Friday, July 3, 2009
Trader's Comment: Palm oil futures ended flat after a dramatic rebound on aggressive pre-weekend covering.
Palm oil futures ended flat after a dramatic rebound on aggressive pre-weekend covering. Benchmark Sep09 immediately gap down RM35 to open at 2140 following overnight sharp losses in NYMEX crude oil. Initially, it hovered between 2123-2157 level through out the morning session until the sudden sharp fall in Dalian palm triggered more speculative selling in the BMD. Prices tumbled to break below 2100 level as it hit intra day low of 2085 in the afternoon session. Nevertheless, prices then started to recover steadily as short covering activities began to emerge. Buying became more aggressive and panic covering were seen as Benchmark Sep09 surged strongly to intra day high of 2181 before it finally ended unchanged at 2175.
Breaking News-RTRS-Informa sees 2009 U.S. corn crop at 12.524 bln bu
CHICAGO, July 2 (Reuters) - Analytical firm Informa Economics estimated the average 2009 U.S. corn production at 12.524 billion bushels per acre, reflecting an average yield of 156.3 bpa, trade sources said on Thursday.
The firm pegged this season's U.S. soybean crop at 3.214 billion bushels, which would be a record-large output if realized. Informa's soy production figure reflects and average soybean yield of 42 bpa.
Currently, USDA is forecasting the average U.S. corn yield at 153.4 bpa and soybeans at 42.6 bpa.
The firm pegged this season's U.S. soybean crop at 3.214 billion bushels, which would be a record-large output if realized. Informa's soy production figure reflects and average soybean yield of 42 bpa.
Currently, USDA is forecasting the average U.S. corn yield at 153.4 bpa and soybeans at 42.6 bpa.
Breaking News-RTRS-ANALYSIS-China grapples with plentiful soy, imports to slow
SINGAPORE/BEIJING, July 2 (Reuters) - The seasonal post-summer pick-up in Chinese soybean imports may fail to materialise this year as Beijing looks set to disgorge some of its record inventories ahead of the autumn harvest.
While most grain traders remain bullish on demand from the world's biggest buyer of soybeans as its economy accelerates, slower purchases following the end of Beijing's stockpiling campaign this week may be more prolonged and pronounced than anticipated.
While most grain traders remain bullish on demand from the world's biggest buyer of soybeans as its economy accelerates, slower purchases following the end of Beijing's stockpiling campaign this week may be more prolonged and pronounced than anticipated.
Breaking News-RTRS-China shifts to new US soy crop on low prices-survey
BEIJING, July 2 (Reuters) - Importers in China, the world's largest soy buyer, have shifted their purchasing interests to the cheap new U.S soy crop after tight supply of old crops in the U.S. drove up near-month prices at the Chicago Board of Trade (CBOT) <0#S:>, a think-tank report said.
"The highest price difference between July and November contracts (of CBOT) has turned soy buyers to forward-month cargoes," said the China National Grain and Oils Information Center (CNGOIC) in a report.
"The highest price difference between July and November contracts (of CBOT) has turned soy buyers to forward-month cargoes," said the China National Grain and Oils Information Center (CNGOIC) in a report.
Trader's Highlight
DJI-NEW YORK, July 2 (Reuters) - U.S stocks tumbled on Thursday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects.
News that U.S. employers shed nearly half a million jobs last month and the unemployment rate jumped to 9.5 percent, the highest in nearly 26 years, dampened recent hopes that the recession might be abating.
The Dow Jones industrial average <.DJI> dropped 223.32 points, or 2.63 percent, to 8,280.74. The Standard & Poor's 500 Index <.SPX> slid 26.91 points, or 2.91 percent, to 896.42. The Nasdaq Composite Index <.IXIC> sank 49.20 points, or 2.67 percent, to 1,796.52.
U.S. financial markets will be closed on Friday for the U.S. Independence Day holiday, with July 4th falling on Saturday this year.
NYMEX-NEW YORK, July 2 (Reuters) - U.S. crude oil futures ended almost 4 percent lower on Thursday as government data showing that the jobless rate in June rose to the highest level in 26 years sparked fresh worries about a recovery from recession.
On the New York Mercantile Exchange, August crude settled down $2.58, or 3.7 percent, at $66.73 a barrel, trading from $66.50 to $69.74. Tuesday's $73.38 peak was the highest intraday front-month price since Oct. 21's $75.69.
CBOT-SOYBEANS - July down 15-1/2 cents at $12.43 per bushel with November down 9-1/2 at $10.06.
Profit-taking after Wednesday's rally, good crop weather in the U.S., lower equities, firm dollar and drop in crude oil pressuring soybean futures. Losses limited by good export sales.
Informa Economics estimates 2009 U.S. soy production 3.214 billion bushels.
CBOT-SOYOIL - July down 0.64 cent at 35.18 cents per lb.
Profit-taking, lower crude oil and drop in soybean futures lending pressure. Strong weekly export sales data from USDA supportive.
FCPO-JAKARTA, July 2 (Reuters) - Malaysian palm futures dropped 3.7 percent to the lowest level in nine trading days on Thursday as investors focused on weak demand after crude oil, which had inspired a rebound a day before, tumbled, traders said.
The benchmark September palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 84 ringgit to 2,175 ringgit ($618.34) a tonne, the weakest since June 22. Overall traded volume was 15,244 lots at 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 2 (Reuters) - Southeast Asian stock markets
were mixed on Thursday, with Singapore snapping a two-day winning streak, hurt by losses in big-cap financials and property, while Thailand hit a one-week low, pulled down by oil stocks.
Singapore's benchmark index <.FTSTI> lost 1.35 percent, dragged down by DBS Group, Southeast Asia's largest bank, which fell 2.84 percent, while Thailand's index <.SETI> fell 1.85 percent to a one-week low, with top energy firm PTT off 2.1 percent.
Elsewhere in the region, Malaysia <.SETI> closed down 0.06 percent, with decliners led by a 2.6 percent fall in Maybank, the country's largest lender, and a 6.8 percent drop in property firm UEM Land .
Malaysian planters were helped by an upbeat view on palm futures from IOI Corp, which said the worst was over for the plantation sector as palm oil prices had recovered from last year's slump, although merger activity would be muted.
News that U.S. employers shed nearly half a million jobs last month and the unemployment rate jumped to 9.5 percent, the highest in nearly 26 years, dampened recent hopes that the recession might be abating.
The Dow Jones industrial average <.DJI> dropped 223.32 points, or 2.63 percent, to 8,280.74. The Standard & Poor's 500 Index <.SPX> slid 26.91 points, or 2.91 percent, to 896.42. The Nasdaq Composite Index <.IXIC> sank 49.20 points, or 2.67 percent, to 1,796.52.
U.S. financial markets will be closed on Friday for the U.S. Independence Day holiday, with July 4th falling on Saturday this year.
NYMEX-NEW YORK, July 2 (Reuters) - U.S. crude oil futures ended almost 4 percent lower on Thursday as government data showing that the jobless rate in June rose to the highest level in 26 years sparked fresh worries about a recovery from recession.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - July
Profit-taking after Wednesday's rally, good crop weather in the U.S., lower equities, firm dollar and drop in crude oil pressuring soybean futures. Losses limited by good export sales.
Informa Economics estimates 2009 U.S. soy production 3.214 billion bushels.
CBOT-SOYOIL - July
Profit-taking, lower crude oil and drop in soybean futures lending pressure. Strong weekly export sales data from USDA supportive.
FCPO-JAKARTA, July 2 (Reuters) - Malaysian palm futures dropped 3.7 percent to the lowest level in nine trading days on Thursday as investors focused on weak demand after crude oil, which had inspired a rebound a day before, tumbled, traders said.
The benchmark September palm oil contract
REGIONAL EQUITIES-BANGKOK, July 2 (Reuters) - Southeast Asian stock markets
were mixed on Thursday, with Singapore snapping a two-day winning streak, hurt by losses in big-cap financials and property, while Thailand hit a one-week low, pulled down by oil stocks.
Singapore's benchmark index <.FTSTI> lost 1.35 percent, dragged down by DBS Group
Elsewhere in the region, Malaysia <.SETI> closed down 0.06 percent, with decliners led by a 2.6 percent fall in Maybank
Malaysian planters were helped by an upbeat view on palm futures from IOI Corp, which said the worst was over for the plantation sector as palm oil prices had recovered from last year's slump, although merger activity would be muted.
DJI Daily: Weaken
a triple digit losses of more than 2 percent had weaken further the immediate technical landscape. We continue to look for the underline downside support at 8200-8000. To the upside, resistance maintain at 8600-8800.
KLSE Daily: Facing tough resistance
Market was facing tough resistance at 1083. Thus may due for a correction in near term. As for now, immediate support is looking at 1070 followed by 1064-1059 (gap left over on 25/6/2009). While, upside resistance remains at 1083-1086 (gap left over since 16/6/2009).
FKLI Daily: Bears attack
Bullish atmosphere is under attack following the formation of double top. Market looks may due for correction in near term. As for now, downside support is looking at 1055-1050 followed by 1030. To the upside, resistance is at 1085-1092.
FCPO Daily: eyeing underline support at 2150
Market hammered following 2220-2200 was failed to defend. We are now eying the crucial underline support at 2150 as breakout of it may provide more room to downside potential. Next support will be looking at 2120-2050. To the upside, resistance is stood at 2260-2300.
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