Breaking News-RTRS-UPDATE 2-Argentine farmers call new anti-gov't strike

BUENOS AIRES, Aug 25 (Reuters) - Argentine farmers will launch a seven-day strike starting on Friday that will freeze grain and beef sales from one of the world's biggest suppliers of corn, beef and soybeans, farm leaders said on Tuesday.
The strike, aimed at protesting the government's farm policy, revives a long-running dispute that has rattled local financial markets and tested President Cristina Fernandez over the past two years.

Trader's Highlight

DJI-NEW YORK, Aug 25 (Reuters) - World stocks rose to 10-month highs on Tuesday after Ben Bernanke was nominated for a second term as Federal Reserve chief and as upbeat U.S. economic data bolstered optimism, but crude oil sold off on profit taking.

The U.S. dollar slipped against the euro and yen as the data and Bernanke's nomination led investors to seek out higher-yielding currencies and assets.

The Dow Jones industrial average <.DJI> closed up 30.01 points, or 0.32 percent, to 9,539.29. The Standard & Poor's 500 Index <.SPX> rose 2.43 points, or 0.24 percent, to 1,028.00. The Nasdaq Composite Index <.IXIC> climbed 6.25 points, or 0.31 percent, to 2,024.23.

NYMEX-NEW YORK, Aug 25 (Reuters) - U.S. crude oil futures gave up some more ground in post-settlement trading on Tuesday after industry data from the American Petroleum Institute showed an unexpectedly large increase in crude inventories last week.

The API said that for the week to Aug. 21, domestic crude stocks shot up 4.3 million barrels to 346.7 million barrels as imports rose sharply, defying a forecast in a Reuters poll of analysts for a 1.1 million barrel drawdown.

On the New York Mercantile Exchange at 4:55 p.m. EDT (1655), October crude was down $3.03, or 4.07 percent, at $71.34 a barrel. It earlier settled down $2.32, or 3.12 percent, at $72.05, trading from $71.11 to $75, which was the highest since prices hit $75.69 on Oct. 21, 2008.

CBOT-SOYBEANS - September up 11 cents at $10.91 a bushel; November down 8-1/2 at $9.99.

Spot September hits 1-1/2 week top on tight stocks and persistent Chinese buying of U.S. soybeans. Technically strong, soaring past key moving averages with prices filling in big gap in continuos spot of 75 cents created when August expired on Aug. 14.

CBOT-SOYOIL - September down 0.57 cent per lb at 36.54. Falling crude oil weighs in addition to profit-taking after the strong gains on Monday.

FCPO-JAKARTA, Aug 25 (Reuters) - Malaysian crude palm oil futures edged lower on Tuesday, extending their retreat from a one-week high hit early on Monday, in reaction to weaker stock markets, traders said.

Benchmark November palm oil futures on the Bursa Malaysia Derivatives Exchange dropped 20 ringgit, or 0.8 percent, to 2,355 ($671.98) per tonne. Overall volume was 18,429 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Aug 25 (Reuters) - Singapore shares eked out small gains on Tuesday, pushed higher by gains in big-caps such as DBS Group and SingTel, and Thai stocks rose, with tourism-related shares leading the way.

Singapore's index <.FTSTI> added 0.25 percent, with DBS Group , Southeast Asia's biggest lender, rising 1.1 percent and Singapore Telecommunications almost 1 percent higher.

Indonesia's index <.JKSE> was up 0.2 percent and Vietnam's <.VNI> edged 0.12 percent higher. Malaysia's index <.KLSE> lost 0.3 percent. Its central bank left interest rates on hold as

Trader's Comment: Palm oil futures ended lower after a range bound trading sessions.

Palm oil futures ended lower after a range bound trading sessions. Benchmark Nov09 had been ranging in the negative territory as it hovered between 2373-2323 level through out the whole day. The results of export data for Aug 1-25 released by both private cargo surveyors had indeed fallen significantly lower but the decline was better than market expectation. ITS & SGS reported a decrease of 10.5% and 7.5% respectively, instead of the 12% which was talked yesterday. Benchmark Nov09 finally settled RM20 lower at 2355. External markets were rather weak as both Asian time NYMEX crude oil and eCBOT soy oil edged lower today, while Dalian palm also ended inching lower.

FCPO Daily: Losing ground

Market is losing ground following prices fully covered the downside gap at 2364-2346 to end lower. Market looks may continue its consolidation mode in near term. To the upside, resistance is maintain at 2402-2424( unfilled gap since 17/8/2009). While, downside support is adjusted to 2300-2275 followed by 2230-2225.

CBOT Soyoil Daily: Sideways

Market continue its sideways move with resistance and support is looking at 37.50-37.80 and 36.25-35.70 levels respectively.

NYMEX Crude Daily: Bulls took a breathe

Market gave up all its early gains to end sharply lower after breaking down its immediate support at 73.38-72.80. However, immediate technical landscape remains in positive outlook despite a long black candle printed. As for now, we are looking for the immediate resistance at 75.00 followed by 75.69-76.12. While, downside support is now looking at 68.85-68.00.

SSE Daily: Entering into correction zone

Market reversed from its winning streak to end lower after facing resistance at 3000 levels. Thus, market may move in sideways searching a comfort zone for landing. Currently, immediate upside resistance is stood at 3004 followed by 3020-3039 (gap left over on 17/8/2009). Downside support is now pegged at 2798-2760.

FKLI Daily: Consolidation phase likely to continue

Market is likely to consolidate after covered partial of the downside gap. Thus, immediate resistance is maintain at 1189.5. To the downside, support is adjusted to 1167-1163 (unfilled gap left over since 24/8/2009) followed by 1150.