Monday, June 29, 2009
Trader's Comment: Palm oil futures ended lower as lack of buying support due to weak external factors.
Palm oil futures ended lower as lack of buying support due to weak external factors. Benchmark Sep09 gaped down RM34 at 2285 after the opening bell and hit intra day low of 2242 with aggressive selling interest emerged as tracking the negative Dalian Commodity prices and Asian time NYMEX crude oil. However, market talk that end June export data which will be released tomorrow may be around 1.25m tonnes compared with last month figure of 1.21m tonnes (ITS), had managed to provide some cushion to the market momentum. Prices then hanging around 2250-2270 level through out the remaining session before it ended RM57 lower at 2262. Total volume stood at 12,695 contracts changed hands. Players now waiting for the USDA's June planting and quarterly stocks reports on Tuesday night followed by MPOB supply & demand data due to release on 10 July.
Breaking News-RTRS-INTERVIEW-Indonesia considers reimposing soybean import duty
JAKARTA, June 26 (Reuters) - Indonesia, the world's sixth-biggest soybean importer, is looking into reimposing import duty on soybeans in order to support local production, an agriculture ministry official told Reuters on Friday.
"We were once self reliant in soybean supplies back in the 1990s before imported soybeans flooded the market. So why can't we try again," Sutarto Alimoeso, director general of food crops at the ministry, said in an interview.
He said farmers would be encouraged to plant more if soybean prices were attractive.
"We were once self reliant in soybean supplies back in the 1990s before imported soybeans flooded the market. So why can't we try again," Sutarto Alimoeso, director general of food crops at the ministry, said in an interview.
He said farmers would be encouraged to plant more if soybean prices were attractive.
Breaking News-RTRS-Hot days, nights may stress U.S. crops-agronomists
CHICAGO, June 26 (Reuters) - This week's heatwave has raised some concerns about whether it was too hot for corn and soy crops planted late in the U.S. Midwest due to a wet spring, but the damage will depend on how long the hot weather lasts, agronomists said.
Breaking News-RTRS-Near perfect weather for US corn, soy development
CHICAGO, June 26 (Reuters) - Periodic showers along with warmer temperatures across the U.S. Midwest are near perfect growing conditions for young corn and soybean plants, a forecaster said Friday.
"Some storms in the north could produce locally heavier rains and cause localized flooding, but overall this is a pretty good crop weather coming into the month of July," Mike Palmerino, DTN Meteorlogix forecaster, said.
"Some storms in the north could produce locally heavier rains and cause localized flooding, but overall this is a pretty good crop weather coming into the month of July," Mike Palmerino, DTN Meteorlogix forecaster, said.
Trader's Highlught
DJI-NEW YORK, June 26 (Reuters) - The Nasdaq rose on Friday, on strong demand for Palm's Inc's Pre smartphone, while the Dow was dragged lower by sliding oil prices and strength in some financial stocks helped cushion the S&P 500's decline.
The technology-heavy Nasdaq outperformed, helped partly by gains in Palm after it posted a narrower-than-expected loss late on Thursday and said demand was strong for its new Pre smartphone.
Weighing on sentiment, a jump in the savings rate suggested that the debt-burdened U.S. consumer may not drive the economy out of recession as fast as hoped.
The Dow Jones industrial average <.DJI> dropped 34.01 points, or 0.40 percent, to 8,438.39. The Standard & Poor's 500 Index <.SPX> fell 1.36 points, or 0.15 percent, to 918.90. But the Nasdaq Composite Index <.IXIC> gained 8.68 points, or 0.47 percent, to 1,838.22.
NYMEX-NEW YORK, June 26 (Reuters) - U.S. crude oil futures fell back on Friday as oil traders took pre-weekend profits, joining investors on Wall Street who worried that a jump in the U.S. savings rate may hamper the road to economic recovery.
On the New York Mercantile Exchange, August crude settled down $1.07, or 1.52 percent, at $69.16 a barrel, trading from $68.81 to $71.29. From a week ago, the contract was down 39 cents, or 0.56 percent.
CBOT-SOYBEANS - July up 5 cents per bushel at $12.01. November down 11 cents at $9.91.
Weak U.S. dollar and tight U.S. stocks supporting old-crop values, but gains limited by weak crude oil and pressure on November from prospects for big U.S. soy acreage this year.
CBOT-SOYOIL - July down 0.46 cent per lb at 36.08 cents Crude oil down more than $1 per barrel.
FCPO-KUALA LUMPUR, June 26 (Reuters) - Malaysian palm futures dipped 0.8 percent on Friday as some investors booked profits on a rally fuelled by expectations that India would have to import more vegetable oils as monsoon rains were below normal.
The benchmark September palm oil contract on the Bursa Malaysia Derivatives Exchange settled down 19 ringgit to 2,317 ringgit ($656.4). Overall traded volume stood at 11,629 lots at 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, June 26 (Reuters) - Singapore climbed near a two-week high on Friday, rising for a third day and leading most other Southeast Asian stock markets higher, with low interest rates bolstering demand for regional property shares.
Investors continued to allocate more money to stocks because of the low-rate environment and the prospect of a gradual recovery in the global economy, while energy shares rose after oil went above $71 a barrel.
Markets in the region recovered part of last week's losses, led by Manila, which gained 3.3 percent on the week, reversing from a 7.7 percent drop the week before, followed by Jakarta's 2.5 percent gain and Singapore's 2 percent.
Singapore's index <.FTSTI> ended up 0.7 percent at its highest level since June 15, with Keppel Land up 2.2 percent and City Development up 1.5 percent.
Malaysia <.KLSE> eked out a small 0.2 percent gain, with lender Maybank down 1.7 percent, while palm planter Sime Darby rose 0.7 percent.
The technology-heavy Nasdaq outperformed, helped partly by gains in Palm after it posted a narrower-than-expected loss late on Thursday and said demand was strong for its new Pre smartphone.
Weighing on sentiment, a jump in the savings rate suggested that the debt-burdened U.S. consumer may not drive the economy out of recession as fast as hoped.
The Dow Jones industrial average <.DJI> dropped 34.01 points, or 0.40 percent, to 8,438.39. The Standard & Poor's 500 Index <.SPX> fell 1.36 points, or 0.15 percent, to 918.90. But the Nasdaq Composite Index <.IXIC> gained 8.68 points, or 0.47 percent, to 1,838.22.
NYMEX-NEW YORK, June 26 (Reuters) - U.S. crude oil futures fell back on Friday as oil traders took pre-weekend profits, joining investors on Wall Street who worried that a jump in the U.S. savings rate may hamper the road to economic recovery.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - July
Weak U.S. dollar and tight U.S. stocks supporting old-crop values, but gains limited by weak crude oil and pressure on November from prospects for big U.S. soy acreage this year.
CBOT-SOYOIL - July
FCPO-KUALA LUMPUR, June 26 (Reuters) - Malaysian palm futures dipped 0.8 percent on Friday as some investors booked profits on a rally fuelled by expectations that India would have to import more vegetable oils as monsoon rains were below normal.
The benchmark September palm oil contract
REGIONAL EQUITIES-BANGKOK, June 26 (Reuters) - Singapore climbed near a two-week high on Friday, rising for a third day and leading most other Southeast Asian stock markets higher, with low interest rates bolstering demand for regional property shares.
Investors continued to allocate more money to stocks because of the low-rate environment and the prospect of a gradual recovery in the global economy, while energy shares rose after oil went above $71 a barrel.
Markets in the region recovered part of last week's losses, led by Manila, which gained 3.3 percent on the week, reversing from a 7.7 percent drop the week before, followed by Jakarta's 2.5 percent gain and Singapore's 2 percent.
Singapore's index <.FTSTI> ended up 0.7 percent at its highest level since June 15, with Keppel Land
Malaysia <.KLSE> eked out a small 0.2 percent gain, with lender Maybank
DJI Weekly: Holding in sideways
Market has been holding in sideways manner and no showing any sign of improvement. Thus, we continue to look for the resistance at 8600-8800 followed by 9000. To the downside, support is pegged at 8000.
KLSE Weekly: Steady
A long lower shadow shows that market was well adsorb after the recent sell down. Thus, we are currently looking for the downside support at 1028 followed by 1000. While, upside resistance is stood at 1095-1100.
FKLI Weekly: Not Give UP
Market rebounded and recovered after tested the support at 1031. Looks market may not give up to fight for more bullish territory. As for now, we are looking for the immediate support at 1031 followed by 1000. To the upside, resistance remains at 1092-1100.
FCPO Weekly: Enter to Consolidation zone
Market is entering a consolidation zone after it managed to defend at 2149 level. We maintain our view sideways to lower in near term market while waiting for a significant breakout either to the upside at 2350 or downside support at 2149. Violation of either way may see next upside resistance at 2400-2450. Downside support will be followed by 2100-2050.
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