Breaking News- RTRS-US soybean crush 107.379 mln bu in September-NOPA

U.S. SEPT SOYBEAN CRUSHINGS 107.379 MLN BU VS AUG 112.617 MLN--NOPA
U.S. SEPT SOYMEAL EXPORTS 328,768 TONS VS AUG 260,829 TONS--NOPA
U.S. SEPT SOYOIL STOCKS 2.262 BLN LBS VS AUG 2.520 BLN--NOPA

FCPO Daily: Still facing tough resistance at 2200 levels.

Market still facing tough resistance at 2200 levels following prices still not manage to break through. However, immediate daily technical outlook remains positive despite prices losing ground for consecutive two trading days. We maintain our view sideways to higher in near term market with upside target maintain at 2200-2240 levels. Meanwhile, downside support is maintain at 2118-2085 (gap left over on 12/10/2009)

NYMEX Crude: Rally likely to continue

Market breached the overhead resistance at USD75 and close firm had strengthen further the overall immediate technical landscape to bias upside potential. Thus, market may want to challenge the next upside target at USD77.00 to 78.80. While, downside support is pegged at USD73.00 to USD70.00.

DJI Daily: 10,000 violated, more upside room to come

Glad to see that market manage to stay firm at the overhead resistance at 10,000 mark. Hence, market may want to challenge 10,300 levels in near term with maintain the current upward spirit. While, downside support is pegged at 9,800-9600 levels.

FKLI Daily: Bulls won the battle

Cheers...as bulls continue won the battle following 1250 levels was violated convincingly. Thus, we are now looking for the upside target at 1270-1280 in near term. Downside support is adjusted to 1220-1210.

Trader's Comment: Lack of follow through buying set prices to end at day low

CPO futures finishes off the high after setting intra-day high in late trading but it ended and settled at day low on lack of follow through buying interest. Earlier market was trading in a tight range between 2177 to 2165 through out most of the day before late covering activities emerged and pushed benchmark Dec09 prices surged to intra-day high at 2196. However, lack of follow through buying coupled with intra-day profit taking brought prices down to settle RM 3 higher at 2160. Recently, FCPO prices rallies were due to NYMEX crude oil prices which has been steadily trade between USD70.00 to USd75.00 per barrel and higher soyoil prices.