Wednesday, September 30, 2009

Breaking News-RTRS-Indonesia to keep Oct palm oil export tax at zero

JAKARTA, Sept 30 (Reuters) - Indonesia will keep its palm oil export tax at zero for the third consecutive month in October but will raise the crude palm oil (CPO) base export price slightly to $617 a tonne from $615 in September due to price rises, a trade ministry official said on Wednesday.

Trader's Comment: Palm oil futures ended almost flat after a mix range trading.

Palm oil futures ended almost flat after a mix range trading. Benchmark Dec09 had been hovering between 2127-2093 through out the day until it finally settled RM2 higher at 2105. Market was in consolidating mood after series of bearish news released in previous days. External markets were rather mix as Asian time NYMEX crude oil inched lower while eCBOT soy oil and Dalian palm traded mix to unchanged. Market talk that end Sep export figure which will be release tomorrow maybe at around 1.2m tonnes, compare with 1.33m tonnes reported by ITS in last month same period. Daily volume declined slightly with a total of 16,248 contracts changed hands.

Breaking News-RTRS-PREVIEW-USDA to confirm thin US soy stocks, big grain build

By Christine Stebbins
CHICAGO, Sept 28 (Reuters) - Red-hot demand for U.S. soybeans from China during 2009 have likely drawdown soy stocks to their lowest level in three decades, while corn and wheat stocks are building, analysts said.
The U.S. Department of Agriculture will report on Wednesday at 8:30 a.m. EDT (1230 GMT) the amount of soybeans, corn and wheat held by farmers and grain firms on Sept. 1. While the quarterly grain stocks report typically is not a market shaker, it sets the stage for the upcoming season for corn and soy.
Sept. 1 marks the start of the 2009/10 marketing year for both, so the quarterly stocks data becomes the official year-end data. Currently, USDA in its Sept. 14 supply/demand report estimated corn 08/09 end-season stocks at 1.695 billion bushels and soybeans at 110 million.

Breaking News-RTRS-Oil World sees booming U.S. soy exports from Oct

AMSTERDAM, Sept 29 (Reuters) - U.S. exports of soybeans, soy oil and meal are expected to rise sharply from October but will not be able to offset a sharp decline in South American supply, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Delayed harvesting in several parts of the United States has contributed to scarce soybean supplies at U.S. export locations, but Oil World expects the situation to reverse in coming months as harvesting picks up.

Trader's Highlight

DJI-NEW YORK, Sept 29 (Reuters) - U.S. stocks fell on Tuesday as a surprise drop in a gauge of consumer confidence overshadowed signs of stabilization in housing and solid earnings from Walgreen Co . With the third quarter drawing to a close, trading was volatile and volume light.

The Dow Jones industrial average <.DJI> dropped 47.16 points, or 0.48 percent, to 9,742.20. The Standard & Poor's 500 Index <.SPX> shed 2.37 points, or 0.22 percent, to 1,060.61. The Nasdaq Composite Index <.IXIC> dipped 6.70 points, or 0.31 percent, to 2,124.04.

NYMEX-NEW YORK, Sept 29 (Reuters) - U.S. crude oil futures moved slightly lower in post-settlement trading on Tuesday after industry data showed that crude oil inventories rose more than expected last week.

The U.S. Energy Information Administration will issue its own weekly data on Wednesday at 10:30 a.m. EDT (1430 GMT).

On the New York Mercantile Exchange at 5 p.m. EDT (1700 GMT), November crude was down 35 cents, or 0.52 percent, at $66.49 a barrel. It had settled down 13 cents, or 0.19 percent, at $66.71, trading trading from $65.82 to $67.33.

CBOT-SOYBEANS - November down 2-1/2 at $9.17 a bushel. Turned lower after early climb on prospects for a huge U.S. soy harvest. Reports continue that harvest yields will be huge this season. Corn/soy spreading weighs on beans.

CBOT-SOYOIL
- October up 0.23 cent per lb at 33.47 cents per lb; December up 0.22 cent to 33.85 cents. Rebounded late on short-covering.

positioning before USDA issues Sept. 1 stocks data and annual wheat summary Wednesday. USDA expected to confirm thin U.S. soy stocks, big grain build.

FCPO-KUALA LUMPUR, Sept 29 (Reuters) - Malaysian crude palm oil futures edged higher on Tuesday, recovering a little from two-week lows hit the previous day as traders begin to bet on improved demand in coming weeks.

The benchmark December contract on the Bursa Malaysia Derivative Exchange rose 2 ringgit to 2,105 ringgit ($604.3) per tonne after going as high as 2,127 ringgit. The previous day, the market fell to 2,082 ringgit, a level unseen since Sept. 14.

REGIONAL EQUITIES-BANGKOK, Sept 29 (Reuters) - Shares in Singapore and Indonesia gained more than 1 percent on Tuesday, leading a rebound across Southeast Asian stock markets as big caps such as DBS, Astra International and Bangkok Bank recovered some recent losses.

Thailand's index <.SETI> rose 0.9 percent, Malaysia <.KLSE> was up 0.19 percent, the Philippines <.PSI> 0.8 percent and Vietnam <.VNI> inched up 0.1 percent.

Singapore's DBS Group Holdings , Southeast Asia's biggest bank, climbed 1.2 percent, plantation and palm oil processor Wilmar International rose 1.6 percent and Genting Singapore added 2.7 percent.

FCPO Daily: Remains weak


We stick to sideways to bias downside potential in near term market despite prices consolidate around 2100 mark. A breakout from the recent low at 2070 may provide more room to bias downside potential. While, upside resistance is pegged at 2190-2200.

CBOT SOYOIL Daily: Struggling to survivie


Market is struggling around USD33 and trying to defend. Nevertheless, overall momentum remains weak. Thus, we maintain sideways to bias downside potential in near term. Immediate downside support is pegged at USD33.00 followed by USD32. To the upside, resistance is looking at USD35.

FKLI Daily: Entering into consolidation zone


Market is entering into consolidation zone with moving in bias sideways manner. Thus, we continue to look for the immediate downside support at 1200 followed by 1190-1185. To the upside, resistance is maintain at 1232-1240.