CHICAGO, Oct 2 (Reuters) - Analytical firm Informa Economics raised its forecasts for 2009 U.S. soybean and corn output, expecting record harvests of both, trade sources said on Friday.
Memphis, Tennessee-based Informa estimated this season's U.S. soy crop at 3.383 billion bushels with an average yield of 44 bushels per acre (bpa). Corn output was seen at 13.127 billion bushels, reflecting an average yield of 164.7 bpa.
Both estimates surpass previous records. U.S. farmers harvested their largest corn crop of 13.074 billion bushels in 2007 and soybeans at 3.197 billion in 2006.
Monday, October 5, 2009
Breaking News-RTRS-UPDATE 1-Brazil 09/10 soy crop seen record 63.4 mln T-Abiove
SAO PAULO, Oct 2 (Reuters) - Brazil's 2009/2010 soybean crop that is now being planted is forecast at a record 63.4 million tonnes, up from 57.3 million tonnes last season, the country's grain crushing industry association Abiove said on Friday.
This is Abiove's first forecast of the new crop.
Brazil's soybean exports for 2009/10 are expected to fall to 25.8 million tonnes from a record 27.4 million tonnes in this February-January commercial year. It also expects crushing to rise to 32.2 million tonnes from 29.8 million this season.
This is Abiove's first forecast of the new crop.
Brazil's soybean exports for 2009/10 are expected to fall to 25.8 million tonnes from a record 27.4 million tonnes in this February-January commercial year. It also expects crushing to rise to 32.2 million tonnes from 29.8 million this season.
Trader's Highlight
DJI-NEW YORK, Oct 2 (Reuters) - U.S. stocks fell for the fourth straight day on Friday as weak jobs data gave more evidence the economic recovery would be less robust than expected. The much bigger-than-forecast drop in September non-farm payrolls and a decline in factory orders pulled down economically sensitive sectors like industrials and energy.
The Dow Jones industrial average <.DJI> fell 21.61 points, or 0.23 percent, to close at 9,487.67. The Standard & Poor's 500 Index <.SPX> dropped 4.64 points, or 0.45 percent, to 1,025.21. The Nasdaq Composite Index <.IXIC> lost 9.37 points, or 0.46 percent, to 2,048.11.
NYMEX-NEW YORK, Oct 2 (Reuters) - U.S. crude oil futures settled more than 1 percent lower on Friday, as doubts over an economic recovery resurfaced after data showed that the U.S. unemployment rate had soared to a 26-year high.
On the New York Mercantile Exchange, November crude settled down 87 cents, or 1.23 percent, at $69.95 a barrel, trading from $68.32 to $70.69. From a week ago, NYMEX October crude rose $3.93, or 5.95
CBOT-SOYBEANS - November down 33 cents at $8.85 a bushel.
Early harvest of likely record U.S. soybean crop, diminished concerns about frost damage and weak crude oil pressuring soybean futures.
CBOT-SOYOIL - October down 0.52 cent at 33.73 cents per lb; December down 0.52 cent at 34.07. Pressure from falling soybeans and weak crude oil.
FCPO-KUALA LUMPUR, Oct 2 (Reuters) - Malaysia's crude palm oil futures tumbled as much as 4.1 percent on Friday when traders triggered selling orders after the market breached a key support level.
There was no fresh news but weaker U.S. crude oil helped spur the selling. Traders say palm oil's fundamentals are not reflected in the benchmark December contract, which is the lowest since July 16.
The contract fell as much as 87 ringgit to 2,028 ringgit ($583.3) before settling at 2,036 ringgit. Trade volumes were at 9,451 lots of 25 tonnes each, just a touch below the usual 10,000 lots traded.
REGIONAL EQUITIES-BANGKOK, Oct 2 (Reuters) - Singapore stocks slid nearly two
percent on Friday, leading losses across Southeast Asia following disappointing U.S. economic data.
Sentiment turned cautious after Wall Street suffered its worst one-day fall in three months on renewed fears about the durability of the economic recovery.
Singapore's Straits Times Index <.FTSTI> dropped nearly two percent to its lowest since Sept. 4. DBS Group Holdings, Southeast Asia's biggest lender, slid 1.8 percent and Singapore Telecommunications lost 2 percent.
Malaysia's index <.KLSE> inched down 0.2 percent, Thailand <.SETI> slid 0.3 percent and Indonesia's index <.JKSE> ended flat, reversing a 1.8 percent fall earlier.
The Dow Jones industrial average <.DJI> fell 21.61 points, or 0.23 percent, to close at 9,487.67. The Standard & Poor's 500 Index <.SPX> dropped 4.64 points, or 0.45 percent, to 1,025.21. The Nasdaq Composite Index <.IXIC> lost 9.37 points, or 0.46 percent, to 2,048.11.
NYMEX-NEW YORK, Oct 2 (Reuters) - U.S. crude oil futures settled more than 1 percent lower on Friday, as doubts over an economic recovery resurfaced after data showed that the U.S. unemployment rate had soared to a 26-year high.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Early harvest of likely record U.S. soybean crop, diminished concerns about frost damage and weak crude oil pressuring soybean futures.
CBOT-SOYOIL - October
FCPO-KUALA LUMPUR, Oct 2 (Reuters) - Malaysia's crude palm oil futures tumbled as much as 4.1 percent on Friday when traders triggered selling orders after the market breached a key support level.
There was no fresh news but weaker U.S. crude oil helped spur the selling. Traders say palm oil's fundamentals are not reflected in the benchmark December contract
The contract fell as much as 87 ringgit to 2,028 ringgit ($583.3) before settling at 2,036 ringgit. Trade volumes were at 9,451 lots of 25 tonnes each, just a touch below the usual 10,000 lots traded.
REGIONAL EQUITIES-BANGKOK, Oct 2 (Reuters) - Singapore stocks slid nearly two
percent on Friday, leading losses across Southeast Asia following disappointing U.S. economic data.
Sentiment turned cautious after Wall Street suffered its worst one-day fall in three months on renewed fears about the durability of the economic recovery.
Singapore's Straits Times Index <.FTSTI> dropped nearly two percent to its lowest since Sept. 4. DBS Group Holdings
Malaysia's index <.KLSE> inched down 0.2 percent, Thailand <.SETI> slid 0.3 percent and Indonesia's index <.JKSE> ended flat, reversing a 1.8 percent fall earlier.
FCPO Weekly: Bears won the battle
Bears won the battle following prices violated the recent low at 2070 (low since 20 Sept, 2009) had dampened the overall technical outlook. As for now, immediate downside support is looking at 2000 followed by 1980-1960. To the upside, resistance is pegged at 2200-2240.
NYMEX Crude Weekly: Stuggle to survive
Market is struggling to survive at above USD65, violation of it may weaken further the overall immediate technical landscape. Thus, we maintain our view in sideways to bias downside potential in near term. As for now, we are looking for the upside resistance at USD73-75. While, downside support is looking at USD62.70-58.30.
CBOT Soyoil Weekly: No clear direction
Market stuck in correction zone without any clear direction. Violation of the downside support at US32.00 may provide more room to bias downside potential. While, to the upside, resistance is pegged at USD36.00.
DJI Weekly: May due for consolidation
Weekly technical landscape remains positive despite prices violated the immediate support at 9600 levels. Thus, market may due for consolidation phase in near term with upside resistance is pegged at 9900-10,000 levels. To the downside, support is maintain at 9400-9200 levels.
FKLI Weekly: Holding ground
Market continue to hold ground maintain its upward posture. Thus, we maintain the upside resistance at 1230-1240. Downside support is pegged at 1190-1180.
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