Trader's Comment: Palm oil futures ended mix after a choppy trading.

Palm oil futures ended mix after a choppy trading. Benchmark Aug09 immediately fell to the morning low of 2451 after opened RM20 higher at 2480, but managed to hold firm through out the morning session as it closed at 2469 before morning break. The recovery on crude oil prices traded in Asian time zone led Benchmark Aug09 rallied to hit intra day high of 2504 after second session opened. Nevertheless, the emerged of market talk that the first 10 days of June export only at 289k tonnes compared to 403k tonnes(ITS) in the same period last month saw prices to retreat as some intra day players began to book their earlier profit and speculative selling. Benchmark Aug09 slid further to intra day low of 2441 before it finally settled RM5 higher at 2465. The strengthening of USD had also further undermined local CPO market. External vege oil were mix as Dalian palm inched lower while eCBOT soy oil edged higher. Position squaring activities were seen ahead of official end May inventory data scheduled to release by tomorrow.

Breaking News-RTRS-FACTBOX-The world's top 15 listed palm oil planters

KUALA LUMPUR, June 9 (Reuters) - Following are the 15 largest
listed palm planters, ranked by market value. They are mostly
located in Indonesia and Malaysia, the top two producers of the
vegetable oil.
Total plantation holdings are in hectares and include both
cultivated and uncultivated land as well as joint ventures with
Indonesian smallholders.

Company


1 Wilmar
2 Sime Darby
3 IOI Corp
4 KL Kepong
5 Golden Agri
6 Astra Agro
7 Indofood
8 Asiatic Dev
9 London Sumatra
10 Boustead
11 United
12 Kulim Bhd
13 IJM Plantations
14 Sampoerna Agro
15 Bakrie Sumatera

Breaking News-RTRS-Brazil trims 08/09 soy crop view to 57.1 mln T

SAO PAULO, June 8 (Reuters) - Brazil's 2008/09 (Oct/Sept) soybean crop was estimated at 57.1 million tonnes, revised down from a May estimate of 57.6 million tonnes, the Agriculture Ministry said Monday.

Breaking News-RTRS-US corn seeding near deadline, acres may go to soy

CHICAGO, June 5 (Reuters) - The window to plant corn is closing rapidly in the heart of the U.S. Corn Belt as two key states struggle to finish, putting at least a million acres of expected corn output at risk of being switched to soybeans.
Illinois and Indiana, which produce a quarter of the American corn crop, had some 3.4 million acres of corn yet to plant this week at a time when all seedings are usually complete. Southern areas of the states were furthest behind.
Depending on how small the crop gets, analysts now say U.S. corn stocks may be the lowest since 2003 by next year.

Breaking News-RTRS-UPDATE 1-China cuts May soy import forecast, ups June -MOFCOM

BEIJING, June 8 (Reuters) - China's Commerce Ministry has revised downward its estimate for the country's soybean imports in May, to 3.96 million tonnes from 4.29 million tonnes.

Trader's Highlight

DJI-NEW YORK, June 8 (Reuters) - U.S. stocks rebounded late on Monday to end flat, shrugging off lighter-than-expected sales from McDonald's and lowered iPhone prices from Apple .

The three major U.S. stock indexes had fallen more than 1 percent before rallying in the last hour of trading, led by bank shares.

The Dow Jones industrial average <.DJI> gained 1.36 points, or 0.02 percent, to 8,764.49. The Standard & Poor's 500 Index <.SPX> dropped 0.95 of a point, or 0.10 percent, to 939.14. The Nasdaq Composite Index <.IXIC> dropped 7.02 points, or 0.38 percent, to 1,842.40.

NYMEX-NEW YORK, June 8 (Reuters) - U.S. crude oil futures settled lower on Monday, extending Friday's retreat as the dollar strengthened, which made commodities such as oil less attractive to investors.

Traders also raised worries over demand as Wall Street was weaker on profit and interest rate worries. Losses were limited as traders weighed forecasts ahead of weekly inventory data that called for lower crude inventories.

On the New York Mercantile Exchange, July crude settled down 35 cents, or 0.51 percent, at $68.09 a barrel, trading from $66.78 to $68.95. On Friday, it hit an intraday high of $70.32, the highest front-month intraday price since $70.46 was struck on Nov. 5.

CBOT-SOYBEANS - July up 7 cents at $12.32-1/2 a bushel.

Choppy, nearby contract rises due to tight stocks in the country but deferreds pressured by some outlooks for a switch to soy acres in the United States away from corn because of wet weather that stalled corn plantings.

Traders expecting USDA to report U.S. soy planting 80 percent complete in weekly progress report late Monday.

CBOT-SOYOIL - July down 0.33 cent at 39.40 cents a pound. Lower crude oil pressures prices.

FCPO-KUALA LUMPUR, June 8 (Reuters) - Malaysian palm oil futures tumbled as much as 2.6 percent to a near 2-week low on fears that June shipments may fall back after months of sustained buying by China and India.

Traders are waiting for a slew of data on May palm oil output, exports and stocks to be issued by the Malaysian Palm Oil Board on Wednesday. Cargo surveyors will report on June 1-10 palm oil exports by the Southeast Asian country on the same day.

The benchmark August contract on the Bursa Malaysia's Derivatives Exchange settled down 62 ringgit to 2,458 ringgit ($698.9) per tonne after hitting a low of 2,454 ringgit, a level unseen since May 28. Overall volume shot up to 16,358 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, June 8 (Reuters) - Most Southeast Asian stock
markets gave up early gains on Monday, with CapitaLand and other big caps leading Singapore to a 1-week low, and weaker bank shares pushing Indonesia and Thailand lower.

Singapore's benchmark Straits Times Index <.FTSTI> fell 2.6 percent, after earlier losing more than 3 percent to 2321.41, its lowest since May 29. CapitaLand , Southeast Asia's biggest developer, dropped 3.6 percent.

In Kuala Lumpur, the main index <.KLSE> eased 0.3 percent, after earlier rising to its highest level since September 8. Lafarge Malayan Cement Berhad slid 18.5 percent, while Genting was down 1.7 percent.

KLSE Daily: Overall still bullish

Market may due for a consolidation phase for a more sustainable rally following prices retreated after hit the year high at 1080. As for now, we continue to look for the upside resistance at 1080-1090. To the downside, support is stood at 1066-1063 (gap left over on 5/6/2009).

FKLI Daily: Toppish

Profit taking activities were evident after market tested another fresh high at 1082 in intra-day basis. Nevertheless, overall daily technical reading remains in positive tone with toppish sign. Thus, market may due for a consolidation phase in near term. To the upside, we continue to look for 1082-1090. While, downside support is pegged at 1055-1050.

FCPO Daily: Losing ground further

Market is losing ground further following 2500 mark failed to defend. Thus, market may move sideways to lower in near term. As for now, we are looking for the immediate upside resistance at 2500-2525. To the downside, support is pegged at 2420-2400 followed by 2350.