Breaking News-RTRS-INTERVIEW-EU demand scant for non-rain forest palm oil

HAMBURG, Dec 9 (Reuters) - Europe's food industry is proving slow to buy palm oil certified under a new scheme as produced without destroying tropical rain forests, the head of Germany's edible oil industry association OVID said on Wednesday.
Some 1.2 million tonnes of palm oil certified under the new programme Round Table for Sustainable Palm Oil (RSPO) had been produced since the scheme got underway in autumn 2008 but only 320,000 tonnes had been sold, said OVID chief executive Petra Sprick.
The rest, largely produced in Malaysia and Indonesia, is in storage tanks awaiting buyers.

Trader's Highlight

DJI-NEW YORK, Dec 9 (Reuters) - U.S. stocks ended higher on Wednesday as the U.S. dollar fell and investors' appetite for risk returned, lifting shares of financial, technology and natural resource companies.

The Dow Jones industrial average <.DJI> ended up 51.08 points, or 0.50 percent, to 10,337.05. The Standard & Poor's 500 Index <.SPX> rose 3.95 points, or 0.36 percent, to 1,095.89. The Nasdaq Composite Index <.IXIC> gained 10.74 points, or 0.49 percent, to 2,183.73.

Treasury Secretary Timothy Geithner said the government would extend its $700 billion financial bailout fund to October 2010 for further efforts to fight home foreclosures and to ease credit for small businesses in the hopes of spurring job
growth.

NYMEX-NEW YORK, Dec 9 (Reuters) - U.S. crude oil futures ended at their lowest levels in two months on Wednesday, pressured by a sell-off in product futures after government data showed big increases in distillate and gasoline inventories last week.

On the New York Mercantile Exchange, January crude settled down $1.95, or 2.69 percent, at $70.67 a barrel, trading from $70.13 to $73.87. The day's low is the lowest since prices hit $69.17 on Oct. 8. The day's settlement is the lowest since Oct. 7's $69.57. NYMEX January crude has fallen $7.70, or 9.8 percent, from the $78.37 close on Dec.1.

CBOT-SOYBEANS - January down 15-1/2 cents at $10.28-1/2 per bushel. Pressure from falling crude oil and gold and from the dollar, which remained weak but was moving above the day's lows.

CBOT-SOYOIL - December down 1.21 cents at 38.90 cents per lb; January down 1.22 at 39.27 cents. Falling crude oil weighs in addition to talk Argentina was lowering its export tax on soyoil.

FCPO-JAKARTA, Dec 9 (Reuters) - Malaysian crude palm oil futures tumbled on Wednesday as investors pocketed profits from the recent rally ahead of the release of end-November stocks data, traders said.

Industry regulator Malaysian Palm Oil Board (MPOB) is due to release end-November stocks data on Thursday.

The benchmark February contract on the Bursa Malaysia Derivatives Exchange settled down 35 ringgit, or 1.4 percent, at 2,526 ringgit ($743.82) a tonne. Overall volume at 20,978 lots of 25 tonnes each was double the usual 10,000 lots.

REGIONAL EQUITIES-BANGKOK, Dec 9 (Reuters) - Major Southeast Asian stock markets hit their lowest level in a week on Wednesday, with Thailand leading the decline ahead of a holiday as investors unloaded heavyweights such as Siam Commercial Bank and Banpu.

Worries about the strength of the global recovery weighed on market sentiment across Asia, triggering broad selling in Singapore, Malaysia and Indonesia.

Singapore's index <.FTSTI> eased 0.3 percent, after falling to its lowest since Dec. 2, with bank DBS Group sliding 1.2 percent and publisher Singapore Press Holdings dropping 5.7 percent.

In Kuala Lumpur, the main index <.KLSE> fell 0.5 percent to its lowest since Nov. 30, with Malayan Banking down 1.03 percent and shipping firm MISC 1.8 percent lower.

NYMEX Crude Daily: remains in Negative

Market continue its losing streak with printed another long black candle had dampened the immediate technical landscape to turn weak. Thus, market may likely in sideways to lower move in near term. As for now, we are looking for the upside resistance at USD75.00. While, downside support is lies at USD68.00 followed by USD66.00-65.00.

CBOT Soyoil Daily: Upside move halted

Immediate daily technical landscape turns weak following prices violated support at USc39.37. Thus, market may continue to move sideways to bias downside potential if prices break further the physiological support at USc39.00. Next support will be looking at USc38.00. To the upside, resistance is pegged at USc41.40.

FCPO Daily: Consolidation phase likely to continue

Market tested the immediate support at 2520-2500 had slowing down the upside movement. Consolidation mode looks likely to continue in near term. We maintain the upside resistance at 2606 followed by 2650 levels. While, downside support is adjusted to 2500 followed by 2480-2450 levels.