NUSA DUA, Indonesia, Dec 3 (Reuters) - Malaysian palm oil futures and soybean futures are set to fall in December as they are overvalued, but may rise again in the following six months as the world replenishes oilseed and vegetable oil stocks, leading analyst Thomas Mielke said on Thursday.
"We think in December prices will go down also on fund selling but prices will be higher in January-June under the lead of sun oil," Mielke, chief executive of German oilseed analyst Oil World, told Reuters on the sidelines the three-day Indonesian Palm Oil Conference and Price Outlook 2010 on the resort island of Bali.
Thursday, December 3, 2009
Breaking News-RTRS-RPT-UPDATE 1-INTERVIEW-Mistry:Palm output growth to slow in 2010
NUSA DUA, Indonesia Dec 2 (Reuters) - Indonesia and Malaysia, the world's largest palm oil producers, may experience slower output growth next year due to the resurgent El Nino weather condition, a top industry analyst said on Wednesday.
Drier weather from El Nino may hit yields, leading to tight palm oil supplies just as U.S. and South American soyoil from a record soy harvest enter markets from May, said Dorab Mistry, head of vegetable oils trading with Godrej International.
"El Nino is still very much a factor. We should watch out for the likely change in the weather from mid-December onwards," Mistry told Reuters on the sidelines of the three-day meeting -- Indonesian Palm Oil Conference and Price Outlook 2010 -- on Indonesia's resort island of Bali.
Drier weather from El Nino may hit yields, leading to tight palm oil supplies just as U.S. and South American soyoil from a record soy harvest enter markets from May, said Dorab Mistry, head of vegetable oils trading with Godrej International.
"El Nino is still very much a factor. We should watch out for the likely change in the weather from mid-December onwards," Mistry told Reuters on the sidelines of the three-day meeting -- Indonesian Palm Oil Conference and Price Outlook 2010 -- on Indonesia's resort island of Bali.
Breaking News-RTRS-Indonesia to build three palm oil ports to end delays
NUSA DUA, Indonesia, Dec 2 (Reuters) - Indonesia plans to build three new ports for shipping palm oil to handle rising output in the world's top producer, a minister said on Wednesday amid trade complaints about port congestion delaying shipments.
Hatta Rajasa, coordinating minister for economic affairs, said the ports would be integrated into planned palm oil clusters in the province of North Sumatra, East Kalimantan and the country's top palm oil growing province of Riau.
Details on the planned ports should be ready within the first 100 days of President Susilo Bambang Yudhoyono's new term in office that started in late October, Rajasa told a media briefing at the Indonesian Palm Oil Conference and Price Outlook 2010.
Hatta Rajasa, coordinating minister for economic affairs, said the ports would be integrated into planned palm oil clusters in the province of North Sumatra, East Kalimantan and the country's top palm oil growing province of Riau.
Details on the planned ports should be ready within the first 100 days of President Susilo Bambang Yudhoyono's new term in office that started in late October, Rajasa told a media briefing at the Indonesian Palm Oil Conference and Price Outlook 2010.
Trader's Highlight
DJI-NEW YORK, Dec 2 (Reuters) - The Nasdaq rose on Wednesday as strong online holiday sales boosted shares of retailers, including Amazon.com , and relieved some concerns about the consumer.
The Dow edged lower as falling oil prices prompted investors to sell energy shares, while the Standard & Poor's index finished flat.
The Dow Jones industrial average <.DJI> declined 18.90 points, or 0.18 percent, to end at 10,452.68. The Standard & Poor's 500 Index <.SPX> inched up just 0.38 of a point, or 0.03 percent, to finish at 1,109.24. The Nasdaq Composite Index <.IXIC> gained 9.22 points, or 0.42 percent, to close at 2,185.03.
NYMEX-NEW YORK, Dec 2 (Reuters) - U.S. crude oil futures ended more than 2 percent lower on Wednesday, stemming a two-day advance, as government data showed domestic crude inventories rose far more than expected last week.
On the New York Mercantile Exchange, January crude settled down $1.77, or 2.26 percent, at $76.60 a barrel, trading from $76.22 to $78.59.
CBOT-SOYBEANS - January down 25-1/2 cents at $10.34 per bushel. Profit-taking after the rally to three-month high early on Tuesday weighing on soybean futures, with additional pressure from firm dollar, weak crude oil and commercial hedge selling.
CBOT-SOYOIL - December down 0.83 at 39.75 cents per lb, January down 0.81 at 40.11. Pressure from weak soybeans and lower crude oil.
FCPO-KUALA LUMPUR, Dec 2 (Reuters) - Malaysian crude palm oil futures were steady on Wednesday as traders waited for top analysts at an Indonesian industry conference to forecast the direction of the market.
The benchmark February contract on the Bursa Malaysia Derivatives Exchange ended down 6 ringgit at 2,489 ringgit ($737.9).
Traded volumes shot up to 13,568 lots of 25 tonnes each, from the usual 10,000 lots, as dealers were switching to the March contract, which will become the benchmark contract in less than two weeks.
REGIONAL EQUITIES-BANGKOK, Dec 2 (Reuters) - Southeast Asian stock markets were
mostly higher on Wednesday, extending gains as concern about Dubai's debt woes eased, but Thailand fell after a court lifted the suspension of only some plants at a huge industrial estate.
Singapore's benchmark stock index <.FTSTI> rose 0.9 percent, building on Tuesday's 1.4 percent gain, while Indonesia <.JKSE> rose 0.8 pecent to its highest in a week and Malaysia <.KLSE> inched up 0.4 percent.
Gains in Singapore were buoyed by banks, with DBS Group Holdings, Southeast Asia's top lender, climbing 1.3 percent and United Overseas Bank 1.7 percent higher.
Standard & Poor's Ratings Services said that its counterparty credit ratings on DBS Bank Ltd. were not affected by the bank's announcement of its credit exposure to Dubai.
Malaysian shares rose for the second day, supported by top lender Maybank, up 0.3 percent, and smaller Public Bank Bhd , up 0.7 percent, after the central bank chief said Malaysian banks had limited exposure to Dubai.
The Dow edged lower as falling oil prices prompted investors to sell energy shares, while the Standard & Poor's index finished flat.
The Dow Jones industrial average <.DJI> declined 18.90 points, or 0.18 percent, to end at 10,452.68. The Standard & Poor's 500 Index <.SPX> inched up just 0.38 of a point, or 0.03 percent, to finish at 1,109.24. The Nasdaq Composite Index <.IXIC> gained 9.22 points, or 0.42 percent, to close at 2,185.03.
NYMEX-NEW YORK, Dec 2 (Reuters) - U.S. crude oil futures ended more than 2 percent lower on Wednesday, stemming a two-day advance, as government data showed domestic crude inventories rose far more than expected last week.
On the New York Mercantile Exchange, January crude
CBOT-SOYBEANS - January
CBOT-SOYOIL - December
FCPO-KUALA LUMPUR, Dec 2 (Reuters) - Malaysian crude palm oil futures were steady on Wednesday as traders waited for top analysts at an Indonesian industry conference to forecast the direction of the market.
The benchmark February contract
Traded volumes shot up to 13,568 lots of 25 tonnes each, from the usual 10,000 lots, as dealers were switching to the March contract, which will become the benchmark contract in less than two weeks.
REGIONAL EQUITIES-BANGKOK, Dec 2 (Reuters) - Southeast Asian stock markets were
mostly higher on Wednesday, extending gains as concern about Dubai's debt woes eased, but Thailand fell after a court lifted the suspension of only some plants at a huge industrial estate.
Singapore's benchmark stock index <.FTSTI> rose 0.9 percent, building on Tuesday's 1.4 percent gain, while Indonesia <.JKSE> rose 0.8 pecent to its highest in a week and Malaysia <.KLSE> inched up 0.4 percent.
Gains in Singapore were buoyed by banks, with DBS Group Holdings
Standard & Poor's Ratings Services said that its counterparty credit ratings on DBS Bank Ltd. were not affected by the bank's announcement of its credit exposure to Dubai.
Malaysian shares rose for the second day, supported by top lender Maybank
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