Breaking News-RTRS-Oil World cuts Argentine 2010 soy crop forecast

HAMBURG, Nov 17 (Reuters) - German oilseeds analysts Oil World said on Tuesday it has cut its forecast of Argentina's soybean crop in early 2010 to 48 million tonnes from 50 million tonnes in its previous forecast on Nov. 3 due to dry weather.
In late October it had estimated the country's crop in early 2010 at 52 million tonnes.
But the lower forecast would still be an increase on the drought-reduced 32.0 million tonnes Argentina harvested in early 2009.
Dry weather continues to cause serious concern about Argentina's crop in early 2010, it said.

Breaking News-RTRS-Global biodiesel output to rise sharply-Oil World

HAMBURG, Nov 17 (Reuters) - Global 2010 biodiesel production is likely to rise by about 20 percent on the year but the world industry will still work way under capacity, Hamburg-based oilseeds analysts Oil World has forecast.
World 2010 biodiesel output will rise to an estimated 19.16 million tonnes from 15.92 million tonnes forecast in 2009, it said on Tuesday.

Trader's Highlight

DJI-NEW YORK, Nov 17 (Reuters) - U.S. stocks rose to fresh 13-month highs on Tuesday as upbeat broker views on improving prospects for two Dow components offset disappointing holiday spending outlooks from Target and Home Depot.

The Dow Jones industrial average <.DJI> rose 30.46 points, or 0.29 percent, to close at 10,437.42. The Standard & Poor's 500 Index <.SPX> edged up 1.02 points, or 0.09 percent, to 1,110.32. The Nasdaq Composite Index <.IXIC> added 5.93 points, or 0.27 percent, to 2,203.78.

NYMEX-NEW YORK, Nov 17 (Reuters) - U.S. crude oil futures rose slightly in post-setttlement trading on Tuesday after industry inventory data showed a larger-than-expected drawdown in domestic crude stocks last week.

On the New York Mercantile Exchange at 5:10 p.m. EDT (2210 GMT), December crude was up 44 cents, or 0.56 percent, at $79.34 a barrel. It had settled earlier up 24 cents, or 0.3 percent, at $79.14.

CBOT-SOYBEANS - January up 19-1/2 cents at $10.29-1/2. Fund buying, soaring soymeal and a return to wet weather that will slow the final stages of U.S. soybean harvest lift soy market to 2-1/2 month high.

CBOT-SOYOIL - December up 0.04 cent per lb at 39.81. Following soybeans higher but profit-taking limits gains.

FCPO-JAKARTA, Nov 17 (Reuters) - Malaysian crude palm oil futures edged up 0.3 percent on Tuesday, the fourth consecutive day of gains, but profit-taking in late trade wiped out much of the increase, traders said.

The benchmark February contract on Bursa Malaysia Derivatives Exchange was up 6 ringgit to 2,342 ringgit ($695.99) per tonne, after going as high as 2,370 ringgit, a level not seen since Aug. 28. Overall volume was 15,604 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Nov 17 (Reuters) - Singapore's stock market fell on
Tuesday as profit-taking hit big caps such as developer CapitaLand and lender United Overseas Bank, but most other Southeast Asian markets ended with small gains.

The Straits Times Index <.FTSTI> lost 0.7 percent as CapitaLand slid 2.4 percent on resuming trade after final pricing on its shopping mall unit's initial public offering, while number two bank UOB fell 1.4 percent.

Malaysia's index <.KLSE> inched up 0.13 percent, rising earlier to its highest since May 21, 2008, with Malayan Banking up 1.02 percent and Axiata Group up 1.6 percent.