Trader's Highlight

DJI-NEW YORK, Sept 21 (Reuters) - U.S. stocks slipped on Tuesday as caution before the results of the Federal Reserve's monetary policy meeting kept traders on the sidelines after the S&P 500 broke out of a trading range in the prior session.

After the Fed's August meeting, the U.S. central bank issued a bleak assessment of the economy and the S&P 500 tumbled more 4 percent over the next four days. Investors are hoping that improved economic data since then will mean a more upbeat outlook.

The Dow Jones industrial average <.DJI> edged 17.37 points, or 0.16 percent, lower to 10,736.25. The Standard & Poor's 500 Index <.SPX> fell 4.08 points, or 0.36 percent, to 1,138.63. The Nasdaq Composite Index <.IXIC> slipped 6.97 points, or 0.30percent, to 2,348.86.

NYMEX-NEW YORK, Sept 21 (Reuters) - U.S. crude oil prices fell for the fifth time in six days on Tuesday, sliding amid high oil inventories and the Federal Reserve's continued concern about sluggish economic recovery.

The front-month October crude contract expired on Tuesday, helping keep pressure on the front month and nearby months, industry sources said.

On the New York Mercantile Exchange, expiring October crude fell $1.34, or 1.79 percent, to settle at $73.52 a barrel, trading from $72.81 to $74.60.

CBOT-CHICAGO, Sept 21 (Reuters) - Chicago Board of Trade grain and soy complex close on Tuesday.

CBOT-SOYBEANS - November down 4-1/2 cents per bushel at $10.80 a bushel. Profit-taking after Monday's rally to a one-year high. Underpinned by dryness in South America and an additional sale of U.S. soy to China.

CBOT-SOYOIL - October down 0.23 cent per lb at 42.42 cents per lb. Profit-taking and pressure from lower crude oil.

FCPO-KUALA LUMPUR, Sept 21 (Reuters) - Most vegetable oil prices dipped on Tuesday as traders booked some profits after concerns of dry weather in the Americas and frost in China and Canada drove markets up the previous day.

Malaysia's December palm oil dropped 1.3 percent to close at 2,674 Malaysian ringgit, easing from a five-week high on Monday.

The most active May soyoil contract on China's Dalian Commodity Exchange fell 0.2 percent after touching a record high the previous day.

REGIONAL EQUITIES-COLOMBO, Sept 21 (Reuters) - The Philippine stock market hit another record high on Tuesday, led by demand for telecom shares
due to optimism about their earnings, while Thailand rose 1.5
percent, helped by continued foreign buying.

Asian stock markets overall were subdued ahead of a U.S. Federal Reserve interest rate review later in the day but with a firmer bias after a positive lead from Wall Street overnight. The MSCI index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was up 0.6 percent at 1016 GMT.

Malaysia <.KLSE> gained 0.4 percent, while Singapore's Straits Times Index <.FTSTI> gained 0.5 percent to hit a 27-month high.

Shares in commodities firm Noble Group rose 8.4 percent after it agreed to acquire a U.S.-based energy retailer for $317 million.

Shipbuilder JES International surged 56.5 percent to a 26-month high after DBS Vickers initiated coverage of the firm with a "buy" rating.