AMSTERDAM, Sept 11 (Reuters) - Concerns about rising stocks and weaker export figures were weighing on palm oil markets, but a possible pickup in European demand in coming months may limit the downward potential of prices, traders said on Friday.
Strong demand from China and India over the summer has bolstered prices, but traders said demand from these regions is tapering off with the end of festival seasons.
Monday, September 14, 2009
Breaking News-RTRS-NOPA August U.S. soy crush seen at 111.3 mln bu
CHICAGO, Sept 11 (Reuters) - National Oilseed Processors Association monthly crush data to be issued on Monday morning should show a July U.S. soybean crush near 111.3 million bushels, analysts said on Friday.
Trade estimates ranged from 106 million to 119 million bushels, compared with NOPA's July soy crush figure of 120.9 million bushels.
Analysts expected NOPA to lower its soyoil stocks figure by about 250 million lbs, from its July stocks figure of 2.804 billion lbs.
Trade estimates ranged from 106 million to 119 million bushels, compared with NOPA's July soy crush figure of 120.9 million bushels.
Analysts expected NOPA to lower its soyoil stocks figure by about 250 million lbs, from its July stocks figure of 2.804 billion lbs.
Trader's Highlight
DJI-NEW YORK, Sept 11 (Reuters) - Crude fell and U.S. stocks edged lower on Friday after five days of gains, even as encouraging U.S. and Chinese data and a sliding U.S. dollar were unable to provide oil and equity markets further lift.
The Dow Jones industrial average <.DJI> lost 22.07 points, or 0.23 percent, at 9,605.41. The Standard & Poor's 500 Index <.SPX> shed 1.41 points, or 0.14 percent, at 1,042.73. The Nasdaq Composite Index <.IXIC> fell 3.12 points, or 0.15 percent, at 2,080.90.
NYMEX-NEW YORK, Sept 11 (Reuters) - U.S. crude oil futures slumped more than 3 percent on Friday on demand worries following data showing sharp increases in inventories of U.S.petroleum products.
On the New York Mercantile Exchange, October crude settled down $2.65, or 3.68 percent, at $69.29 a barrel, trading from $68.82 to $72.90.
CBOT-SOYBEANS - September up 11 cents at $9.84-1/2 a bushel; November down 23-1/2 at $9.03.
November traded below $9 for first time since July. Unwinding of soybean/corn spreads weigh on deferred soybeans. Market pricing bigger average yield than USDA's updated forecast of 42.3 bushels/acre; favorable U.S. weather bearish. Nearby spread firm amid tight stocks.
Bulls note USDA's revised estimate of 2009/10 soy ending stocks was below trade estimates. Additionally, Chinese 2009/10 soy crop seen down 0.40 million tonnes while boosting crush and imports.
USDA raised its U.S. 2009 soybean production forecast to a record 3.245 billion bushels, in line with the average trade estimate of 3.249 billion.
USDA raised its estimate of U.S. 2009/10 soybean ending stocks to 220 million bushels, but that was below the average trade estimate of 226 million.
CBOT-SOYOIL - September down 0.34 cent at 33.36 cents per lb, December down 0.35 cent at 33.90. Spillover weakness from soybeans and crude oil.
FCPO-JAKARTA, Sept 11 (Reuters) - Malaysian crude palm oil futures dropped 1.8 percent on Friday amid caution ahead of the release of monthly estimates for U.S. soy output from the U.S. Department of Agriculture (USDA) later today, traders said.
The benchmark November contract on the Bursa Malaysia Derivative Exchange dropped 39 ringgit to 2,145 ringgit ($614.61) a tonne. Overall volume was at 12,382 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Sept 11 (Reuters) - Major Southeast Asian stock
markets ended off their highs on Friday, with Singapore ending a shade lower after selling in casino operator Genting but others eking out small gains in cautious trade.
Singapore's Straits Time Index <.FTSTI> inched down 0.04 percent, with Genting Singapore sliding 3.5 percent, extending losses earlier this week in reaction to news it would raise S$1.63 billion ($1.2 billion) in a rights issue.
Malaysia's index <.KLSE> was up 0.6 percent, Indonesia's <.JKSE> gained 0.2 percent and Thailand's <.SETI> 0.7 percent.
The Dow Jones industrial average <.DJI> lost 22.07 points, or 0.23 percent, at 9,605.41. The Standard & Poor's 500 Index <.SPX> shed 1.41 points, or 0.14 percent, at 1,042.73. The Nasdaq Composite Index <.IXIC> fell 3.12 points, or 0.15 percent, at 2,080.90.
NYMEX-NEW YORK, Sept 11 (Reuters) - U.S. crude oil futures slumped more than 3 percent on Friday on demand worries following data showing sharp increases in inventories of U.S.petroleum products.
On the New York Mercantile Exchange, October crude
CBOT-SOYBEANS - September
November traded below $9 for first time since July. Unwinding of soybean/corn spreads weigh on deferred soybeans. Market pricing bigger average yield than USDA's updated forecast of 42.3 bushels/acre; favorable U.S. weather bearish. Nearby spread firm amid tight stocks.
Bulls note USDA's revised estimate of 2009/10 soy ending stocks was below trade estimates. Additionally, Chinese 2009/10 soy crop seen down 0.40 million tonnes while boosting crush and imports.
USDA raised its U.S. 2009 soybean production forecast to a record 3.245 billion bushels, in line with the average trade estimate of 3.249 billion.
USDA raised its estimate of U.S. 2009/10 soybean ending stocks to 220 million bushels, but that was below the average trade estimate of 226 million.
CBOT-SOYOIL - September
FCPO-JAKARTA, Sept 11 (Reuters) - Malaysian crude palm oil futures dropped 1.8 percent on Friday amid caution ahead of the release of monthly estimates for U.S. soy output from the U.S. Department of Agriculture (USDA) later today, traders said.
The benchmark November contract
REGIONAL EQUITIES-BANGKOK, Sept 11 (Reuters) - Major Southeast Asian stock
markets ended off their highs on Friday, with Singapore ending a shade lower after selling in casino operator Genting but others eking out small gains in cautious trade.
Singapore's Straits Time Index <.FTSTI> inched down 0.04 percent, with Genting Singapore
Malaysia's index <.KLSE> was up 0.6 percent, Indonesia's <.JKSE> gained 0.2 percent and Thailand's <.SETI> 0.7 percent.
FCPO Weekly: Sideways to bias downside potential
Market closed near the weekly low had dampened further the already weak technical outlook. Hence, market is likely to move in sideways to bias downside potential in near term. For now, immediate downside support is looking at 2100 followed by 2085-2060. To the upside, resistance is pegged at 2250-2300 followed by 2330-2350.
SSE Weekly: Remains weak
Market rebounded and recovered for straight two weeks. However, immediate weekly technical outlook remains weak and more support confirmation is still needed in order to change from its current bearish outlook. To the downside, support is pegged at 2761 followed by 2640. To the upside, resistance is maintain at 3004 followed by 3020-3039 (gap left over on since 23/8/2009).
FKLI Weekly: Where's the TOP?
Market violated 1200 mark convincingly had strengthen further the overall bullish technical outlook. Uptrend likely to continue in near term as bulls do not showing any sign of tiredness mode. Thus, we are looking for the upside resistance at 1230-1240 followed by 1270-1280. Downside support is pegged at 1190-1180 followed by 1160-1150.
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