Breaking News-RTRS-UPDATE 1-China CNGOIC keeps forecast on corn, soy output

(Adds agriculture ministry on winter wheat)
BEIJING, Nov 12 (Reuters) - China's official grain think tank
maintained its forecast for the country's 2009 corn output at 163
million tonnes, a fall of 1.8 percent from last year, in its
lastest forecast issued on Thursday.
The centre kept its forecast for soybean output unchanged
from last month's estimate of 14.5 million tonnes, which is 6.7
percent lower than last year, said the China National Grain and
Oils Information Centre (CNGOIC).

Breaking News-RTRS-UPDATE 1-Argentine soy, corn estimates steady - exchange

BUENOS AIRES, Nov 11 (Reuters) - Argentina's 2009/10 soy area is seen at a record 19 million hectares, unchanged from the previous weekly forecast despite dry conditions in some areas, the Buenos Aires Grains Exchange said on Wednesday.
Farmers in Argentina, the world's No. 3 soy supplier, have made rapid progress to plant 2009/10 beans in recent days due to warmer, damper weather in the central farming belt, the exchange said in a weekly crop progress report.

Trader's Highlight

DJI-NEW YORK, Nov 12 (Reuters) - The Dow industrials six-day winning streak came to a halt on Thursday as a drop in oil prices pulled energy stocks lower and a guarded outlook from Wal-Mart fanned worries about consumer spending.

Stocks were also undermined by a U.S. dollar rally, as its safe-haven appeal rose after several policymakers around the world warned the economic recovery was fragile.

The Dow Jones industrial average <.DJI> fell 93.79 points, or 0.91 percent, to 10,197.47. The Standard & Poor's 500 Index <.SPX> dropped 11.27 points, or 1.03 percent, to 1,087.24. The Nasdaq Composite Index <.IXIC> lost 17.88 points, or 0.83
percent, to 2,149.02.

NYMEX-NEW YORK, Nov 12 (Reuters) - U.S. crude futures settled nearly 3 percent lower on Thursday as government data confirmed an industry report earlier this week that domestic crude and refined product inventories rose last week.

On the New York Mercantile Exchange, December crude settled down $2.34, or 2.95 percent, at $76.94 a barrel, trading from $76.56 to $79.69.

CBOT-SOYBEANS - November up 18-1/2 cents per bushel at $9.82-1/4. January up 18 at $9.90.

Support from news China bought U.S. soy, forecasts for rains in the U.S. next week that may hurt final soy harvest in the Delta/Southeast, soy/corn spreading and surging soymeal.

CBOT-SOYOIL - December unchanged at 38.37. Pressure from lower crude oil and meal/oil spreading.

FCPO-KUALA LUMPUR, Nov 12 (Reuters) - Malaysian crude palm oil futures ended up 0.5 percent on Thursday due to fears that rainy weather would hit production this month.

The benchmark January contract on Bursa Malaysia Derivatives Exchange settled 10 ringgit up at 2,245 ringgit ($663.4) after going as high as 2,277 ringgit.

REGIONAL EQUITIES-BANGKOK, Nov 12 (Reuters) - Major Southeast Asian stock markets elsewhere were taking a breather after a recent rally, with Singapore's index <.FTSTI> dropping 0.5 percent after climbing for over four days, while Malaysia <.KLSE> inched up 0.1 percent.

In Singapore, Wilmar International fell 2 percent, paring early gains after the world's largest listed palm oil firm said it was optimistic about prospects for the rest of this year after a one-off gain helped it post a better-than-expected 35 percent rise in quarterly profit.

In Kuala Lumpur, palm plantation firm Sime Darby gained 0.1 percent in response to higher Malaysian crude palm oil futures. Malayan Banking fell 0.2 percent before the top lender announced that its first-quarter net profit had risen by more than half as the rebound in Asian economies boosted
fee-based income and its loan book.

NYMEX Crude Daily: Weaken

A long upper shadow candle printed had dampened the immediate technical landscape. Thus, market looks may trade sideways to bias downside potential in near term. Currently, we are looking for the immediate downside support at USD75.00 to USD73.00. To the upside, resistance is pegged at USD82.00

FCPO Daily: Sideways

Market is still hovering sideways yet to break through the tough resistance at 2285. Thus, market looks may continue to consolidate in near term. We continue to look for the immediate upside resistance at 2285-2299 (unfilled gap left over since 2/9/2009) followed by 2335-2352 (gap left over on 1/9/2009). While, downside support is remains pegged at 2215-2200 followed by 2180-2150.

FKLI Daily: Bulls took a breather

Market took a breather after hits the fresh new high at 1286. Immediate technical landscape remains positive despite prices gave up its early gains to cover some of the downside gap. Thus, uptrend remains intact and market may continue to challenge the upside resistance at 1286 followed by 1300-1310. To the downside, support is lies at 1262-1258 (unfilled gap left over on 6/11/2009) followed by 1230.