Thursday, October 22, 2009

Breaking News-RTRS-China Sept soyoil imports hit 10-month high

BEIJING, Oct 21 (Reuters) - China's imports of soyoil, the country's staple cooking oil, rose to about 310,000 tonnes in September, the highest level since December and a rise of 51 percent from August, industry sources said on Wednesday.
Imports this month would still be high or at more than 250,000 tonnes, analysts estimated. Buyers had earlier booked a large amount of South American soyoil to profit by selling on the Dalian Commodity Exchange <0#DBY:> where domestic futures prices are higher.

Trader's Highlight

DJI-NEW YORK, Oct 21 (Reuters) - U.S. stocks fell on Wednesday, hurt by a late sell-off in financial shares after an influential bank analyst recommended selling Wells Fargo shares and a wider-than-expected loss from Boeing disappointed investors.

The Dow Jones industrial average <.DJI> dropped 92.12 points, or 0.92 percent, to end at 9,949.36. The Standard & Poor's 500 Index <.SPX> lost 9.66 points, or 0.89 percent, to 1,081.40. The Nasdaq Composite Index <.IXIC> shed 12.74 points, or 0.59 percent, to 2,150.73.

NYMEX-NEW YORK, Oct 21 (Reuters) - U.S. crude oil futures ended on Wednesday above $81 a barrel, the highest in a year, lifted by government data showing an unexpectedly large drawdown in gasoline stockpiles last week.

Crude inventories rose less than expected while distillate supplies fell, though less than forecast, weekly data from the U.S. Energy Information Administration showed, and both proved price supportive, traders said.

The dollar touched a one-month low against sterling while the euro broke above $1.50 for the first time in 14 months as expectations that U.S. interest rates will remain very low weighed on the greenback.

On the New York Mercantile Exchange, new front month December crude settled up $2.25, or 2.84 percent, at $81.37 a barrel, the highest close since Oct. 9, 2008's $86.59. It traded from $77.64 to $82, the highest since the $84.83 intraday high on Oct. 14, 2008.

CBOT-SOYBEANS - November up 265 cents at $10.087-1/2 a bushel. Rallies past $10 to highest since Sept. 3 as dollar collapses and crude oil rallies. Stronger U.S. cash markets also supportive as exporters scramble to meet sales commitments amid a slow harvest.

U.S. Census Bureau to issue monthly crush data on Thursday. Analysts expect Census to report a September crush near 113.6 million bushels.

CBOT-SOYOIL - December up 1.09 cents at 38.56 cents a lb. Falling dollar, rise in soybeans and crude oil spurs speculative buying.

FCPO-JAKARTA, Oct 21 (Reuters) - Malaysian crude palm oil futures dropped 0.6 percent on Wednesday, extending a retreat from a five-week peak hit on Monday, pressured by a slide in crude oil price, traders said.

The benchmark January contract on the Bursa Malaysia Derivative Exchange settled down 12 ringgit at 2,168 ringgit ($642.37) a tonne. Overall volume was 18,028 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Oct 21 (Reuters) - Southeast Asian stocks took a hit
on Wednesday after declines on Wall Street, led by losses in blue-chips such as Singapore banking heavyweight DBS Group and Indonesia's Bumi Resources .

Singapore's benchmark stock index <.FTSTI> dropped 0.7 percent, Thailand <.SETI> eased 1.3 percent and Indonesia <.JKSE> dropped about one percent, extending Tuesday's falls, to a one-week closing low.

Malaysia <.KLSE> reversed course from a 16-month high hit in early trade to close down 0.45 percent, snapping a three-day rising steak, while the Philippines <.PSI> pulled back from a near two-week high earlier in the day, falling 0.86 percent.

Among losers in Malaysia, top lender Maybank Bhd dropped 1.15 percent, while gaming group Genting Bhd fell 0.52 percent.

Malaysia's number two lender, CIMB Bank , closed unchanged after rising as much as 1.74 percent, cheered by a positive profit outlook at its Thai unit. [ID:nBKK429856] But top lender Maybank Bhd lost 1.15 percent.

CBOT Soyoil Daily: Still more upside room to come


A wonderful breakout from the overhead resistance at USD39.00 had strengthen further the market upward momentum. Market looks may challenge the next overhead resistance at USD40.00 to 40.77 (highest for the year. As now, downside support is pegged at USD37.00.

NYMEX Crude Daily: Likely to challenge USD85


Bulls won the battle and violated the immediate upside resistance at USD80.00 convincingly. Looks it may want to challenge the next upside projection at USD85.00 in near term. To the downside, support remains at USD75.00

FCPO Daily: Consolidating


Nothing much changes as prices stuck with its minimal movement. Thus, market may consolidate in near term in the range of 2240 to 2100. Violation of either one may provide more clearer direction to the market.

FKLI Daily: Uptrend remains intact


Uptrend remains intact despite prices retreat after hit the fresh high at 1273.5. A healthy correction is needed in order for a sustainable rally in near term. Thus, we maintain our upside projection at 1280 followed by 1300. Downside support is maintain at 1260-1250.