BEIJING, Dec 7 (Reuters) - China's commerce ministry expects the country's soy imports in December to rebound to 3.87 million tonnes, the third largest monthly import this year.
The ministry in its latest report revised down November soy imports to 2.66 million tonnes from its earlier estimate of 2.86 million tonnes.
A delayed harvest in the United States, the world's top soybean exporter, reduced the amount of arrivals for November.
But the ministry's estimate for December was still below that of a grain think tank, which expected a record 4.8 million tonnes.
Tuesday, December 8, 2009
Breaking News-RTRS--China soyoil trade at record on farm policy -report
BEIJING, Dec 7 (Reuters) - Soyoil trading volumes hit a record high on China's Dalian Commodity Exchange [0#DBY:] on Monday, supported by strong demand and news from a government economic meeting, a report from the exchange said.
Rising supermarket prices for edible oil have triggered a chain reaction, pushing retailers and merchants to build up their inventories, according to the Dalian report.
COFCO, one of the four major players in China's soybean crushing sector, raised cooking oil prices by 10 to 15 percent from December 1, a COFCO official told Xinhua news agency.
Rising supermarket prices for edible oil have triggered a chain reaction, pushing retailers and merchants to build up their inventories, according to the Dalian report.
COFCO, one of the four major players in China's soybean crushing sector, raised cooking oil prices by 10 to 15 percent from December 1, a COFCO official told Xinhua news agency.
Trader's Highlight
DJI-NEW YORK, Dec 7 (Reuters) - The dollar retreated from a five-week high and stocks edged lower on Monday after Federal Reserve Chairman Ben Bernanke doused speculation the Fed would raise interest rates soon, saying the economy remains fragile.
While Bernanke acknowledged the U.S. economy has improved, he said the jobless rate may remain elevated for some time. The remarks deflated market perceptions that last week's strong jobs data would lead the U.S. central bank to raise rates.
The Dow Jones industrial average <.DJI> was up 1.21 points, or 0.01 percent, at 10,390.11. The Standard & Poor's 500 Index <.SPX> was down 2.73 points, or 0.25 percent, at 1,103.25. The Nasdaq Composite Index <.IXIC> was down 4.74 points, or 0.22 percent, at 2,189.61.
NYMEX-NEW YORK, Dec 7 (Reuters) - U.S. crude oil futures fell on Monday for the fourth session in a row, to below $74 a barrel, pressured by continued concern for the economy.
Federal Reserve Chairman Ben Bernanke on Monday cautioned that, while the U.S. economy has improved, recovery remains fragile.
On the New York Mercantile Exchange, January crude settled down down $1.54, or 2.04 percent, at $73.93 a barrel, trading from $73.70 to $76.10.
CBOT-SOYBEANS - January up 10 cents per bushel at $10.53. China's big demand for soybeans and higher Dalian soy futures complex
combined to lift soybean futures in addition to outlooks for dwindling U.S. soy supplies amid brisk exports.
CBOT-SOYOIL - December up 0.55 cent per lb at 40.31. January up 0.54 at 40.67. Support from soybeans and gains in Dalian soy complex futures but gains limited by weak crude oil.
FCPO-JAKARTA, Dec 7 (Reuters) - Malaysian crude palm oil futures edged down on Monday on profit-taking, after hitting a fresh six-month high, but the fall was limited thanks to stronger rival soybean oil prices, traders said.
Investors took a cautious stance ahead of the Malaysian Palm Oil Board's (MPOB) release of November stocks data on Thursday although they were still bullish on the price outlook, traders said.
The benchmark February contract on the Bursa Malaysia Derivatives Exchange settled down 3 ringgit, or 0.1 percent, at 2,559 ringgit ($753.76) per tonne after going as high as 2,606 ringgit, a level unseen since June 5. Overall volume was 14,729 lots of 25 tonnes each.
REGIONAL EQUITIES-JAKARTA, Dec 7 (Reuters) - Southeast Asian stocks ended mixed
on Monday, with Indonesia's key index <.JKSE> down 1.1 percent, led by mining and financial stocks, while Vietnam <.VNI> rose 0.7 percent.
Singapore's index <.FTSTI> inched up 0.2 percent, while Malaysia <.KLSE> eased 0.38 percent and the Philippines <.PSI> lost 0.5 percent. The market in Thailand <.SETI> was closed on Monday for a holiday.
Commodity trading firm Noble Group and Southeast Asia's biggest property developer CapitaLand buoyed the Singapore stock market, with gains of 1.62 percent and 1.22 percent respectively.
In Kuala Lumpur, the second-largest mobile phone provider Axiata Group Bhd eased 1.3 percent, while gaming firm Genting Bhd rose 1.1 percent.
While Bernanke acknowledged the U.S. economy has improved, he said the jobless rate may remain elevated for some time. The remarks deflated market perceptions that last week's strong jobs data would lead the U.S. central bank to raise rates.
The Dow Jones industrial average <.DJI> was up 1.21 points, or 0.01 percent, at 10,390.11. The Standard & Poor's 500 Index <.SPX> was down 2.73 points, or 0.25 percent, at 1,103.25. The Nasdaq Composite Index <.IXIC> was down 4.74 points, or 0.22 percent, at 2,189.61.
NYMEX-NEW YORK, Dec 7 (Reuters) - U.S. crude oil futures fell on Monday for the fourth session in a row, to below $74 a barrel, pressured by continued concern for the economy.
Federal Reserve Chairman Ben Bernanke on Monday cautioned that, while the U.S. economy has improved, recovery remains fragile.
On the New York Mercantile Exchange, January crude
CBOT-SOYBEANS - January
combined to lift soybean futures in addition to outlooks for dwindling U.S. soy supplies amid brisk exports.
CBOT-SOYOIL - December
FCPO-JAKARTA, Dec 7 (Reuters) - Malaysian crude palm oil futures edged down on Monday on profit-taking, after hitting a fresh six-month high, but the fall was limited thanks to stronger rival soybean oil prices, traders said.
Investors took a cautious stance ahead of the Malaysian Palm Oil Board's (MPOB) release of November stocks data on Thursday although they were still bullish on the price outlook, traders said.
The benchmark February contract
REGIONAL EQUITIES-JAKARTA, Dec 7 (Reuters) - Southeast Asian stocks ended mixed
on Monday, with Indonesia's key index <.JKSE> down 1.1 percent, led by mining and financial stocks, while Vietnam <.VNI> rose 0.7 percent.
Singapore's index <.FTSTI> inched up 0.2 percent, while Malaysia <.KLSE> eased 0.38 percent and the Philippines <.PSI> lost 0.5 percent. The market in Thailand <.SETI> was closed on Monday for a holiday.
Commodity trading firm Noble Group
In Kuala Lumpur, the second-largest mobile phone provider Axiata Group Bhd
FCPO Daily: remains in Positive mode
Market shies away after tested the 2600 levels. Immediate technical landscape maintain in positive mode, thus market may continue to move sideways to higher in near term. Upside resistance will be looking at 2650 levels. While, downside support is lies at 2480-2450 followed by 2428-2419 (left over gap on 23/11/2009).
FKLI Daily: Looks tiredness
Market looks tiredness as prices continue to struggle at above 1250 physiological support levels. We are still looking for the immediate support at 1250 levels. Violation of it may provide more room to bias downside potential which next support will be pegged at 1230 followed by 1200 levels. To the upside, immediate resistance is at 1275 followed by 1286.
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