HAMBURG, Nov 24 (Reuters) - U.S. soybean exports are likely to remain high, supporting soybean prices, but the outlook for the South American crop in early 2010 will be key in price setting, Hamburg-based oilseeds analysts Oil World said on Tuesday.
The recent rise in U.S soybean futures has been fuelled by higher than expected Chinese demand, low South American supplies and high U.S. exports, it said.
Wednesday, November 25, 2009
Breaking News-RTRS-Asia palm oil stocks to fall on soy premium, rain
KUALA LUMPUR, Nov 24 (Reuters) - Palm oil stocks in Indonesia and Malaysia will drop around 500,000 tonnes to 3.5 million tonnes by the end of the year as strong Asian demand outpaces production hit by rains, traders said on Tuesday.
Stocks in the world's top two producers of the vegetable oil are set to come down by half a million tonnes in a matter of five weeks as big buyers China and India keep on purchasing palm oil that holds a $140 a tonne discount to rival soyoil.
Palm oil's discount usually stands at $40-50 a tonne in the last three months to the soyoil once the U.S. soybean harvests comes in, trade data showed.
Rainy weather in Malaysia hitting palm oil output will also contribute to the decline in stocks, said Malaysian, Singaporean and Indonesian traders.
Stocks in the world's top two producers of the vegetable oil are set to come down by half a million tonnes in a matter of five weeks as big buyers China and India keep on purchasing palm oil that holds a $140 a tonne discount to rival soyoil.
Palm oil's discount usually stands at $40-50 a tonne in the last three months to the soyoil once the U.S. soybean harvests comes in, trade data showed.
Rainy weather in Malaysia hitting palm oil output will also contribute to the decline in stocks, said Malaysian, Singaporean and Indonesian traders.
Breaking News-RTRS-INTERVIEW-Indonesia govt raises palm oil output forecasts
JAKARTA, Nov 24 (Reuters) - Indonesia has raised its forecasts for crude palm oil production in 2009 and 2010 because of better weather conditions and an increase in plantation areas, an agriculture ministry official said on Tuesday.
The ministry is now forecasting 2009 palm oil output of 21 million tonnes, an increase of 6.6 percent from its previous estimate of 19.7 million tonnes, said Achmad Mangga Barani, director general for plantation at the ministry, in an interview with Reuters.
As for 2010, he said the ministry had raised its output forecast to 22-23 million tonnes, from 20.5 million tonnes previously.
The ministry is now forecasting 2009 palm oil output of 21 million tonnes, an increase of 6.6 percent from its previous estimate of 19.7 million tonnes, said Achmad Mangga Barani, director general for plantation at the ministry, in an interview with Reuters.
As for 2010, he said the ministry had raised its output forecast to 22-23 million tonnes, from 20.5 million tonnes previously.
Breaking News-RTRS-ANALYSIS-China's massive soy imports to flow into 2010
BEIJING, Nov 24 (Reuters) - China will retain its huge appetite for soy imports next year, and shipments may even eclipse this year's record, thanks to Beijing's pledge to keep shoring up local prices and a pick-up in soymeal demand.
Rising imports are already evident as the world's biggest soy importer has taken advantage of a record U.S. harvest to book 15.84 million tonnes of new U.S. soy, nearly twice as much as the 8.28 million tonnes booked by this point in 2008, U.S. Department of Agriculture figures show.
Rising imports are already evident as the world's biggest soy importer has taken advantage of a record U.S. harvest to book 15.84 million tonnes of new U.S. soy, nearly twice as much as the 8.28 million tonnes booked by this point in 2008, U.S. Department of Agriculture figures show.
Breaking News-RTRS-BRIEF-Palm oil prices to average 3,000 rgt/t in 2010-Stanchart
KUALA LUMPUR, Nov 24 (Reuters) - Standard Chartered said Malaysian crude palm oil prices (CPO) will recover from second quarter in 2010 and average 3,000 ringgit ($889.4) per tonne in 2010 from 2,202 ringgit a tonne this year.
Standard Chartered's forecasts issued on Tuesday assume limited downside for the vegetable oil on the back of higher oil prices, as CPO has re-established its correlation with energy prices.
This relationship is expected to provide solid support for palm oil for the rest of 2009 and into 2010.
Standard Chartered's forecasts issued on Tuesday assume limited downside for the vegetable oil on the back of higher oil prices, as CPO has re-established its correlation with energy prices.
This relationship is expected to provide solid support for palm oil for the rest of 2009 and into 2010.
Trader's Highlight
DJI-NEW YORK, Nov 24 (Reuters) - U.S. stocks fell on Tuesday on lackluster economic data in a session marked by low volume and choppy trading, but losses eased after the Federal Reserve raised its expectations for growth in 2010.
Stocks fell early in the session as revised government data on gross domestic product showed the U.S. economy grew at a slower-than-expected pace in the third quarter.
The U.S. stock market will be closed on Thursday in observance of Thanksgiving Day. On Friday, it will be open for only half a day due to the holiday.
The Dow Jones industrial average <.DJI> dropped 17.24 points, or 0.16 percent, to end at 10,433.71. The Standard & Poor's 500 Index <.SPX> inched down just 0.59 of a point, or 0.05 percent, to 1,105.65. The Nasdaq Composite Index <.IXIC> fell 6.83 points, or 0.31 percent, to 2,169.18.
NYMEX-NEW YORK, Nov 24 (Reuters) - U.S. crude oil futures ended lower on Tuesday on a report showing third-quarter economic growth was less than estimated earlier and on expectations that crude oil inventories rose last week.
The U.S. Energy Information Administration's inventory report is due at 10:30 a.m. EST (1530 GMT) on Wednesday.
On the New York Mercantile Exchange, January crude fell $1.54, or 1.99 percent, to settle at $76.02 a barrel, trading from $75.60 to $77.80. Globex electronic trading after settlement and the API data release ended at $75.84 a barrel, down $1.72, with the range unchanged.
CBOT-SOYBEANS - January up 4 cents at $10.46 a bushel. Strong export demand and slowdown in harvest help limit pressure from weak corn and crude oil.
CBOT-SOYOIL - December up 0.30 cent at 39.70 cents per lb. Rallying despite declines in crude oil.
FCPO-KUALA LUMPUR, Nov 24 (Reuters) - Malaysian crude palm oil futures ended 0.3 percent lower on Tuesday, easing from a 14-week high hit the previous day, on weaker commodity markets.
The benchmark February contract on the Bursa Malaysia Derivatives Exchange closed down 8 ringgit to 2,478 ringgit ($731.4) after going as low as 2,430 ringgit earlier.
REGIONAL EQUITIES-BANGKOK, Nov 24 (Reuters) - Southeast Asian stock markets
ended mixed on Tuesday, with Singapore reversing early gains to 15-month highs after broad selling in banks and property while Thai stocks fell to three-week lows amid political concerns.
Singapore's index <.FTSTI> eased 0.6 percent, with DBS Group, Southeast Asia's biggest bank, sliding 2.4 percent, United Overseas Bank easing 1.6 percent and Oversea-Chinese Banking Corp off 2.1 percent.
Malaysia <.KLSE> inched down 0.1 percent, with telecoms firm Maxis easing 2.3 percent while IOI Corp added 1 percent before it announced after the market close that its quarterly net profit jumped 65 percent.
Stocks fell early in the session as revised government data on gross domestic product showed the U.S. economy grew at a slower-than-expected pace in the third quarter.
The U.S. stock market will be closed on Thursday in observance of Thanksgiving Day. On Friday, it will be open for only half a day due to the holiday.
The Dow Jones industrial average <.DJI> dropped 17.24 points, or 0.16 percent, to end at 10,433.71. The Standard & Poor's 500 Index <.SPX> inched down just 0.59 of a point, or 0.05 percent, to 1,105.65. The Nasdaq Composite Index <.IXIC> fell 6.83 points, or 0.31 percent, to 2,169.18.
NYMEX-NEW YORK, Nov 24 (Reuters) - U.S. crude oil futures ended lower on Tuesday on a report showing third-quarter economic growth was less than estimated earlier and on expectations that crude oil inventories rose last week.
The U.S. Energy Information Administration's inventory report is due at 10:30 a.m. EST (1530 GMT) on Wednesday.
On the New York Mercantile Exchange, January crude
CBOT-SOYBEANS - January
CBOT-SOYOIL - December
FCPO-KUALA LUMPUR, Nov 24 (Reuters) - Malaysian crude palm oil futures ended 0.3 percent lower on Tuesday, easing from a 14-week high hit the previous day, on weaker commodity markets.
The benchmark February contract
REGIONAL EQUITIES-BANGKOK, Nov 24 (Reuters) - Southeast Asian stock markets
ended mixed on Tuesday, with Singapore reversing early gains to 15-month highs after broad selling in banks and property while Thai stocks fell to three-week lows amid political concerns.
Singapore's index <.FTSTI> eased 0.6 percent, with DBS Group
Malaysia <.KLSE> inched down 0.1 percent, with telecoms firm Maxis
NYMEX Crude Daily: Heavy top
Market momentum getting weaker and heavy top. Thus, market looks may extend its sideways to bias downside potential in near term. We maintain the immediate downside support at USD75.00 to USD73.00. To the upside, resistance is pegged at USD82.00
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