BEIJING, Aug 18 (Reuters) - China's State Council, or cabinet, is considering a proposal to give subsidies of 200 yuan ($29.26) per tonne to help plants in the northeast crush domestic crops, traders said on Tuesday.
The move would help the sale of huge stockpiles of state soy reserves but was unlikely to hurt imports as soy plants in the inland province of Heilongjiang crushed only domestic crops, traders said.
Wednesday, August 19, 2009
Breaking News-RTRS-Soybean prices to stay firm medium term -Oil World
HAMBURG, Aug 18 (Reuters) - Global soybean prices are likely to stay firm medium-term despite a looming large U.S. crop as Chinese and other import demand is high and key South American supplies tight, oilseeds analysts Oil World said on Tuesday.
Trader's Highlight
DJI-NEW YORK, Aug 18 (Reuters) - U.S. stocks rose on Tuesday, rebounding after sharp losses in the previous session, as better-than-expected results from big retailers encouraged investors to get back into the market.
The earnings reports offset an unexpected drop in housing starts and permits in July, sending all three major indexes up more than 1 percent in earlier trading.
The Dow Jones industrial average <.DJI> was up 82.60 points, or 0.90 percent, at 9,217.94. The Standard & Poor's 500 Index <.SPX> was up 9.94 points, or 1.01 percent, at 989.67. The Nasdaq Composite Index <.IXIC> was up 25.08 points, or 1.30 percent, at 1,955.92.
NYMEX-NEW YORK, Aug 18 (Reuters) - U.S. crude oil futures shot up more than 5 percent to above $70 a barrel in post-settlement trading on Tuesday, after industry data showed a surprisingly large drawdown in crude inventories last week, contrary to forecasts that supplies rose.
Data from the American Petroleum Institute for the week to Aug. 14 showed that crude stocks fell 6.1 million barrels to 342.4 million barrels, distillate stocks rose 1.5 million barrels to 161 million barrels and gasoline stocks fell 847,000
barrels to 212.6 million barrels.
On the New York Mercantile Exchange at 5 p.m. EDT (1700 GMT) September crude was up $3.43, or 5.14 percent, at $70.18 a barrel, after extending the day's high to $70.28. It earlier settled up $2.44, or 3.66 percent, at $69.19, after trading $66.11 to $69.58. The NYMEX September contract expires on Thursday.
CBOT-SOYBEANS - CBOT September up 7-1/2 cents per bushel at $9.95-1/2. News China bought U.S. soy, firm crude oil and short-covering after the price tumble on Monday supporting market.
Gains limited by excellent weather in the U.S. soy regions as the crop goes through its final pod-setting stage of development.
CBOT-SOYOIL - CBOT September up 0.07 cent per lb at 35.94. Following soy and gains in crude oil.
FCPO-KUALA LUMPUR, Aug 18 (Reuters) - Malaysian crude palm oil futures gained 1.7 percent on Tuesday after investors were heartened by prospects of higher festival demand and stabilising commodity markets following the previous day's sell-off.
Benchmark November palm oil futures on the Bursa Malaysia Derivatives Exchange settled up 40 ringgit to 2,375 ringgit ($671.8) per tonne, bouncing off 10-day lows hit on Monday.
REGIONAL EQUITIES-BANGKOK, Aug 18 (Reuters) - Shares in Singapore gained almost
1 percent on Tuesday as late buying in big caps pushed shares such as CapitaLand and SingTel higher, while Thailand reversed early falls amid upbeat outlooks of resources and telecom shares.
Stocks in Malaysia, Vietnam, the Philippines and Indonesia ended mostly lower, with Jakarta's benchmark index losing more than two percent.
Singapore's benchmark Straits Times Index <.FTSTI> recouped early losses, helped by CapitaLand, which rose 2 percent, and Singapore Telecommunications , which climbed 1.6 percent.
Malaysia <.KLSE> eased 0.4 percent, coming off its early fall to the lowest since July 30, Indonesia's index <.JKSE> lost 2.1 percent, and the Philippine index <.PSI> fell 1.4 percent to its lowest in three weeks.
The earnings reports offset an unexpected drop in housing starts and permits in July, sending all three major indexes up more than 1 percent in earlier trading.
The Dow Jones industrial average <.DJI> was up 82.60 points, or 0.90 percent, at 9,217.94. The Standard & Poor's 500 Index <.SPX> was up 9.94 points, or 1.01 percent, at 989.67. The Nasdaq Composite Index <.IXIC> was up 25.08 points, or 1.30 percent, at 1,955.92.
NYMEX-NEW YORK, Aug 18 (Reuters) - U.S. crude oil futures shot up more than 5 percent to above $70 a barrel in post-settlement trading on Tuesday, after industry data showed a surprisingly large drawdown in crude inventories last week, contrary to forecasts that supplies rose.
Data from the American Petroleum Institute for the week to Aug. 14 showed that crude stocks fell 6.1 million barrels to 342.4 million barrels, distillate stocks rose 1.5 million barrels to 161 million barrels and gasoline stocks fell 847,000
barrels to 212.6 million barrels.
On the New York Mercantile Exchange at 5 p.m. EDT (1700 GMT) September crude
CBOT-SOYBEANS - CBOT September
Gains limited by excellent weather in the U.S. soy regions as the crop goes through its final pod-setting stage of development.
CBOT-SOYOIL - CBOT September
FCPO-KUALA LUMPUR, Aug 18 (Reuters) - Malaysian crude palm oil futures gained 1.7 percent on Tuesday after investors were heartened by prospects of higher festival demand and stabilising commodity markets following the previous day's sell-off.
Benchmark November palm oil futures
REGIONAL EQUITIES-BANGKOK, Aug 18 (Reuters) - Shares in Singapore gained almost
1 percent on Tuesday as late buying in big caps pushed shares such as CapitaLand and SingTel higher, while Thailand reversed early falls amid upbeat outlooks of resources and telecom shares.
Stocks in Malaysia, Vietnam, the Philippines and Indonesia ended mostly lower, with Jakarta's benchmark index losing more than two percent.
Singapore's benchmark Straits Times Index <.FTSTI> recouped early losses, helped by CapitaLand
Malaysia <.KLSE> eased 0.4 percent, coming off its early fall to the lowest since July 30, Indonesia's index <.JKSE> lost 2.1 percent, and the Philippine index <.PSI> fell 1.4 percent to its lowest in three weeks.
Trader's Comment: Palm oil futures recovered partially from yesterday heavily sold down market amid stabilizing external markets.
Palm oil futures recovered partially from yesterday heavily sold down market amid stabilizing external markets. Benchmark Nov09 gap up RM25 higher to open at 2360 and hovering in a tight range between 2355-2390 through out the day until it settled RM40 higher at 2375. The rebound of external markets had provide some steady support to BMD as both Asian time NYMEX crude oil and eCBOT soy oil had recovered from overnight losses and rose broadly higher today. Short-covering activities were also evident as players started to cover their positions after yesterday’s oversold market while waiting for fresh leads. Daily volume was moderate with a total of 14,888 contracts changed hands.
FKLI Daily: Surviving
CBOT Soyoil Daily: Remains weak
NYMEX Crude Daily: May move in sideways manner
FCPO Daily: Looking for direction
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