BEIJING, Nov 11 (Reuters) - China's soybean imports fell for the fourth straight month in October to the lowest in a year, but are seen rebounding from this month as crushers take advantage of a record U.S. harvest.
The October imports of 2.52 million tonnes are nearly half June's record of 4.7 million tonnes, as tight South American supplies limited opportunities to ship in material.
But with the harvesting of what is expected to be the biggest ever U.S. soybean crop gathering pace, analysts expect soy imports to pick up this month and possibly surpass the 4 million tonnes mark in December, as U.S. cargoes still cost less than soy from government stockpiles.
Chinese buyers have booked more than 14 million tonnes of the new U.S. soy crop, according to U.S. Department of Agriculture data, which traders said covered shipment until February.
Thursday, November 12, 2009
Breaking News-RTRS-INTERVIEW-Turkey's palm oil demand to soar as population grows
KUALA LUMPUR, Nov 11 (Reuters) - Turkey will double its palm oil purchases in the next ten years to a million tonnes as domestic sunflower oil production struggles to keep pace with the growing population, an industry official said on Wednesday.
Muslim Turkey sources 500,000 tonnes of refined palm olein yearly from Malaysia for its booming confectionery and margarine industries as the vegetable oil is seen as cleaner then animal fats.
Palm oil accounts for about a third of Turkey's total vegetable oil demand of 1.6 million tonnes and that share could rise if less fat-saturated varieties come into the market, Metin Yurdagul, chairman of the country's Kitchen Products and Margarine Industrialists Association, said.
Muslim Turkey sources 500,000 tonnes of refined palm olein yearly from Malaysia for its booming confectionery and margarine industries as the vegetable oil is seen as cleaner then animal fats.
Palm oil accounts for about a third of Turkey's total vegetable oil demand of 1.6 million tonnes and that share could rise if less fat-saturated varieties come into the market, Metin Yurdagul, chairman of the country's Kitchen Products and Margarine Industrialists Association, said.
Trader's Highlight
DJI-NEW YORK, Nov 11 (Reuters) - The Dow and the Standard & Poor's 500 index closed at 13-month highs on Wednesday as an upbeat forecast from a top homebuilder and data from China pointed to a strengthening global economy.
The Dow's advance was its sixth straight as comments from top Federal Reserve officials suggesting low interest rates will stay for some time added to the positive tone.
The Dow Jones industrial average <.DJI> was up 44.29 points, or 0.43 percent, at 10,291.26. The Standard & Poor's 500 Index <.SPX> was up 5.50 points, or 0.50 percent, at 1,098.51. The Nasdaq Composite Index <.IXIC> was up 15.82 points, or 0.74 percent, at 2,166.90.
NYMEX-NEW YORK, Nov 11 (Reuters) - U.S. crude futures ended slightly higher on Wednesday, supported by data showing increased industrial activity and healthy crude imports in China while a bounce by the dollar limited oil's advance.
The U.S. Energy Information Administration's oil inventory report was delayed until Thursday at 11:00 a.m. EST (1600 GMT) due to Wednesday's federal Veterans Day holiday.
On the New York Mercantile Exchange, December crude rose 23 cents, or 0.29 percent, to settle at $79.28 a barrel, trading from $78.57 to $80.10.
CBOT-SOYBEANS - November up 2-1/4 cents per bushel at $9.63-3/4. January up 4 at $9.72.
Fund buying, higher crude oil and gold boost soybean market in addition to support from gains in equities markets.
CBOT-SOYOIL - December up 0.81 cent per lb at 38.37. Firm crude oil and gains in soy combine to lift soyoil futures.
FCPO-KUALA LUMPUR, Nov 11 (Reuters) - Malaysian crude palm oil futures dropped 0.4 percent on Wednesday, extending recent losses, on high stock levels.
The benchmark January contract on Bursa Malaysia Derivatives Exchange settled down 8 ringgit at 2,234 ringgit ($662.1) per tonne. Trade volumes more than halved to 5,092 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Nov 11 (Reuters) - Most Southeast Asian stock markets rose on Wednesday, with Singapore hitting a 14-month high and beaten-down blue chips recouping recent losses -- from Indonesia's Bumi Resources to Thailand's Banpu.
Singapore's index <.FTSTI> ended up 1.2 percent at its highest since Sept 3, 2008, with Singapore Telecommunications rising 1.4 percent after Southeast Asia's biggest telecom firm posted an 18.8 percent profit rise.
Bucking the trend, Malaysia <.KLSE> eased 0.3 percent, ending its sixth day of rises, as palm plantation firm Sime Darby fell 1 percent and IOI Corp was 0.4 percent lower, in line with weaker palm oil prices.
The Dow's advance was its sixth straight as comments from top Federal Reserve officials suggesting low interest rates will stay for some time added to the positive tone.
The Dow Jones industrial average <.DJI> was up 44.29 points, or 0.43 percent, at 10,291.26. The Standard & Poor's 500 Index <.SPX> was up 5.50 points, or 0.50 percent, at 1,098.51. The Nasdaq Composite Index <.IXIC> was up 15.82 points, or 0.74 percent, at 2,166.90.
NYMEX-NEW YORK, Nov 11 (Reuters) - U.S. crude futures ended slightly higher on Wednesday, supported by data showing increased industrial activity and healthy crude imports in China while a bounce by the dollar limited oil's advance.
The U.S. Energy Information Administration's oil inventory report was delayed until Thursday at 11:00 a.m. EST (1600 GMT) due to Wednesday's federal Veterans Day holiday.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
Fund buying, higher crude oil and gold boost soybean market in addition to support from gains in equities markets.
CBOT-SOYOIL - December
FCPO-KUALA LUMPUR, Nov 11 (Reuters) - Malaysian crude palm oil futures dropped 0.4 percent on Wednesday, extending recent losses, on high stock levels.
The benchmark January contract
REGIONAL EQUITIES-BANGKOK, Nov 11 (Reuters) - Most Southeast Asian stock markets rose on Wednesday, with Singapore hitting a 14-month high and beaten-down blue chips recouping recent losses -- from Indonesia's Bumi Resources to Thailand's Banpu.
Singapore's index <.FTSTI> ended up 1.2 percent at its highest since Sept 3, 2008, with Singapore Telecommunications
Bucking the trend, Malaysia <.KLSE> eased 0.3 percent, ending its sixth day of rises, as palm plantation firm Sime Darby
CBOT Soyoil Daily: Gaining ground
Market is gaining ground and inching higher following prices defended well at USD36.55. To the upside, we are still looking the overhead resistance at USD39.18.
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