KUALA LUMPUR, Nov 3 (Reuters) - Malaysia's state plantation agency has backed off from plans to develop up to 100,000 hectares of oil palms in Brazil, sources with knowledge of the matter told Reuters on Tuesday.
Last year, the Federal Land Development Authority (FELDA) announced a joint venture with a Brazilian planter to grow oil palms near the Amazon river, a move green groups criticised as speeding up deforestation and climate change.
Malaysian and Brazilian sources say FELDA has now abandoned the plan after quietly putting the venture on hold five months ago, a major setback to its aim to become a global commodity player.
Wednesday, November 4, 2009
Breaking News-RTRS-Oil World cuts Argentine 2010 soy crop forecast
HAMBURG, Nov 3 (Reuters) - German oilseeds analysts Oil World said on Tuesday it has cut its forecast of Argentina's soybean crop for harvesting in early 2010 to 50.0 million tonnes from 52.0 million tonnes forecast last month due to dry weather.
This would still be up strongly from the drought-reduced 32.0 harvested in the previous crop.
This would still be up strongly from the drought-reduced 32.0 harvested in the previous crop.
Breaking News-RTRS-Oil World sees rising palm oil prices from Dec
HAMBURG, Nov 3 (Reuters) - Global palm oil prices are likely to rise from December because of reduced stocks and sunflower oil prices are also set to increase, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"Owing to declining stocks, palm oil prices are likely to appreciate from December onwards and may rally by $80 to $150 (a tonne) until March or April 2010," it said.
"Owing to declining stocks, palm oil prices are likely to appreciate from December onwards and may rally by $80 to $150 (a tonne) until March or April 2010," it said.
Trader' s Highlight
DJI-NEW YORK, Nov 3 (Reuters) - The Dow dipped while the S&P 500 and Nasdaq rose slightly on Tuesday as a Morgan Stanley downgrade of semiconductors weighed on the sector, while deal news bolstered views that merger actvity was picking up.
The Dow Jones industrial average <.DJI> was down 8.69 points, or 0.09 percent, at 9,780.75. The Standard & Poor's 500 Index <.SPX> was up 2.89 points, or 0.38 percent, at 1,045.77. The Nasdaq Composite Index <.IXIC> was up 3.49 points, or 0.17 percent, at 2,052.69.
NYMEX-NEW YORK, Nov 3 (Reuters) - U.S. crude oil futures were little changed in post-settlement trading on Tuesday after industry data showed a surprise drawdown in domestic crude stocks last week.
The American Petroleum Institute said that for the week ending Oct. 30, crude stockpiles fell by 3.3 million barrels, gasoline stocks rose by 501,000 barrels and distillate supplies increased by 1.8 million barrels.
The U.S. Energy Information Administration will release its own data on Wednesday, at 10:30 a.m. EST (1530 GMT).
On the New York Mercantile Exchange at 5 p.m. EST (2200 GMT) December crude was up $1.24, or 1.59 percent, at $79.37. It was trading at $79.39 just before the API data was released. It earlier settled up $1.47, or 1.88 percent at $79.60, trading from $76.55 to $79.77.
CBOT-SOYBEANS - November up 9-1/4 cents per bushel at $10.06-3/4 per bushel. January up 12-1/2 at $10.10-1/2.
Technical fund buying boosts soybean market with additional support from higher crude oil, offsetting bearish impact of improved U.S. harvest weather and firm dollar.
CBOT-SOYOIL - December up 0.74 cent per lb at 37.53 cents per lb. Following soybeans with fund buying offsetting bearish impact of firm dollar.
FCPO-JAKARTA, Nov 3 (Reuters) - Malaysian crude palm oil futures edged down on Tuesday as speculation of a big jump in production in October fueled fears of a further rise in inventories, which would be bearish for prices, traders said.
The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 18 ringgit, or 0.8 percent, at 2,190 ringgit ($638.67) a tonne. Overall volume was 12,666 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Nov 3 (Reuters) - Most Southeast Asian stock markets
extended recent losses on Tuesday in a market cautious ahead of a U.S. Federal Reserve meeting, and lower oil prices forced down big-cap energy and resource shares across the region.
Singapore <.FTSTI> lost 0.9 percent, adding to Monday's 0.2 percent decline, and Thailand <.SETI> ended down 1.3 percent after touching its lowest in over eight weeks.
Indonesia <.JKSE> shed 1.6 percent, while Vietnam <.VNI>, Southeast Asia's best performer so far this year, sank 3.9 percent to its lowest in nearly eight weeks.
The U.S. central bank is widely expected to keep rates unchanged but there is a chance the Fed will drop its pledge to keep rates low for an extended period of time.
In Kuala Lumpur, Bursa Malaysia queried unusual price moves in tech firm Lityan, which slid as much 18 percent on the day. Lityan's share price has more than doubled since its relisting on Oct. 30. The share closed down 9.3 percent.
The Dow Jones industrial average <.DJI> was down 8.69 points, or 0.09 percent, at 9,780.75. The Standard & Poor's 500 Index <.SPX> was up 2.89 points, or 0.38 percent, at 1,045.77. The Nasdaq Composite Index <.IXIC> was up 3.49 points, or 0.17 percent, at 2,052.69.
NYMEX-NEW YORK, Nov 3 (Reuters) - U.S. crude oil futures were little changed in post-settlement trading on Tuesday after industry data showed a surprise drawdown in domestic crude stocks last week.
The American Petroleum Institute said that for the week ending Oct. 30, crude stockpiles fell by 3.3 million barrels, gasoline stocks rose by 501,000 barrels and distillate supplies increased by 1.8 million barrels.
The U.S. Energy Information Administration will release its own data on Wednesday, at 10:30 a.m. EST (1530 GMT).
On the New York Mercantile Exchange at 5 p.m. EST (2200 GMT) December crude
CBOT-SOYBEANS - November
Technical fund buying boosts soybean market with additional support from higher crude oil, offsetting bearish impact of improved U.S. harvest weather and firm dollar.
CBOT-SOYOIL - December
FCPO-JAKARTA, Nov 3 (Reuters) - Malaysian crude palm oil futures edged down on Tuesday as speculation of a big jump in production in October fueled fears of a further rise in inventories, which would be bearish for prices, traders said.
The benchmark January palm oil contract
REGIONAL EQUITIES-BANGKOK, Nov 3 (Reuters) - Most Southeast Asian stock markets
extended recent losses on Tuesday in a market cautious ahead of a U.S. Federal Reserve meeting, and lower oil prices forced down big-cap energy and resource shares across the region.
Singapore <.FTSTI> lost 0.9 percent, adding to Monday's 0.2 percent decline, and Thailand <.SETI> ended down 1.3 percent after touching its lowest in over eight weeks.
Indonesia <.JKSE> shed 1.6 percent, while Vietnam <.VNI>, Southeast Asia's best performer so far this year, sank 3.9 percent to its lowest in nearly eight weeks.
The U.S. central bank is widely expected to keep rates unchanged but there is a chance the Fed will drop its pledge to keep rates low for an extended period of time.
In Kuala Lumpur, Bursa Malaysia queried unusual price moves in tech firm Lityan
NYMEX Crude Daily: Range trading likely to continue
Market looks likely to trade in range trading in near term between USD75.00-USD73.00 to USD80.00-USD82.00.
FCPO Daily: Waiting for a significant breakout
Low is getting higher yet we are still waiting for a significant breakout either the upside resistance at 2250 or the downside support at 2130 levels. The overall immediate technical landscape remains mix view and market looks likely to consolidate in near term.
FKLI Daily: Upside gain is capped
A weak closing had weaken further the immediate technical landscape as upside gain is capped. Thus, we continue to look for the immediate downside support at 1230 followed by 1200. Immediate upside resistance is pegged at 1260 followed by 1273.5.
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