By Darren Boey
Aug. 27 (Bloomberg) -- Most Asian stocks declined, led by commodity companies, on speculation possible production curbs in China will reduce the country’s demand for raw materials. The MSCI Asia Pacific Index lost 0.3 percent to 113.23 as of 9:21 a.m. in Tokyo.
Thursday, August 27, 2009
Breaking News-RTRS-Malaysia's IOI Q4 net falls; hit by writedown
KUALA LUMPUR, Aug 26 (Reuters) - IOI Corp , Malaysia's second-largest palm oil producer, reported an 18 percent fall in quarterly net profit, hit by lower palm oil prices and an impairment charge on a property project.
IOI Corp said it wrote down the value of a Singapore property development by 242.8 million ringgit ($68.86 million) in the fourth quarter. Average crude palm oil price realised in the quarter fell 27 percent from a year ago to 2,455 ringgit a tonne.
The company, which plans to raise up to 1.22 billion ringgit via a rights offering this year, said the outlook for fiscal 2010 was tied to the global economic recovery.
IOI Corp said it wrote down the value of a Singapore property development by 242.8 million ringgit ($68.86 million) in the fourth quarter. Average crude palm oil price realised in the quarter fell 27 percent from a year ago to 2,455 ringgit a tonne.
The company, which plans to raise up to 1.22 billion ringgit via a rights offering this year, said the outlook for fiscal 2010 was tied to the global economic recovery.
Breaking News-RTRS-FACTBOX-China auctions of state soybean, corn reserves
BEIJING, Aug 26 (Reuters) - China sold 9,600 tonnes of
soybeans from its state soybean reserves on Wednesday, less than
2 percent of the planned release, with unattractive prices
continuing to keep buyers away.
The soybean sale on Aug. 26 was priced at 3,750 yuan per
tonne, the same as the minimum asking price.
China has sold a total of 20,300 tonnes of soybeans from its
state reserves since the auctions were launched.
soybeans from its state soybean reserves on Wednesday, less than
2 percent of the planned release, with unattractive prices
continuing to keep buyers away.
The soybean sale on Aug. 26 was priced at 3,750 yuan per
tonne, the same as the minimum asking price.
China has sold a total of 20,300 tonnes of soybeans from its
state reserves since the auctions were launched.
Breaking News-RTRS-Sudden death syndrome on rise in U.S. soybeans
CHICAGO, Aug 26 (Reuters) - The fungus that causes sudden death syndrome (SDS) in soybeans has been spotted in Illinois, Indiana, Iowa and Kentucky, and plant pathologists said cool and wet conditions are leading to increased cases of SDS.
Effects of SDS can range from complete crop devastation in extreme cases to only marginally effecting yield in minor instances.
SDS typically hits soybean plants during the crucial pod-filling stage. The fungus causes leaves to form yellow and brown spots, turning off photosynthesis, before the leaves fall off the stem and the plant quickly dies.
Effects of SDS can range from complete crop devastation in extreme cases to only marginally effecting yield in minor instances.
SDS typically hits soybean plants during the crucial pod-filling stage. The fungus causes leaves to form yellow and brown spots, turning off photosynthesis, before the leaves fall off the stem and the plant quickly dies.
Breaking News-RTRS-UPDATE 3-Argentine govt criticizes farmers' strike call
BUENOS AIRES, Aug 26 (Reuters) - Argentina's cabinet chief criticized farm leaders on Wednesday for calling a new strike that raised concerns over exports and said the government will not back down on the partial veto of a drought-aid law.
Farmers plan to launch a one-week strike on Friday, freezing grain and cattle sales in one of the world's biggest suppliers of corn, beef and soybeans. Local livestock prices rose on Wednesday as meatpackers feared shortages.
A soy industry group in Argentina said the strike might affect some soybean shipments, though producers of soy oil and meal probably have enough stocks to ride out a week-long strike and U.S. soy futures reversed early gains.
Farmers plan to launch a one-week strike on Friday, freezing grain and cattle sales in one of the world's biggest suppliers of corn, beef and soybeans. Local livestock prices rose on Wednesday as meatpackers feared shortages.
A soy industry group in Argentina said the strike might affect some soybean shipments, though producers of soy oil and meal probably have enough stocks to ride out a week-long strike and U.S. soy futures reversed early gains.
Breaking News-RTRS-Indonesia July palm oil exports up 4 pct on China buying
JAKARTA, Aug 26 (Reuters) - Indonesia shipped out 1.09 million tonnes of palm oil products in July, a rise of 4 percent from a year ago, driven by exports to China and the United States, estimates from an industry group showed on Wednesday.
The world's biggest palm oil producer exports palm oil products mainly to India, Europe and China. More than half of Indonesia's palm oil exports are in the forms of crude palm oil, whereas rival Malaysia sells mostly higher-value, refined products.
Data compiled by the Indonesian Palm Oil Association (GAPKI) showed that exports fell in July from June, when 1.18 million tonnes were shipped out, mainly because of lower exports to Bangladesh, India and China.
The world's biggest palm oil producer exports palm oil products mainly to India, Europe and China. More than half of Indonesia's palm oil exports are in the forms of crude palm oil, whereas rival Malaysia sells mostly higher-value, refined products.
Data compiled by the Indonesian Palm Oil Association (GAPKI) showed that exports fell in July from June, when 1.18 million tonnes were shipped out, mainly because of lower exports to Bangladesh, India and China.
Breaking News-RTRS--Malaysia Q2 GDP shrinks less than f'cast
KUALA LUMPUR, Aug 26 (Reuters) - Malaysia's economy contracted by 3.9 percent in the second quarter from a year ago, less than expected, and pace of decline slowed from a 6.2 percent drop in the first quarter, signalling the start of a slow recovery for this export-dependent country.
Central bank Governor Zeti Akhtar Aziz told a press conference that the budget, due in October, would see a revision to government forecasts that the economy would shrink 4-5 percent for the full year and that the drop would be less than that.
Central bank Governor Zeti Akhtar Aziz told a press conference that the budget, due in October, would see a revision to government forecasts that the economy would shrink 4-5 percent for the full year and that the drop would be less than that.
Trader's Highlight
DJI-NEW YORK, Aug 26 (Reuters) - Investors stayed cautious on Wednesday after a rally, leaving stocks little changed despite solid reports on new home sales and durable goods orders.
For the third consecutive day, equities bounced after favorable news, but the gains fizzled. The Dow Jones industrial average <.DJI> rose 4.23 points,
or 0.04 percent, at 9,543.52. The Standard & Poor's 500 Index <.SPX> added just 0.12 of a point, or 0.01 percent, to 1,028.12. The Nasdaq Composite Index <.IXIC> ended up just 0.20 points, or 0.01 percent, at 2,024.43.
NYMEX-NEW YORK, Aug 26 (Reuters) - U.S. crude oil futures ended down but well above session lows on Wednesday after government data showed crude oil inventories rose far less last week than what an industry report showed on Tuesday.
"The (EIA) numbers were not as negative as the API numbers were. So the market bounced," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc, in New York.
On the New York Mercantile Exchange, October crude settled 62 cents lower, or 0.86 percent, at $71.43 a barrel, trading from $70.67 to $72.64.
CBOT-SOYBEANS - September down 1/2 cent per bushel at $10.90-1/2. November down 2-1/2 at $9.96-1/2.
Good crop weather in the United States, firm dollar and lower crude oil weigh despite news farmers in Argentina to go on strike.
CBOT-SOYOIL - September down 0.08 cent per lb at 36.46. Following soy with firm dollar and lower crude oil also weighing.
FCPO-JAKARTA, Aug 26 (Reuters) - Malaysian crude palm oil futures closed little changed on Wednesday, giving up more than 1 percent in late trade on profit-taking, amid caution about production prospects for this month, traders said.
The benchmark November palm oil futures on the Bursa Malaysia Derivatives Exchange edged up 2 ringgit, or 0.1 percent to 2,357 ($669.03) per tonne, after going as high as 2,385 ringgit. Overall volume was 15,048 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Aug 26 (Reuters) - Major Southeast Asian stock
markets posted small gains in cautious trade on Wednesday, with sectors such as financials and airlines advancing as investors bought stocks likely to benefit from economic recovery.
Singapore's index <.FTSTI> rose 0.4 percent, led by a 1.4 percent gain in Oversea-Chinese Banking Corp and a 3.3 percent rise in Singapore Airlines .
Other markets moved in a confined range, with Malaysia's index <.KLSE> inching up 0.13 percent, Indonesia's index <.JKSE> flat and Thailand's index <.SETI> adding 0.4 percent, building on a four-day rise of almost 4 percent.
For the third consecutive day, equities bounced after favorable news, but the gains fizzled. The Dow Jones industrial average <.DJI> rose 4.23 points,
or 0.04 percent, at 9,543.52. The Standard & Poor's 500 Index <.SPX> added just 0.12 of a point, or 0.01 percent, to 1,028.12. The Nasdaq Composite Index <.IXIC> ended up just 0.20 points, or 0.01 percent, at 2,024.43.
NYMEX-NEW YORK, Aug 26 (Reuters) - U.S. crude oil futures ended down but well above session lows on Wednesday after government data showed crude oil inventories rose far less last week than what an industry report showed on Tuesday.
"The (EIA) numbers were not as negative as the API numbers were. So the market bounced," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc, in New York.
On the New York Mercantile Exchange, October crude
CBOT-SOYBEANS - September
Good crop weather in the United States, firm dollar and lower crude oil weigh despite news farmers in Argentina to go on strike.
CBOT-SOYOIL - September
FCPO-JAKARTA, Aug 26 (Reuters) - Malaysian crude palm oil futures closed little changed on Wednesday, giving up more than 1 percent in late trade on profit-taking, amid caution about production prospects for this month, traders said.
The benchmark November palm oil futures
REGIONAL EQUITIES-BANGKOK, Aug 26 (Reuters) - Major Southeast Asian stock
markets posted small gains in cautious trade on Wednesday, with sectors such as financials and airlines advancing as investors bought stocks likely to benefit from economic recovery.
Singapore's index <.FTSTI> rose 0.4 percent, led by a 1.4 percent gain in Oversea-Chinese Banking Corp
Other markets moved in a confined range, with Malaysia's index <.KLSE> inching up 0.13 percent, Indonesia's index <.JKSE> flat and Thailand's index <.SETI> adding 0.4 percent, building on a four-day rise of almost 4 percent.
FCPO Daily: Directionless
Market is directionless. We maintain the upside resistance at 2402-2424( unfilled gap since 17/8/2009)and the downside support is at 2320-2275.
CBOT soyoil Daily: in Rangy mode
Market is still moving in sideways manner searching for direction. Thus, market may continue move in rangy mode inn near term between the upside resistance at 37.30-37.50 to the downside support at 36.25-35.80.
NYMEX Crude Daily: Technically overbought
Bulls may take a longer break as technically overbought. Thus, market may retreat and enter into consolidation phase in near term. Currently, we are looking for the immediate resistance at 75.00. While, downside support is now looking at 68.85-68.00.
SSE Daily: Holding ground
Market was holding ground and trying to build up a support base after the sharp fall. Immediate upside resistance is maintain at 3004 followed by 3020-3039 (gap left over on 17/8/2009). Downside support is pegged at 2820 followed by 2798-2760.
FKLI Daily: Still the same
Nothing much changes on the immediate technical landscape as prices remains in consolidation phase. Immediate resistance is adjusted to 1177.5 followed by 1189.5. To the downside, support is maintain at 1167-1163 (unfilled gap left over since 24/8/2009) followed by 1150.
Trader's Comment: Palm oil futures ended marginally positive after a mix trading sessions
Palm oil futures ended marginally positive after a mix trading sessions. Benchmark Nov09 continued to be in ranging mode as it hovered between 2337-2385 level through out the day until it ended RM2 higher at 2357. Market talks that SPPORMA 1-25 days Aug palm oil production down around 9.04% had provided some cushion to BMD. However, trading activity was rather quiet today, as players were still cautiously waiting for further new leads. Daily volume fell lower again with a total of 15,048 contracts changed hands.
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