CHICAGO, Oct 15 (Reuters) - Helped by good early rains and improving economics, South American soybean acreage and production should rise in 2009/10, a respected U.S. analyst said Thursday.
Dr. Michael Cordonnier, president of Soybean and Corn Advisor, projected 2009/10 South American soybean production at 125.0 million tonnes, up more than 30 percent from 95.8 million in 2008/09.
Cordonnier estimated Brazil's 2009/10 soybean crop at 62.5 million tonnes, above the U.S. Department of Agriculture's current estimate of 62.0 million.
For Argentina, Cordonnier estimated soybean output at 53.0 million tonnes, up sharply from 32.0 million in 2008/09 and above USDA's 2009/10 figure of 52.50 million tonnes.
Monday, October 19, 2009
Breaking News-RTRS-China purchases of South American soy to stay robust -survey
BEIJING, Oct 16 (Reuters) - Chinese companies are likely to maintain their strong interest in South American soybeans for shipment after April, although some crushers in the north may switch to domestic crops, according to an official survey.
"Domestic soybeans are available from October and some crushers in the north would focus their purchases on domestic crops and cut demand for imports," said the National Grain and Oils Information Centre (CNGOIC).
"Domestic soybeans are available from October and some crushers in the north would focus their purchases on domestic crops and cut demand for imports," said the National Grain and Oils Information Centre (CNGOIC).
Trader's Highlight
DJI-NEW YORK, Oct 16 (Reuters) - World stocks fell and the euro retreated against the U.S. dollar on Friday as weak results from General Electric Co and Bank of America Corp dimmed confidence in a profit-driven economic recovery.
GE, the biggest U.S. conglomerate, reported a 42-percent drop in profit and Bank of America posted a quarterly loss, leading investors to rein in risk appetites whetted by strong JPMorgan Chase & Co results earlier in the week.
U.S. indexes dropped. The Dow industrials <.DJI> fell 67.03 points, or 0.67 percent, to 9,995.91. The Standard & Poor's 500 Index <.SPX> declined 8.88 points, or 0.81 percent, to 1,087.68, and the Nasdaq Composite Index <.IXIC> dropped 16.49 points, or 0.76 percent, to 2,156.80.
NYMEX-NEW YORK, Oct 16 (Reuters) - U.S. crude oil futures extended gains to a seventh straight session on Friday and closed at the highest level in a year, lifted by a late rally in gasoline futures and higher prices for heating oil.
The day's gains appeared to be a follow-through of Thursday's buying that was sparked by government data showing surprise drawdowns in gasoline and distillate stocks, which include heating oil and diesel.
On the New York Mercantile Exchange, November crude settled up 95 cents, or 1.22 percent, at $78.53 a barrel, the highest close since Oct. 14, 2008's $78.63. It
traded from $76.82 to $78.67, the highest intraday since $79.17 was hit on Oct. 15, 2008. For the week, the contract gained $6.76, or 9.42 percent.
CBOT-SOYBEANS - November down 5-1/2 cents at $9.77-1/2 a bushel. Better harvest weather for a few days weighing on soy futures but forecasts for wet and cool weather by mid-week underpinning the market.
CBOT-SOYOIL - December up 0.16 cent at 36.94. Choppy trade with early week rally in crude oil lending support.
FCPO-KUALA LUMPUR, Oct 16 (Reuters) - Malaysian palm oil futures jumped 3.2 percent on Friday, bouncing from one-week lows hit the previous day after crude oil rose to another one-year high above $78 a barrel.
The benchmark January contract on the Bursa Malaysia Derivative Exchange settled up 67 ringgit to 2,178 ringgit ($646.1).
REGIONAL EQUITIES-BANGKOK, Oct 16 (Reuters) - Southeast Asian stock markets ended on Friday mixed, with Singapore's index heavyweights surrendering recent gains while Thailand climbed more than three percent in a rebound from a two-day selloff. Elsewhere, Singapore <.FTSTI> ended down 0.2 percent, after a 1.64 percent rise over the past two days which pushed the market to a 13-month high.
Malaysia <.KLSE> gained 0.8 percent with Public Bank up 0.4 percent as broker TA raised its recommendation on the bank to buy from sell, citing an improved outlook following better-than-expected results.
Bursa Malaysia rose 0.5 percent after reporting higher third quarter net profit and forecast good outlook for the remainder of the year.
GE, the biggest U.S. conglomerate, reported a 42-percent drop in profit and Bank of America posted a quarterly loss, leading investors to rein in risk appetites whetted by strong JPMorgan Chase & Co results earlier in the week.
U.S. indexes dropped. The Dow industrials <.DJI> fell 67.03 points, or 0.67 percent, to 9,995.91. The Standard & Poor's 500 Index <.SPX> declined 8.88 points, or 0.81 percent, to 1,087.68, and the Nasdaq Composite Index <.IXIC> dropped 16.49 points, or 0.76 percent, to 2,156.80.
NYMEX-NEW YORK, Oct 16 (Reuters) - U.S. crude oil futures extended gains to a seventh straight session on Friday and closed at the highest level in a year, lifted by a late rally in gasoline futures and higher prices for heating oil.
The day's gains appeared to be a follow-through of Thursday's buying that was sparked by government data showing surprise drawdowns in gasoline and distillate stocks, which include heating oil and diesel.
On the New York Mercantile Exchange, November crude
traded from $76.82 to $78.67, the highest intraday since $79.17 was hit on Oct. 15, 2008. For the week, the contract gained $6.76, or 9.42 percent.
CBOT-SOYBEANS - November
CBOT-SOYOIL - December
FCPO-KUALA LUMPUR, Oct 16 (Reuters) - Malaysian palm oil futures jumped 3.2 percent on Friday, bouncing from one-week lows hit the previous day after crude oil rose to another one-year high above $78 a barrel.
The benchmark January contract
REGIONAL EQUITIES-BANGKOK, Oct 16 (Reuters) - Southeast Asian stock markets ended on Friday mixed, with Singapore's index heavyweights surrendering recent gains while Thailand climbed more than three percent in a rebound from a two-day selloff. Elsewhere, Singapore <.FTSTI> ended down 0.2 percent, after a 1.64 percent rise over the past two days which pushed the market to a 13-month high.
Malaysia <.KLSE> gained 0.8 percent with Public Bank
Bursa Malaysia
FCPO Weekly: Surviving at above 2,100 levels
Not much improvement as market is still surviving at above 2,100 levels. Thus, market may move in sideways manner unless it manage to break out from the upside resistance at 2,200 to 2,240. Downside support is maintain at 2108-2100 (unfilled gap left over since 11/10/2009)
DJI Weekly: May want to challenge 10,300 levels.
Market looks may continue its fighting spirit to challenge the next resistance at 10,300 levels. While, downside support is pegged at 9,400 levels.
FKLI Weekly: Upward posture maintaining well
Market non-stop hitting new fresh high had kept the upward momentum in a very good posture. Thus, we continue to look for the immediate upside target at 1270-1280 followed by 1300 in near term. Downside support is pegged at 1200-1210.
Trader's Comment: CPO futures reversed yesterday losses to end generally higher on stronger external factors.
CPO futures reversed yesterday losses to end generally higher on stronger external factors. A good recovery in overnight CBOT soyoil coupled with strong rally in NYMEX crude oil futures which up more than USD2 traded above USD77.00 a barrel. This had provided speculative buying sentiment. Asian time zone trading also in positive tone. This also had further boost the bull’s confident. New benchmark Jan10 was trading steadily thought out the day and surged to settle RM 67 higher at 2178 after trading in the range between 2138-2178 with total daily volume stood at 21,218 contracts changed hands. About 50% of the trades were switches mostly between Dec09 versus Jan10.
Subscribe to:
Posts (Atom)
