BEIJING, June 19 (Reuters) - Chinese crushers did not increase soy imports much this week, anticipating ample supplies until August when a possible release of state soy reserves could make up for lower imports, according to an official think-tank.
The expectation on state sales by the China National Grain and Oils Information Center (CNGOIC) was reflected in prices on the Dalian soy futures market <0#DCC:>, which failed to follow the strong gains at the Chicago Board of Trade <0#S:> over the past week.
Monday, June 22, 2009
Trader's Highlight
DJI-NEW YORK, June 19 (Reuters) - The S&P 500 and Nasdaq rose on Friday as positive broker comments on Microsoft boosted technology shares, but the major averages lost ground for the week for the first time in five weeks.
The Dow Jones industrial average <.DJI> fell 15.87 points, or 0.19 percent, to 8,539.73. But the Standard & Poor's 500 Index <.SPX> added 2.86 points, or 0.31 percent, to 921.23. And the Nasdaq Composite Index <.IXIC> rose 19.75 points, or 1.09 percent, to 1,827.47.
NYMEX-NEW YORK, June 19 (Reuters) - U.S. crude oil futures ended lower for the first time in three days on Friday, pressured by a sell-off in gasoline futures.
On the New York Mercantile Exchange, July crude settled down $1.82, or 2.55 percent, at $69.55 a barrel, trading from $68.90 to $72.30.
CBOT-SOYBEANS - July down 6-3/4 cents at $12.07 a bushel. Market setting back from three days of gains.
Thunderstorms expected during the next 2 days around the Midwest seen as beneficial to recently seeded soybeans but will delay farmers in Illinois and Indiana who need to finish planting.
CBOT-SOYOIL - July down 0.01 cent at 36.94 cents a lb. Following weakness in soymeal, soybean futures but strength in crude oil limits downturn.
FCPO-JAKARTA, June 19 (Reuters) - Malaysian palm oil futures ended softer on Friday for the third consecutive day, touching a new 10-week intraday low, as worries over slow exports overcame support from gains in oil and soybean markets, traders said.
The benchmark September contract on the Bursa Malaysia's Derivatives Exchange settled down 14 ringgit, or 0.61 percent to 2,285 ringgit ($647) a tonne after trading as high as 2,318 ringgit and hitting a low of 2,274 ringgit, a level unseen since April 10. Overall volume was 10,668 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, June 19 (Reuters) - Major Southeast Asian stock markets rose on Friday as index heavyweights attracted bargain hunters, with Singapore ending a six-day fall and Thai stocks up after interest rate comments from the Bank of Thailand.
Markets in the region tracked improving sentiment elsewhere in Asia as U.S. factory and jobs data provided more evidence that the global economy was starting to recover from its deep recession.
A U.S. Federal Reserve policy meeting next week may provide such a trigger, with signals on the economy.
Singapore's Straits Times Index <.FTSTI> rose 1.6 percent. Malaysia's index <.KLSE> gained 0.5 percent after a three-day fall of 3.4 percent. Among Southeast Asia stock indices, Malaysia suffered the smallest fall of 2.8 percent on the week, followed by a 4.4 percent drop in Singapore.
The Philippines and Vietnam bucked the trend. Manila <.PSI> fell for a fourth day, ending down 1.5 percent, Vietnam <.VNI> fell 0.9 percent after a two-day rise.
The Dow Jones industrial average <.DJI> fell 15.87 points, or 0.19 percent, to 8,539.73. But the Standard & Poor's 500 Index <.SPX> added 2.86 points, or 0.31 percent, to 921.23. And the Nasdaq Composite Index <.IXIC> rose 19.75 points, or 1.09 percent, to 1,827.47.
NYMEX-NEW YORK, June 19 (Reuters) - U.S. crude oil futures ended lower for the first time in three days on Friday, pressured by a sell-off in gasoline futures.
On the New York Mercantile Exchange, July crude
CBOT-SOYBEANS - July
Thunderstorms expected during the next 2 days around the Midwest seen as beneficial to recently seeded soybeans but will delay farmers in Illinois and Indiana who need to finish planting.
CBOT-SOYOIL - July
FCPO-JAKARTA, June 19 (Reuters) - Malaysian palm oil futures ended softer on Friday for the third consecutive day, touching a new 10-week intraday low, as worries over slow exports overcame support from gains in oil and soybean markets, traders said.
The benchmark September contract
REGIONAL EQUITIES-BANGKOK, June 19 (Reuters) - Major Southeast Asian stock markets rose on Friday as index heavyweights attracted bargain hunters, with Singapore ending a six-day fall and Thai stocks up after interest rate comments from the Bank of Thailand.
Markets in the region tracked improving sentiment elsewhere in Asia as U.S. factory and jobs data provided more evidence that the global economy was starting to recover from its deep recession.
A U.S. Federal Reserve policy meeting next week may provide such a trigger, with signals on the economy.
Singapore's Straits Times Index <.FTSTI> rose 1.6 percent. Malaysia's index <.KLSE> gained 0.5 percent after a three-day fall of 3.4 percent. Among Southeast Asia stock indices, Malaysia suffered the smallest fall of 2.8 percent on the week, followed by a 4.4 percent drop in Singapore.
The Philippines and Vietnam bucked the trend. Manila <.PSI> fell for a fourth day, ending down 1.5 percent, Vietnam <.VNI> fell 0.9 percent after a two-day rise.
DJI Weekly: Remains in sideways posture
Market maintains its posture in sideways manner. Thus, we continue to look for the resistance at 9000-9200, while downside support is pegged at 8200-8000.
KLSE Weekly: Losing upside momentum
Market is losing its upside momentum following a long black candle printed. Currently, we are looking for the immediate support at 1050-1035 followed by 1000. While, upside resistance is stood at 1095-1100.
FKLI Weekly: tried to DEFEND
Bulls are trying to defend at above 1050 mark. Thus, a break below of the immediate support 1045-1050 may provide more downside room. Next support will be looking at 1035-1030 followed by 1000. To the upside, resistance is at 1092-1100.
FCPO Weekly: looks BEARISH
Violation of the physiological support at 2350 had dampened the overall technical landscape. Immediate outlook turns bearish with another long black candle posted for the week. We maintain lower view in near term market. As for now, we are looking of the upside resistance 2480-2500 followed by 2550-2600. To the downside, support is pegged at 2180-2120 followed by 2050.
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