CHICAGO, July 21 (Reuters) - Near-perfect conditions in soybean and corn fields around the U.S. Midwest this summer could lead to a bin-busting harvest this fall, an extension economist said.
If good growing weather persists through August, soybean yields in the United States could reach 44.7 bushels per acre, said Darrel Good, extension economist at the University of Illinois. The U.S. Agriculture Department predicted soybean yields of 42.6 bushels per acre in its latest forecast.
Wednesday, July 22, 2009
Breaking News-RTRS-Oil World sees record 2010 Argentine soybean crop
HAMBURG, July 21 (Reuters) - Argentina's soybean crop for harvesting in early 2010 may reach a record 52.0 million tonnes, up from the drought-reduced 32.2 million in early 2009 as farmers switch from wheat, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Argentine farmers will plant 19.0 million hectares of soybeans for harvesting in April/May 2010, up from 17.50 million hectares harvested in early 2009, it estimated.
Argentine farmers will plant 19.0 million hectares of soybeans for harvesting in April/May 2010, up from 17.50 million hectares harvested in early 2009, it estimated.
Breaking News-RTRS-Oil World sees strong rise in U.S. soybean exports
HAMBURG, July 21 (Reuters) - U.S. soybean exports are likely to rise strongly in coming months largely because of low stocks in rival South American suppliers, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Trader's Highlight
DJI-NEW YORK, July 21 (Reuters) - U.S. stocks rose on Tuesday as a solid profit from Caterpillar Inc overcame some uneasiness about the company's outlook for the current quarter, but the gains were limited as some investors paused following the recent earnings-fueled run-up.
In addition, U.S. Federal Reserve Chairman Ben Bernanke said in testimony before a congressional panel that mounting joblessness, slumping home values and tight credit were likely to curb consumer spending -- a major driver of U.S. economic growth and corporate profits.
The Dow Jones industrial average <.DJI> gained 67.79 points, or 0.77 percent, to 8,915.94. The Standard & Poor's 500 Index <.SPX> rose 3.45 points, or 0.36 percent, to 954.58. The Nasdaq Composite Index <.IXIC> added 6.91 points, or 0.36 percent, to 1,916.20 -- a closing high for the year.
NYMEX-NEW YORK, July 21 (Reuters) - U.S. crude oil futures ended higher on Tuesday, but only after seesawing amid hopes for economic recovery and caution about the pace of any recovery.
Bernanke said the outlook for the U.S. economy was improving, but supportive policies would be needed for some time to prevent rising unemployment from undercutting recovery.
A Reuters analyst survey on Tuesday yielded a forecast for crude supplies to have fallen last week. Refined products supplies were expected to be higher.
On the New York Mercantile Exchange, expiring August crude rose 74 cents, or 1.16 percent, to settle at $64.72 a barrel, trading from $63.51 to $65.53.
CBOT-SOYBEANS - August down 18-1/2 cents at $10.14-1/2 a bushel.
Expectations for favorable weather conditions leading into U.S. crop's key pod-setting stage of development pressure prices due to prospects for yield improvement.
Expectations for favorable weather conditions leading into U.S. crop's key pod-setting stage of development pressure prices due to prospects for yield improvement.
CBOT-SOYOIL - August down 0.57 cent at 34.77 cents per lb. Following soybeans lower.
FCPO-KUALA LUMPUR, July 21 (Reuters) - Malaysian crude palm oil futures dropped almost 1 percent on Tuesday, halting a two-day winning streak as traders doubted the strength of Asian festival demand this year.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange settled down 17 ringgit at 2,143 ringgit ($605.4) per tonne. Overall volume was 15,855 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 21 (Reuters) - The main Southeast Asian stock
markets erased early gains on Tuesday and ended lower, with Singapore and Malaysia snapping a five-day winning streak as big-caps such as CapitaLand and Public Bank met profit-taking.
Singapore <.FTSTI> slid 0.1 percent, with developer CapitaLand down 1.3 percent after a 15 percent surge in
five days, while Malaysia <.KLSE> lost 0.4 percent, with Public
Bank down 2 percent after a seven-day rise of 12
percent.
Indonesia <.JKSE> climbed 1.9 percent when trade resumed after a market holiday on Monday, while the Philippine index <.PSI> rose for a fifth day to end 0.2 percent higher and Vietnam <.VNI> gained 0.9 percent.
In addition, U.S. Federal Reserve Chairman Ben Bernanke said in testimony before a congressional panel that mounting joblessness, slumping home values and tight credit were likely to curb consumer spending -- a major driver of U.S. economic growth and corporate profits.
The Dow Jones industrial average <.DJI> gained 67.79 points, or 0.77 percent, to 8,915.94. The Standard & Poor's 500 Index <.SPX> rose 3.45 points, or 0.36 percent, to 954.58. The Nasdaq Composite Index <.IXIC> added 6.91 points, or 0.36 percent, to 1,916.20 -- a closing high for the year.
NYMEX-NEW YORK, July 21 (Reuters) - U.S. crude oil futures ended higher on Tuesday, but only after seesawing amid hopes for economic recovery and caution about the pace of any recovery.
Bernanke said the outlook for the U.S. economy was improving, but supportive policies would be needed for some time to prevent rising unemployment from undercutting recovery.
A Reuters analyst survey on Tuesday yielded a forecast for crude supplies to have fallen last week. Refined products supplies were expected to be higher.
On the New York Mercantile Exchange, expiring August crude
CBOT-SOYBEANS - August
Expectations for favorable weather conditions leading into U.S. crop's key pod-setting stage of development pressure prices due to prospects for yield improvement.
Expectations for favorable weather conditions leading into U.S. crop's key pod-setting stage of development pressure prices due to prospects for yield improvement.
CBOT-SOYOIL - August
FCPO-KUALA LUMPUR, July 21 (Reuters) - Malaysian crude palm oil futures dropped almost 1 percent on Tuesday, halting a two-day winning streak as traders doubted the strength of Asian festival demand this year.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 21 (Reuters) - The main Southeast Asian stock
markets erased early gains on Tuesday and ended lower, with Singapore and Malaysia snapping a five-day winning streak as big-caps such as CapitaLand and Public Bank met profit-taking.
Singapore <.FTSTI> slid 0.1 percent, with developer CapitaLand
five days, while Malaysia <.KLSE> lost 0.4 percent, with Public
Bank
percent.
Indonesia <.JKSE> climbed 1.9 percent when trade resumed after a market holiday on Monday, while the Philippine index <.PSI> rose for a fifth day to end 0.2 percent higher and Vietnam <.VNI> gained 0.9 percent.
Trader's Comment: Profit taking activities led palm oil futures to end lower after range trading.
Profit taking activities led palm oil futures to end lower after range trading. Lack of fresh leads in the market had given traders the excuse to book their earlier profits in the previous 2-days rally. Benchmark Oct09 initially opened RM22 lower at 2140 and then started to move sideways, hovering between 2162-2128 through out the day until it ended RM19 lower at 2143. External vege oil markets also showed some weakness today after eCBOT soy oil edged lower while Dalian palm surrendered its earlier gains to ease off further. Daily volume increased slightly with 15,855 contracts changed hands.
DJI Daily: likely to challenge 9000 mark
KLSE Daily: still bullish
FKLI Daily: shy away after hit another fresh year high
FCPO Daily: stuck in range trading
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