BEIJING, Sept 9 (Reuters) - China's commerce ministry has
revised upward its forecast for the country's September soy
imports to 2.5 million tonnes from a previous estimate of 2.11
million tonnes, while August imports were also revised up
slightly to 2.41 million tonnes, according to its latest report.
The low imports would help reduce large stockpiles of
soybeans at ports, estimated at about 3.5 million tonnes at the
end of last month, following a record level of imports in June
and July, traders said.
Thursday, September 10, 2009
Breaking News-RTRS-UPDATE 1-China sees lower 2009 corn, soy output due to drought
BEIJING, Sept 9 (Reuters) - China's official grain think-tank has lowered its forecast for the country's corn output by 1 million tonnes to 165.5 million tonnes from the previous August estimate due to a severe drought in the country's northeast corn-growing region.
The new corn output figure was 0.3 percent lower than last year's harvest despite a 2 increase in planted acreage this year.
The CNGOIC estimate was more optimistic than the 10 percent drop that other analysts had expected.
The new corn output figure was 0.3 percent lower than last year's harvest despite a 2 increase in planted acreage this year.
The CNGOIC estimate was more optimistic than the 10 percent drop that other analysts had expected.
Breaking News-RTRS-World Bank's IFC suspends palm oil investments
WASHINGTON, Sept 9 (Reuters) - The International Finance Corp (IFC), the World Bank's private sector lender, said on Wednesday it had suspended investments in palm oil businesses until after a review of its practices in the sector.
The review follows social and environmental complaints in 2007 by smallholder and indigenous groups in Indonesia related to IFC's investments in two subsidiaries of major palm oil producer Wilmar.
The review follows social and environmental complaints in 2007 by smallholder and indigenous groups in Indonesia related to IFC's investments in two subsidiaries of major palm oil producer Wilmar
Trader's Highlight
DJI-NEW YORK, Sept 9 (Reuters) - U.S. stocks closed higher for a fourth straight day on Wednesday, sending the Standard & Poor's 500 index to its best finish so far this year as industrial and technology companies gained from a weak dollar.
The Dow Jones industrial average <.DJI> was up 49.88 points, or 0.53 percent, at 9,547.22. The Standard & Poor's 500 Index <.SPX> gained 7.98 points, or 0.78 percent, at 1,033.37. The Nasdaq Composite Index <.IXIC> rose 22.62 points, or 1.11
percent, at 2,060.39.
The Federal Reserve's Beige Book survey showed half of Federal Reserve districts saw evidence the U.S. economy had improved by the end of August, but labor markets remained weak and retail sales were flat overall.
NYMEX-NEW YORK, Sept 9 (Reuters) - U.S. crude oil futures headed higher in post-settlement trading on Wednesday, after industry data showed that domestic crude inventories fell much more than expected last week.
The American Petroleum Institute reported that crude stocks fell 7.2 million barrels to 336.3 million barrels in the week to Sept. 4, far more than the forecast in a Reuters poll for a 1.5 million barrel drawdown.
On the New York Mercantile Exchange, October crude at 5:05 p.m. EDT (2105 GMT), was up 61 cents, or 0.86 percent at $71.71 a barrel. Earlier, it had settled up 21 cents, or 0.3 percent, at $71.31, trading from $70.66 to $72.52, highest
intraday since $73.36 was reached on Aug. 31.
CBOT-SOYBEANS - September down 7-1/2 cents at $9.61-1/2 a bushel; November down 8 cents at $9.28-1/2.
Profit-taking following gains earlier in the week weighs on prices along with weak cash market. Traders expecting U.S. Agriculture Department to boost soy production forecast on Friday in crop report.
SOYOIL - September down 0.50 cent at 33.73 cents/lb. Setback from Tuesday's rally despite stronger crude oil. Meal/oil spreading weighs.
Traders taking positions ahead of U.S. Agriculture Department report on Friday morning, which is expected to show increase in production forecasts for corn and soybeans. Higher new-crop end stocks of wheat, corn and soybeans also expected.
FCPO-JAKARTA, Sept 9 (Reuters) - Malaysian crude palm oil futures dropped 1.4 percent on Wednesday amid speculation that data due out on Thursday may show a big drop in palm oil exports during the first ten days of September, traders said.
The benchmark November contract on the Bursa Malaysia Derivative Exchange settled down 31 ringgit at 2,179 ringgit ($623.64) a tonne. Overall volume was at 13,711 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Sept 9 (Reuters) - Some Southeast Asian stock markets retreated on Wednesday as investors took profits on big caps such as Singapore's DBS and SingTel, but Thailand and Indonesia managed to end with gains.
Singapore's index <.FTSTI> fell 0.4 percent, ending a four-day rally, with DBS Group, Southeast Asia's biggest lender, sliding 0.5 percent and top phone firm Singapore Telecommunications 1.9 percent lower.
Malaysia's index <.KLSE>, which climbed to a 14-month high earlier, ended down 0.5 percent, weighed down by a 4.2 percent fall in Genting and a 1.4 percent loss in group Genting Malaysia .
Selling in the casino operator followed Singapore-listed Genting Singapore's announcement of a plan to raise S$1.63 billion ($1.15 billion) in a rights issue. The firm requested a trading halt in its shares on the day.
The Dow Jones industrial average <.DJI> was up 49.88 points, or 0.53 percent, at 9,547.22. The Standard & Poor's 500 Index <.SPX> gained 7.98 points, or 0.78 percent, at 1,033.37. The Nasdaq Composite Index <.IXIC> rose 22.62 points, or 1.11
percent, at 2,060.39.
The Federal Reserve's Beige Book survey showed half of Federal Reserve districts saw evidence the U.S. economy had improved by the end of August, but labor markets remained weak and retail sales were flat overall.
NYMEX-NEW YORK, Sept 9 (Reuters) - U.S. crude oil futures headed higher in post-settlement trading on Wednesday, after industry data showed that domestic crude inventories fell much more than expected last week.
The American Petroleum Institute reported that crude stocks fell 7.2 million barrels to 336.3 million barrels in the week to Sept. 4, far more than the forecast in a Reuters poll for a 1.5 million barrel drawdown.
On the New York Mercantile Exchange, October crude
intraday since $73.36 was reached on Aug. 31.
CBOT-SOYBEANS - September
Profit-taking following gains earlier in the week weighs on prices along with weak cash market. Traders expecting U.S. Agriculture Department to boost soy production forecast on Friday in crop report.
SOYOIL - September
Traders taking positions ahead of U.S. Agriculture Department report on Friday morning, which is expected to show increase in production forecasts for corn and soybeans. Higher new-crop end stocks of wheat, corn and soybeans also expected.
FCPO-JAKARTA, Sept 9 (Reuters) - Malaysian crude palm oil futures dropped 1.4 percent on Wednesday amid speculation that data due out on Thursday may show a big drop in palm oil exports during the first ten days of September, traders said.
The benchmark November contract
REGIONAL EQUITIES-BANGKOK, Sept 9 (Reuters) - Some Southeast Asian stock markets retreated on Wednesday as investors took profits on big caps such as Singapore's DBS and SingTel, but Thailand and Indonesia managed to end with gains.
Singapore's index <.FTSTI> fell 0.4 percent, ending a four-day rally, with DBS Group
Malaysia's index <.KLSE>, which climbed to a 14-month high earlier, ended down 0.5 percent, weighed down by a 4.2 percent fall in Genting
Selling in the casino operator followed Singapore-listed Genting Singapore's
Trader's Comment: Palm oil futures edged lower on position squaring ahead of industry data.
Palm oil futures edged lower on position squaring ahead of industry data. Benchmark Nov09 initially hit intra day high of 2217 after opened RM9 lower at 2201 but immediately dropped due to profit taking activities after yesterday’s strong rebound. It then hovered between 2210-2181 through out most of the sessions. Some late liquidation sent prices eased off further to intra day low of 2170 before settled RM31 lower at 2179. Position squaring were evident through out the day as traders cautiously waiting for tomorrow’s 1-10 days Sept export data and MPOB supply & demand data for the month of Aug. Market talk that export for the first 10 days of Sep may be around 310k tonnes, compare with 366k tonnes (ITS) in the same period in Aug.
FCPO Daily: Surrounded in the bearish environment
Profit taking activities were evident after a sharp rebound. Market still surrounded in the bearish environment with support is adjusted to 2135-2125. While, resistance is pegged at 2230-2260 followed by 2280-2299 (gap left over on 2/9/2009).
SSE Daily: Likely to challenge 2950-3000 level in near term
Market tested the 2950 levels intra-day basis but not closing. However, market looks likely to challenge again the immediate resistance at 2950-3000 level in near term followed by the gap left over at 3020-3039. Downside support is pegged at 2860-2830.
FKLI Daily: Uptrend to be continue......
We maintain bullish view towards the near term market with upside target remains at 1230-1240. Downside support is still pegged at 1190-1180.
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