arriving in China this week.
The agency increased its existing target for soybean purchases by 1.25 million tonnes because farmers are struggling to sell in a market swamped by record import volumes -- which were prompted in part by China's own soy buying campaign.
Buying will continue until the end of June, with the government offering its previous purchase price of 3,700 yuan ($542.2) per tonne, around 300 yuan higher than the price of imported U.S. soybeans arriving in China this week.
Trader's Highlight
DJI-NEW YORK, May 3 (Reuters) - U.S. stocks keep proving the naysayers wrong, as major averages continue to gain despite expectations for the recent rally's demise. And this week may be no different.
Fears that bank stress tests will cast an even bigger shadow over the addled financial sector coupled with uncertainty about the April employment figures might just bring the rally to an end.
It will undoubtedly be a busy week with Federal Reserve Chairman Ben Bernanke heading to Capitol Hill to testify on the economy on Tuesday, the all-important April nonfarm payrolls data set for release on Friday and authorities worldwide mobilizing against a deadly new flu strain.
Friday's payrolls report is expected to show the economy shed more than 600,000 jobs in April and the unemployment rate jumped to 8.9 percent from March's 8.5 percent.
Other key data will be Tuesday's reading on the vast service sector from the Institute for Supply Management, the government's productivity and costs report for the first quarter on Thursday, and the ADP National Employment report on Wednesday.
Bernanke will appear before the U.S. Congress' Joint Economic Committee on Tuesday at 10 a.m. EDT (1400 GMT), while on Thursday he is scheduled to speak on banking supervision.
NYMEX-NEW YORK, May 1 (Reuters) - U.S. crude futures rose 4 percent on Friday to settle above $53 a barrel in what sources called a technical breakout as improved consumer confidence and the dollar's weakness versus the euro helped lift prices.
On the New York Mercantile Exchange, June crude oil rose $2.08, or 4.07 percent, to settle at $53.20 a barrel, trading from $50.43 to $53.65, highest intraday front-month crude price since $53.90 was reached on April 3.
CBOT-SOYBEANS - May soybeans up 32 cents to $11.02 per bushel. Fund buying, shrinking U.S. soy supply amid big exports, including active sales to China and low yields of soy in South America boosted soy.
CBOT-SOYOIL - May up 1.21 cents to 37.43 cents per pound. Fund buying and following soybeans.
FCPO-KUALA LUMPUR, April 30 (Reuters) - Asian vegetable oil markets surged on Friday on expectations that resilient exports could further aggravate an on-going tightness in global vegetable oil inventories.
Vegetable oil prices brushed aside swine flu jitters that plagued markets in the past few days to focus on Argentina revising its soy harvest downwards, resilient Malaysian palm oil exports and China raising its domestic soybean buying.
Malaysian palm oil futures <0#KPO:> closed to its highest monthly gain of 30 percent since July 2001, U.S soyoil for May shipment jumped 2.6 percent and the most active September soyoil contract on Dalian surged 4.9 percent.
REGIONAL EQUITIES-BANGKOK, April 30 (Reuters) - Southeast Asian stocks rose on
Thursday, with Singapore near two-week highs and Thailand at its highest in six months because of demand for leading stocks such as DBS Group and PTT due to optimism about the global economy.
In Kuala Lumpur, the index <.KLSE> ended up 2.4 percent, led by palm planter IOI Corp, which was up 4.9 percent, and Genting , which rose 6.9 percent.
Indonesia <.JKSE>, Southeast Asia's best performer this year, jumped 4.8 percent on Thursday to its highest since Oct. 6, with banks outperforming the broader market after reporting quarterly results that were better than analysts' forecasts.
Fears that bank stress tests will cast an even bigger shadow over the addled financial sector coupled with uncertainty about the April employment figures might just bring the rally to an end.
It will undoubtedly be a busy week with Federal Reserve Chairman Ben Bernanke heading to Capitol Hill to testify on the economy on Tuesday, the all-important April nonfarm payrolls data set for release on Friday and authorities worldwide mobilizing against a deadly new flu strain.
Friday's payrolls report is expected to show the economy shed more than 600,000 jobs in April and the unemployment rate jumped to 8.9 percent from March's 8.5 percent.
Other key data will be Tuesday's reading on the vast service sector from the Institute for Supply Management, the government's productivity and costs report for the first quarter on Thursday, and the ADP National Employment report on Wednesday.
Bernanke will appear before the U.S. Congress' Joint Economic Committee on Tuesday at 10 a.m. EDT (1400 GMT), while on Thursday he is scheduled to speak on banking supervision.
NYMEX-NEW YORK, May 1 (Reuters) - U.S. crude futures rose 4 percent on Friday to settle above $53 a barrel in what sources called a technical breakout as improved consumer confidence and the dollar's weakness versus the euro helped lift prices.
On the New York Mercantile Exchange, June crude oil
CBOT-SOYBEANS - May soybeans
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, April 30 (Reuters) - Asian vegetable oil markets surged on Friday on expectations that resilient exports could further aggravate an on-going tightness in global vegetable oil inventories.
Vegetable oil prices brushed aside swine flu jitters that plagued markets in the past few days to focus on Argentina revising its soy harvest downwards, resilient Malaysian palm oil exports and China raising its domestic soybean buying.
Malaysian palm oil futures <0#KPO:> closed to its highest monthly gain of 30 percent since July 2001, U.S soyoil for May shipment
REGIONAL EQUITIES-BANGKOK, April 30 (Reuters) - Southeast Asian stocks rose on
Thursday, with Singapore near two-week highs and Thailand at its highest in six months because of demand for leading stocks such as DBS Group and PTT due to optimism about the global economy.
In Kuala Lumpur, the index <.KLSE> ended up 2.4 percent, led by palm planter IOI Corp
Indonesia <.JKSE>, Southeast Asia's best performer this year, jumped 4.8 percent on Thursday to its highest since Oct. 6, with banks outperforming the broader market after reporting quarterly results that were better than analysts' forecasts.
DJI Weekly: Gaining ground
Market gaining ground following prices touch and go at 8300. Thus, we maintain the upside resistance and downside support at 8300-8400 followed by 8600. Downside support is pegged at 7700 followed by 7400-7300 level.
KLSE Weekly: may challenge 1000 mark again
Bull looks not to give up and may want to challenge 1000 mark again. To the downside, support is stood at 950.
FKLI Weekly: Holding ground
Market manage to hold ground. Thus, we maintain positive view in near term market. To the upside, resistance remains at 1030-1040. Downside support is pegged at 950.
FCPO Weekly: likely to march higher
Bull maintain its upward momentum and continue to march higher with 2400 mark defended well. Thus, market likely to extend its upward move with upside resistance is at 2648 followed by 2700-2750. To the downside, support is pegged at 2400-2380.
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