Monday, May 11, 2009
China soybean imports slow as large arrivals loom
BEIJING/SINGAPORE, May 8 - China's soybeans imports remained slow this week, with only four to five cargoes totalling around 300,000 tonnes contracted, half of the normal volumes as the country gears up for plentiful arrivals this month, traders said on Friday. They added China would likely reduce buying for July and August shipments, after booking a record five million tonnes for May and more than four million tonnes for June.
Trader's Highlight
DJI - NEW YORK, May 10 - U.S. stocks should rally this week, and push the Dow into positive territory for the year, with bank stress tests out of the way and investors hopeful retail sales will reinforce views the economy is on the mend.
NYMEX - NEW YORK, May 8 - U.S. crude futures ended at their highest level in nearly six months on Friday, tracking Wall Street after economic data showed fewer jobs were lost in April than expected and stress test results lifted some uncertainty over the health of major American banks.
On the New York Mercantile Exchange, June crude settled up $1.92, or 3.39 percent, at $58.63 a barrel, the highest close since Nov. 11's $59.33.
CBOT - SOYBEANS - May up 15 cents at $11.34. Support from shrinking soy supply in the United States, low soy yields in South America, firm crude oil and higher stock market.
CBOT - SOYOIL - May up 0.83 cent at 39.30 cents per lb. Following soybeans with higher crude oil also supportive.
FCPO - JAKARTA, May 8 - Malaysian palm futures closed flat on Friday for the second day in a row as traders cautiously awaited the end-April stock data, due out on Monday, for clues on the direction of prices, traders said.
The benchmark July contract edged up 5 ringgit, or 0.2 percent, to 2,685 ringgit per tonne ($765.87). Overall volume was 16,221 lots of 25 tonnes each.
REGIONAL EQUITIES - SINGAPORE, May 8 - Southeast Asian shares gained on Friday, led by energy, plantation and mining shares, as oil prices rose above $57 a barrel on economic hopes ahead of U.S. employment data later on Friday.
The Jakarta Composite Index gained 1.84 percent, led by plantation firm Bakrie Sumatera Plantations, which soared 15.7 percent, and state miners PT Aneka Tambang Tbk and PT Timah, which jumped 10 and 14 percent respectively.
Singapore's Straits Times index lost 0.15 percent as the country's biggest lender DBS Group slipped 0.83 percent despite a lower-than-expected drop in its first quarter profit.
The Kuala Lumpur Composite inched 0.32 percent higher while the Philippine PSEi index finished 0.14 percent higher. The Thai market was closed for a public holiday.
NYMEX - NEW YORK, May 8 - U.S. crude futures ended at their highest level in nearly six months on Friday, tracking Wall Street after economic data showed fewer jobs were lost in April than expected and stress test results lifted some uncertainty over the health of major American banks.
On the New York Mercantile Exchange, June crude settled up $1.92, or 3.39 percent, at $58.63 a barrel, the highest close since Nov. 11's $59.33.
CBOT - SOYBEANS - May up 15 cents at $11.34. Support from shrinking soy supply in the United States, low soy yields in South America, firm crude oil and higher stock market.
CBOT - SOYOIL - May up 0.83 cent at 39.30 cents per lb. Following soybeans with higher crude oil also supportive.
FCPO - JAKARTA, May 8 - Malaysian palm futures closed flat on Friday for the second day in a row as traders cautiously awaited the end-April stock data, due out on Monday, for clues on the direction of prices, traders said.
The benchmark July contract edged up 5 ringgit, or 0.2 percent, to 2,685 ringgit per tonne ($765.87). Overall volume was 16,221 lots of 25 tonnes each.
REGIONAL EQUITIES - SINGAPORE, May 8 - Southeast Asian shares gained on Friday, led by energy, plantation and mining shares, as oil prices rose above $57 a barrel on economic hopes ahead of U.S. employment data later on Friday.
The Jakarta Composite Index gained 1.84 percent, led by plantation firm Bakrie Sumatera Plantations, which soared 15.7 percent, and state miners PT Aneka Tambang Tbk and PT Timah, which jumped 10 and 14 percent respectively.
Singapore's Straits Times index lost 0.15 percent as the country's biggest lender DBS Group slipped 0.83 percent despite a lower-than-expected drop in its first quarter profit.
The Kuala Lumpur Composite inched 0.32 percent higher while the Philippine PSEi index finished 0.14 percent higher. The Thai market was closed for a public holiday.
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