Wednesday, June 17, 2009
Trader's Comment: Palm oil futures gave back yesterday’s gains on lower crude oil.
Palm oil futures gave back yesterday’s gains on lower crude oil. Benchmark Sep09 initially traded in between 2412-2382 level through out the morning session after opened unchanged at 2400. In the second session it resumed trading with steady tone and hit 2414. However. Prices began to ease and lose ground following Asian time NYMEX crude oil surrendered its earlier gains to trade below $71 level. Prices then hit intra day low at 2363 before it ended RM25 lower at 2375. Dalian palm ended inching lower while eCBOT soy oil edged higher today. Market continue to trade in sideways on cautious mode, due to lack of fresh leads and confusing factors.
Breaking News-RTRS-U.S. soyoil exports to rise further -Oil World
HAMBURG, June 16 (Reuters) - U.S. soyoil exports are likely to rise further in coming months because of scarce South American export supplies caused by poor soybean crops and rising biofuel production, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"South American soyoil stocks are below the year-ago level at the moment and competition between the export market and biodiesel producers will keep inventories relatively low in coming months," it said.
"South American soyoil stocks are below the year-ago level at the moment and competition between the export market and biodiesel producers will keep inventories relatively low in coming months," it said.
Breaking News-RTRS-Global soybean supplies to remain tight -Oil World
HAMBURG, June 16 (Reuters) - Global soybean supplies will remain tight in coming months, despite a large crop looming in the United States this summer, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"Soybeans will remain in very short supply in Sept/Feb 2009/10...even if U.S. production increases by 8.0 million tonnes to a record 88.5 million tonnes, which we currently forecast," it said.
The likely increase in northern hemisphere crops this summer will be offset by a major reduction in global season opening 2009/10 soybean stocks on Sept 1, 2009, largely caused by smaller soybean harvests in early 2009 in Argentina and Brazil, it said.
"Soybeans will remain in very short supply in Sept/Feb 2009/10...even if U.S. production increases by 8.0 million tonnes to a record 88.5 million tonnes, which we currently forecast," it said.
The likely increase in northern hemisphere crops this summer will be offset by a major reduction in global season opening 2009/10 soybean stocks on Sept 1, 2009, largely caused by smaller soybean harvests in early 2009 in Argentina and Brazil, it said.
Breaking News-RTRS-UPDATE 1-China 2009/2010 soy imports seen down 7.5 pct
BEIJING, June 16 (Reuters) - China, the world's largest soy importer, is likely to buy less from abroad in 2009/2010 partly because the government may release some of its large reserves, according to an official think-tank.
Imports for the year beginning October were likely to fall to 37 million tonnes, down 7.5 percent from 40 million tonnes projected for the current year, the China National Grain and Oils Information Centre said in a report.
Imports for the year beginning October were likely to fall to 37 million tonnes, down 7.5 percent from 40 million tonnes projected for the current year, the China National Grain and Oils Information Centre said in a report.
Trader's Highlight
DJI-NEW YORK, June 16 (Reuters) - U.S. stocks slipped on Tuesday as mixed economic data and Best Buy's disappointing sales spurred worries about an anemic recovery. A rebound in May housing starts pointed to some stabilization in that sector, but another government report showed industrial production had a steeper-than-expected slide last month.
Indexes ended at session lows. The Dow Jones industrial average <.DJI> fell 107.46 points, or 1.25 percent, to 8,504.67. The Standard & Poor's 500 Index <.SPX> lost 11.75 points, or 1.27 percent, to 911.97. The Nasdaq Composite Index <.IXIC> was off 20.20 points, or 1.11 percent, to 1,796.18.
NYMEX-NEW YORK, June 16 (Reuters) - U.S. crude oil losses dropped further in post-settlement trading on Tuesday, after inventory data from the American Petroleum Institute showed that crude stocks fell less than expected last week.
The API said crude stocks fell 1.3 million barrels to 356.6 million barrels last week, gasoline stocks rose 2.1 million barrels to 207.7 million barrels and distillate supplies added 881,000 barrels to 151.5 million barrels.
The U.S. Energy Information Administration will release its data on Wednesday, at 10:30 a.m. EDT (1430 GMT).
On the New York Mercantile Exchange at 5:05 p.m. (2105 GMT), July crude was down 42 cents, or 0.59 percent, at $70.20 a barrel. It had settled down 15 cents, or 0.21 percent, at $70.47, trading from $69.80 to $72.77.
CBOT-SOYBEANS - July up 4-1/4 cents at $12.01-1/4 a bushel; November up 3-3/4 cents at $10.28-1/2.
Tight stocks, weaker dollar and worries about wet weather delaying soybean planting in key crop states of Illinois and Indiana underpin prices.
CBOT-SOYOIL - July up 0.34 cent at 36.96 cents per lb. Recent strength in crude oil supportive.
FCPO-KUALA LUMPUR, June 16 (Reuters) - Malaysian palm oil futures bounced from 2-month lows hit earlier on Tuesday as investors focused on the prospect of lacklustre palm oil output growth.
The benchmark September contract on Bursa Malaysia's Derivatives Exchange settled up 11 ringgit at 2,400 ringgit ($681.4) after going as high as 2,425 ringgit per tonne. Earlier on, the contract dropped to 2,358 ringgit per tonne, a level unseen since April 17.
REGIONAL EQUITIES-BANGKOK, June 16 (Reuters) - Southeast Asian stock markets
fell on Tuesday, worried about the pace of recovery in the global economy, with Singapore tumbling to near three-week lows while stocks in Jakarta and Bangkok slid close to two-week lows.
Singapore <.FTSTI> dropped 1.2 percent to its lowest since May 28, recouping part of an early 2.2 percent loss, while Indonesia <.JKSE> and Thailand <.SETI>, each earlier near two-week lows, fell 1.9 percent and 2.7 percent respectively.
Malaysia <.KLSE> snapped a four-day rally, falling 1.6 percent to its lowest since June 9, and Manila <.PSI> ended a three-day winning streak, down 1.6 percent.
Indexes ended at session lows. The Dow Jones industrial average <.DJI> fell 107.46 points, or 1.25 percent, to 8,504.67. The Standard & Poor's 500 Index <.SPX> lost 11.75 points, or 1.27 percent, to 911.97. The Nasdaq Composite Index <.IXIC> was off 20.20 points, or 1.11 percent, to 1,796.18.
NYMEX-NEW YORK, June 16 (Reuters) - U.S. crude oil losses dropped further in post-settlement trading on Tuesday, after inventory data from the American Petroleum Institute showed that crude stocks fell less than expected last week.
The API said crude stocks fell 1.3 million barrels to 356.6 million barrels last week, gasoline stocks rose 2.1 million barrels to 207.7 million barrels and distillate supplies added 881,000 barrels to 151.5 million barrels.
The U.S. Energy Information Administration will release its data on Wednesday, at 10:30 a.m. EDT (1430 GMT).
On the New York Mercantile Exchange at 5:05 p.m. (2105 GMT), July crude
CBOT-SOYBEANS - July
Tight stocks, weaker dollar and worries about wet weather delaying soybean planting in key crop states of Illinois and Indiana underpin prices.
CBOT-SOYOIL - July
FCPO-KUALA LUMPUR, June 16 (Reuters) - Malaysian palm oil futures bounced from 2-month lows hit earlier on Tuesday as investors focused on the prospect of lacklustre palm oil output growth.
The benchmark September contract
REGIONAL EQUITIES-BANGKOK, June 16 (Reuters) - Southeast Asian stock markets
fell on Tuesday, worried about the pace of recovery in the global economy, with Singapore tumbling to near three-week lows while stocks in Jakarta and Bangkok slid close to two-week lows.
Singapore <.FTSTI> dropped 1.2 percent to its lowest since May 28, recouping part of an early 2.2 percent loss, while Indonesia <.JKSE> and Thailand <.SETI>, each earlier near two-week lows, fell 1.9 percent and 2.7 percent respectively.
Malaysia <.KLSE> snapped a four-day rally, falling 1.6 percent to its lowest since June 9, and Manila <.PSI> ended a three-day winning streak, down 1.6 percent.
DJI Daily: Weaken further
Immediate technical outlook weakened further following market tested the immediate support at 8500. Downside support is pegged at 8200-8000. Violation of it may prompted another round of technical selling interest. While, upside resistance is maintain at 8800-9000.
KLSE Daily: in Consolidation phase
A double digit losses had slowing down the market upward move. Market is entering into consolidation phase. As for now, we are looking for the resistance at 1083-1086 (gap left over on 16/6/2009). Downside support is pegged at 1066-1063 (gap left over since 5/6/2009) followed by 1055.
FKLI Daily: Healthy consolidation likely to extend
A healthy consolidation phase likely to extent in near term. We maintain the upside resistance at 1092-1100. While, downside support is adjusted to 1070-1060 followed by 1055-1050.
FCPO Daily: Struggling
Market is struggled to survive at 2400 mark and outlook remains hazy. A breakout of either 2350 or 2450 may provide us a more clearer direction in near term. Thus, we continue to look for the immediate support at 2350 followed by 2320-2300. To the upside, immediate resistance is at 2450 followed by 2500.
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