HAMBURG, June 23 (Reuters) - Falling U.S. biodiesel production is likely to sharply push up U.S. soyoil exports in coming months as producers seek new markets, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"The decline in usage for biodiesel production will probably pressure domestic soyoil prices, thus allowing larger than expected U.S. soyoil exports," Oil World said.
Wednesday, June 24, 2009
Breaking News-RTRS-Global June/Aug soybean exports to fall -Oil World
HAMBURG, June 23 (Reuters) - Global soybean exports will fall in June to August this year as high prices are likely to cut demand, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"It is still uncertain whether the recent rally in soybean futures to a new eight-month high in the second week of June will be sufficient to generate the required rationing of imports or whether soybean prices will have resumed their rally in the near term," Oil World said.
"It is still uncertain whether the recent rally in soybean futures to a new eight-month high in the second week of June will be sufficient to generate the required rationing of imports or whether soybean prices will have resumed their rally in the near term," Oil World said.
Trader's Highlight
DJI-NEW YORK, June 23 (Reuters) - The S&P 500 rose on Tuesday as investors hunted for bargains a day after a steep sell-off, but another delay for Boeing's 787 Dreamliner kept the Dow in the red.
There was also caution a day ahead of the Federal Reserve's assessment of economic conditions.
The Dow Jones industrial average <.DJI> was down 16.10 points, or 0.19 percent, at 8,322.91. But the Standard & Poor's 500 Index <.SPX> was up 2.06 points, or 0.23 percent, at 895.10. The Nasdaq Composite Index <.IXIC> was down 1.27 points, or 0.07 percent, at 1,764.92.
NYMEX-NEW YORK, June 23 (Reuters) - U.S. crude oil futures pared gains after a weekly industry inventory report showed domestic crude stocks fell much less than expected last week.
On the New York Mercantile Exchange, new front-month August crude was up $1.30, or 1.93 percent, at $68.80 a barrel. It earlier settled up $1.74, or 2.58 percent, at $69.24, trading from $66.37 to $69.68.
CBOT-SOYBEANS - July up 27-1/2 cents per bushel at $11.79. November up 23-1/2 cents at $10.12.
Tight old-crop supplies and short-covering amid oversold technicals lend support in addition to weak dollar. Gains limited by good crop weather in the U.S.
CBOT-SOYOIL - July up 1.00 cent at 36.93 cents per lb. Support from soy and short-covering bounce after recent declines.
Oil World sees U.S. soyoil exports increasing sharply in coming months as domestic biodiesel production stalls.
FCPO-KUALA LUMPUR, June 23 (Reuters) - Most vegetable oil markets rebounded on Tuesday with palm oil erasing most of its losses made the day before as hopes of better exports and lingering fears of tight supplies boosted sentiment.
Malaysian palm oil <0#KPO:> jumped 6 percent to close at 2,286 ringgit ($645). U.S soyoil for July shipment climbed 1.5 percent and the most-traded January 2010 soyoil contract on Dalian's Commodity Exchange narrowed earlier losses.
REGIONAL EQUITIES-BANGKOK, June 23 (Reuters) - Most Southeast Asian stock markets tumbled to around a one-month low on Tuesday, with energy and commodity stocks such as Singapore's Wilmar, Thailand's PTT and Malaysia's Sime Darby among the decliners.
Singapore's index <.FTSTI> ended down 1.8 percent at its lowest since May 22, with palm plantation firm Wilmar International and smaller peer Golden Agri Resources each sliding more than 2 percent.
Malaysia's index <.KLSE> inched down 0.1 percent, recouping most of an early 1.7 percent fall to its lowest since May 20, with palm planter Sime Darby down 1.5 percent and financial Bumiputra Commerce down 3.3 percent.
There was also caution a day ahead of the Federal Reserve's assessment of economic conditions.
The Dow Jones industrial average <.DJI> was down 16.10 points, or 0.19 percent, at 8,322.91. But the Standard & Poor's 500 Index <.SPX> was up 2.06 points, or 0.23 percent, at 895.10. The Nasdaq Composite Index <.IXIC> was down 1.27 points, or 0.07 percent, at 1,764.92.
NYMEX-NEW YORK, June 23 (Reuters) - U.S. crude oil futures pared gains after a weekly industry inventory report showed domestic crude stocks fell much less than expected last week.
On the New York Mercantile Exchange, new front-month August crude
CBOT-SOYBEANS - July
Tight old-crop supplies and short-covering amid oversold technicals lend support in addition to weak dollar. Gains limited by good crop weather in the U.S.
CBOT-SOYOIL - July
Oil World sees U.S. soyoil exports increasing sharply in coming months as domestic biodiesel production stalls.
FCPO-KUALA LUMPUR, June 23 (Reuters) - Most vegetable oil markets rebounded on Tuesday with palm oil erasing most of its losses made the day before as hopes of better exports and lingering fears of tight supplies boosted sentiment.
Malaysian palm oil <0#KPO:> jumped 6 percent to close at 2,286 ringgit ($645). U.S soyoil for July shipment
REGIONAL EQUITIES-BANGKOK, June 23 (Reuters) - Most Southeast Asian stock markets tumbled to around a one-month low on Tuesday, with energy and commodity stocks such as Singapore's Wilmar, Thailand's PTT and Malaysia's Sime Darby among the decliners.
Singapore's index <.FTSTI> ended down 1.8 percent at its lowest since May 22, with palm plantation firm Wilmar International
Malaysia's index <.KLSE> inched down 0.1 percent, recouping most of an early 1.7 percent fall to its lowest since May 20, with palm planter Sime Darby
DJI Daily: No improvement
No improvement signs as market still continue to lose ground. We are now looking for the downside support at 8200-8000. Violation of it may provide more downside room. To the upside, resistance is at 8600-8800.
KLSE Daily: May move in sideways
Market managed to lend some support to recover after tested 1035-1030 in intra-day basis. Hence, we now looking for immediate support at 1028. While, upside resistance is stood at 1050-1060.
FKLI Daily: Found immediate base at 1030.
Market found a immediate base at 1030 and looks pretty well support. Thus, market may enter to a consolidation zone in near term. We continue to look for the immediate support at 1030 followed by 1000. To the upside, resistance is at 1055-1060.
FCPO Daily: Potential of bullish reversal
Unexpected bullish engulfing candle printed had helped to cushion the market downside momentum. A strong rebound signals a potential of bullish reversal. Thus, bear may take a breathe after the recent sell down and may due for consolidation in near term. As for now, we are looking for the downside support at 2149 followed by 2120-2100. To the upside, resistance is at 2320-2350
Subscribe to:
Posts (Atom)
