Breaking News-RTRS-China's imports of new U.S. soy crop stay brisk -survey

BEIJING, Aug 21 (Reuters) - The new, cheap U.S. soy crop has attracted buyers in China, the world's largest importer, and Chinese crushers are likely to continue brisk imports in coming weeks, according to an official survey issued on Friday.
The U.S. soy price for January shipment at about 3,550 yuan ($519.7) was 6 percent lower than Beijing's bidding price for its soy reserves, and the China National Grain and Oils Information Center (CNGOIC) said that favorable price differential would continue to spur imports in the weeks ahead.

Trader's Highlight

DJI-NEW YORK, Aug 21 (Reuters) - U.S. stocks ended the week at 2009 highs on Friday after a surprising rise in home sales and optimistic comments from Federal Reserve chief Ben Bernanke reassured investors about the prospects for an economic recovery.

The S&P 500 and the Nasdaq hit 10-month intraday highs, while the Dow industrials rose to their highest level in nine months. The S&P 500 is now up 51.7 percent from its 12-year closing low set on March 9.

At the Fed's annual conference in Jackson Hole, Wyoming, Bernanke gave his clearest signal yet that the global economy is emerging from a recession. But the Fed chairman warned that growth would be sluggish for a time.

The Dow Jones industrial average <.DJI> jumped 155.91 points, or 1.67 percent, to end at 9,505.96. The Standard & Poor's 500 Index <.SPX> climbed 18.76 points, or 1.86 percent, to 1,026.13. The Nasdaq Composite Index <.IXIC> rose 31.68 points, or 1.59 percent, to 2,020.90.

NYMEX-NEW YORK, Aug 21 (Reuters) - U.S. crude oil futures ended at a 10-month high Friday on economic optimism, as Wall Street gained sharply and the dollar weakened.

On the New York Mercantile Exchange, new front-month October crude settled up 98 cents, or 1.34 percent, at $73.89 a barrel, the highest settlement since Oct. 20, 2008, when the top contract ended at $74.25.

NYMEX October crude traded from $72.03 to $74.72, the highest intraday price for the year and marking the highest since front-month prices hit $75.69 on Oct. 21, 2008.

CBOT-SOYBEANS - September up 23-3/4 cents at $10.23 a bushel; November up 16 at $9.73. Lifted by persistent Chinese buying of U.S. soy, cool U.S. weather slowing crop maturity raising concern of potential damage from an early frost, weaker dollar.

CBOT-SOYOIL - September up 0.53 cent at 36.33 cents a lb. Spillover support from strong gains in soy combined with firm crude oil and weak dollar.

FCPO-KUALA LUMPUR, Aug 21 (Reuters) - Malaysian crude palm oil rose 1.9 percent on Friday, recovering from a near three-week low earlier in the session on talk of lower production in a key growing region.

Benchmark November palm oil futures on the Bursa Malaysia Derivatives Exchange fell as much as 67 ringgit to 2,234 ringgit ($634.7) per tonne, a level unseen since Aug. 3, but recovered slightly to settle up 44 ringgit at 2,324 ringgit.

REGIONAL EQUITIES-BANGKOK, Aug 21 (Reuters) - Most Southeast Asian stock markets erased earlier falls to end positive on Friday as investors bought back energy and financial stocks, while Singapore defied the trend by ending near a four-week low.

Trading was volatile as investors nervously watched markets in China, where the Shanghai index <.SSEC> ended up 1.7 percent after a 20 percent tumble in the two weeks to Wednesday on concerns over the pace of economic recovery.

Malaysian stocks <.KLSE> closed flat, edging up 0.03 percent, Indonesia stocks <.JKSE> climbed 0.23 percent, and Vietnam <.VNI> rose for a third straight day, ending up 1.03 percent to 519.17 to its highest since Sept. 9, 2008.

However, Singapore's benchmark stock index <.FTSTI> ended down 0.57 percent to a near four-week low, with plam oil planter Golden Agri-Resources dipping 1.03 percent, hit by falling palm oil futures.

FCPO Weekly: in mix view

Market recouped all its early losses to end higher had chart in a long lower shadow candle had helped to provide some cushion to the recent sell down. However, immediate technical landscape remains in mix view. Thus, market may move in sideways in near term. To the upside, resistance is adjusted to 2521. While, downside support is pegged at 2230-2225.

NYMEX Crude Weekly: More room to bias upside potential

A significant breakout from 73.38 (high on 5/7/2009) had provided more room to bias upside potential. Upside target was looking at 78.35-78.77. To the downside, support is pegged at 65.23-64.95.

CBOT Soyoil Weekly: Defended well at USD 35

The immediate weekly technical landscape shows a little improvement following market manage to defend well at above USD 35. Thus, a more concrete support base is needed to build up in order to sustain the upward momentum. As for now, we are looking for the downside support at 38.99. To the downside, support is pegged at 35.60-35.30

SSE Weekly: Bears took a breathe

Market ended with a long lower shadow candle had show some early sign of bears were taking a break after the recent sell down. However, more confirmation is needed as the immediate technical landscape remains weak. Downside support is now looking at 2720-2700 followed by 2668-2635. To the upside, resistance is stood at 3020-3039 (gap left over on since 16/8/2009).

DJI Weekly: New highs for the year

A new highs for the year had brighten up the weekly technical landscape. Market looks may continue its upward move with target at 9600-9800 levels. to the downside, support is pegged at 9000 levels.

FKLI Weekly: Forming round top

Market continue to struggle looking to survive at above 1150 levels had weaken further the weekly technical landscape with a round top formation. Thus, correction phase is likely to continue in near term. To the upside, resistance is maintain at 1189.5 while downside support is pegged at 1150 followed by 1126..

Trader's Comment: Palm oil futures made a dramatic “U turn” as it clawed back its earlier losses to end higher.

Palm oil futures made a dramatic “U turn” as it clawed back its earlier losses to end higher. Benchmark Nov09 initially opened RM19 higher at 2320 but was immediately slammed down through out the morning session, tracking the weak external markets in the early Asian time trading. It hit intra day low of 2234 before the morning close at 2240. However, market sentiment then began to change as external markets started to improve. The emerge of massive short covering and speculative buying activities saw Benchmark Nov09 gapped higher during second session opening and continued to rally strongly in the remaining session until it hit intra day high of 2346 before settled RM44 higher at 2345. Both Asian time NYMEX crude oil and eCBOT soy oil had recovered later and traded with more than 1% gain in late trading.