HAMBURG, Jan 12 (Reuters) - U.S. soybean exports are likely to slow down in the next three months as new crop supplies from South America enter global markets faster than normal but U.S. soyoil exports will remain high, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"U.S. soybean exports are likely to slow down notably in the Jan./Mar. 2010 quarter due to increasing South American supplies," it said.
"In Brazil, farmers planted a larger area with early-maturing soybeans and we expect that relatively large quantities of new-crop soybeans will already become available in January and that Brazilian soybean exports will be higher than last year in Jan./Feb. 2010."
Prospects for the early 2010 soybean crop in Brazil and Argentina have improved and there are indications of late extra sowings in Argentina as farmers seek to cash in on attractive world prices, it said.
Wednesday, January 13, 2010
Breaking News-RTRS-Oil world sees palm oil prices remaining high
HAMBURG, Jan 12 (Reuters) - Global palm oil prices are likely to remain high in coming months despite recent weakness, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"Palm oil prices will indeed be supported in the next four to six months, considering that soyoil supplies are still tight in South America, sun oil supples are becoming increasingly scarce and the production prospects for palm oil are at least uncertain," it said.
"Palm oil prices will indeed be supported in the next four to six months, considering that soyoil supplies are still tight in South America, sun oil supples are becoming increasingly scarce and the production prospects for palm oil are at least uncertain," it said.
Trader's Highlight
DJI-NEW YORK, Jan 12 (Reuters) - U.S. stocks slid in a broad selloff on Tuesday as investors pummeled financials on concerns about a potential government levy on banks, while Alcoa Inc's disappointing results tempered optimism about the economic
recovery.
President Barack Obama is considering a levy on financial services firms to recoup losses from the Troubled Asset Relief Program as part of the fiscal 2011 budget, according to a senior U.S. official.
The potential fee could raise as much as $120 billion to cover taxpayer losses stemming from government bailouts, according to official sources.
Investors feared that a levy might hurt bank profits at a time when the sector was trying to recover from the financial crisis, analysts said.
The Dow Jones industrial average <.DJI> dropped 36.73 points, or 0.34 percent, to 10,627.26. The Standard & Poor's 500 Index <.SPX> fell 10.76 points, or 0.94 percent, to 1,136.22. The Nasdaq Composite Index <.IXIC> slid 30.10 points,
or 1.30 percent, to 2,282.31.
News that China's central bank was tightening monetary conditions in response to increasing concerns about the economy overheating added to the negative tone.
NYMEX-NEW YORK, Jan 12 (Reuters) - U.S. crude oil futures fell for the second day in a row on Tuesday after a surprise bank reserve tightening in China raised concerns that Chinese demand for petroleum could fall.
China on Tuesday raised the proportion of deposits that banks must hold in reserve, another sign that the fast-growing Asian country has started to tighten monetary policy.
The American Petroleum Institute will release oil inventory data at 4:30 p.m. EST (2130 GMT) on Tuesday.
The U.S. Energy Information Administration's report will be released at 10:30 a.m. EST (1530 GMT) on Wednesday.
On the New York Mercantile Exchange, February crude settled at $80.79 a barrel, down $1.73, or 2.1 percent, trading from $80.24 to $82.34.
CBOT-SOYBEANS - January down 32-1/4 cents per bushel at $9.69-1/2. March down 32-1/2 cents per bushel at $9.78.
Pressure from USDA's crop report that showed U.S. 2009 soy production and ending stocks above trade estimates. Good crop weather in South America, falling crude oil also weigh. Soybeans touch lowest level since Nov. 12.
USDA put 2009 U.S. soy production at a record 3.361 billion bushels, above the average trade estimate for 3.338 billion.
USDA raised U.S. 2009/10 soy ending stocks to 245 million bushels, above an average estimate for 235 million.
CBOT-SOYOIL - January down 0.93 cent per lb at 38.26 cents per lb. March down 0.92 at 38.63. Following soybeans and lower crude oil.
FCPO-JAKARTA, Jan 12 (Reuters) - Malaysian crude palm oil futures dropped 1.1 percent on Tuesday to the weakest closing level in nearly three weeks amid faltering crude oil prices and lingering concerns over stock build up, traders said.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled down 29 ringgit at 2,556 ringgit ($764.69), the lowest level since Dec. 24. Overall volume was 17,942 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Jan 12 (Reuters) - Indonesia's benchmark index rose
one percent to its highest level in almost two years as banking shares rose on positive outlook, while most other Southeast Asian stock markets slipped back after recent strong runs.
Singapore's index <.FTSTI> fell 0.6 percent after a two-day run to 17-month highs, with Singapore Telecoms dropping 1.7 percent and palm plantation stock Golden Agri losing 4.7 percent after an almost seven percent surge on Monday.
Malaysia's index <.KLSE> inched down 0.1 percent at 1,292.85. Citigroup said it has raised its year-end target for Malaysia's benchmark share index to 1,400 points from 1,300 points.
Investors took profits on recent gainers such as palm plantation firm Sime Darby which lost one percent as Malaysian crude palm oil futures dropped to near three-week lows on Tuesday. Maxis , which gained on Monday, was down almost one percent on Tuesday's session.
recovery.
President Barack Obama is considering a levy on financial services firms to recoup losses from the Troubled Asset Relief Program as part of the fiscal 2011 budget, according to a senior U.S. official.
The potential fee could raise as much as $120 billion to cover taxpayer losses stemming from government bailouts, according to official sources.
Investors feared that a levy might hurt bank profits at a time when the sector was trying to recover from the financial crisis, analysts said.
The Dow Jones industrial average <.DJI> dropped 36.73 points, or 0.34 percent, to 10,627.26. The Standard & Poor's 500 Index <.SPX> fell 10.76 points, or 0.94 percent, to 1,136.22. The Nasdaq Composite Index <.IXIC> slid 30.10 points,
or 1.30 percent, to 2,282.31.
News that China's central bank was tightening monetary conditions in response to increasing concerns about the economy overheating added to the negative tone.
NYMEX-NEW YORK, Jan 12 (Reuters) - U.S. crude oil futures fell for the second day in a row on Tuesday after a surprise bank reserve tightening in China raised concerns that Chinese demand for petroleum could fall.
China on Tuesday raised the proportion of deposits that banks must hold in reserve, another sign that the fast-growing Asian country has started to tighten monetary policy.
The American Petroleum Institute will release oil inventory data at 4:30 p.m. EST (2130 GMT) on Tuesday.
The U.S. Energy Information Administration's report will be released at 10:30 a.m. EST (1530 GMT) on Wednesday.
On the New York Mercantile Exchange, February crude
CBOT-SOYBEANS - January
Pressure from USDA's crop report that showed U.S. 2009 soy production and ending stocks above trade estimates. Good crop weather in South America, falling crude oil also weigh. Soybeans touch lowest level since Nov. 12.
USDA put 2009 U.S. soy production at a record 3.361 billion bushels, above the average trade estimate for 3.338 billion.
USDA raised U.S. 2009/10 soy ending stocks to 245 million bushels, above an average estimate for 235 million.
CBOT-SOYOIL - January
FCPO-JAKARTA, Jan 12 (Reuters) - Malaysian crude palm oil futures dropped 1.1 percent on Tuesday to the weakest closing level in nearly three weeks amid faltering crude oil prices and lingering concerns over stock build up, traders said.
The benchmark March contract
REGIONAL EQUITIES-BANGKOK, Jan 12 (Reuters) - Indonesia's benchmark index rose
one percent to its highest level in almost two years as banking shares rose on positive outlook, while most other Southeast Asian stock markets slipped back after recent strong runs.
Singapore's index <.FTSTI> fell 0.6 percent after a two-day run to 17-month highs, with Singapore Telecoms
Malaysia's index <.KLSE> inched down 0.1 percent at 1,292.85. Citigroup said it has raised its year-end target for Malaysia's benchmark share index to 1,400 points from 1,300 points.
Investors took profits on recent gainers such as palm plantation firm Sime Darby
CBOT Soyoil Daily: looks Fragile
Bulls took a breathe after tested the recent high at Usc41.91. Immediate technical landscape looks fragile as Bears may strike anytime if underlying support at USc38.06 failed to defend. Next support will be looking at Usc37.50.
NYMEX Crude Daily: Entering into consolidation phase
Market is entering into consolidation phase after tested the recent high at USD83.95. Hence, upside resistance is now looking at USD83.95 followed by USD85.00. Downside support is adjusted to USD79.00-78.00.
FCPO Daily: Bears strike
Bears strike following bulls failed to defend. Immediate technical outlook is losing its upward momentum to bias downside potential. As for now, we are looking for the immediate upside resistance at 2570-2572 (gap left over on 12/1/2010) followed by 2630-2650. To the downside, immediate support is lies at 2540-2535 followed by 2500-2480 levels.
Subscribe to:
Posts (Atom)
