KUALA LUMPUR, March 9 (Reuters) - Malaysian crude palm oil futures may trade at 2,800-3,200 ringgit range after July as the current El Nino-driven hot weather may cause a production shortfall in the second half of 2010, a top analyst said.
Godrej International's head of vegetable oil trading Dorab Mistry said his forecast was within palm oil's most "bullish period" that runs from the second half of 2010 till the first quarter of next year.
That forecast represents a rise of up to xx percent from current levels.
Tuesday, March 9, 2010
Breaking News - RTRS-BRIEF-Malaysia says can surpass last year's palm oil export earnings
March 9 (Reuters) - * Malaysia's commodities minister says can surpass last year's palm oil export earnings of 49.5 billion rgt * Malaysia's commodities minister says palm oil export earnings seen better this year on higher average prices * Malaysia's commodities minister says sees palm oil output at 18.1 million tonnes in 2010 * Malaysia's commodities minister says too early to say if labour shortage will crimp palm oil output this year.
Breaking News - RTRS-BRIEF-CME says to launch USD CPO contract on May 23
March 9 (Reuters) - CME Group Inc : * Says to launch dollar-denominated cash-settled crude palm oil contract on may 23 * CME announced the launch date in a statement posted on its website on Tuesday. * Says the contract will create opportunity for cross-trading with soybean oil based on the historically strong correlation between these two products. * Says final cash-settlement prices will be based on the Bursa Malaysia crude palm oil futures contract.
Breaking News - RTRS-New Indonesia rule could hit 400 oil palm plantation cos
KUALA LUMPUR, March 9 (Reuters) - About 400 palm plantation firms in Indonesia risk having 900,000 hectares of plantations declared illegal by the forestry ministry if they cannot show permits to clear the land, a top industry official said on Tuesday.
Indonesia, the world's largest palm oil producer, has a total of 7.9 million hectares under palm cultivation and exports around 14 million tonnes of the commodity annually.
The sprawling oil palm estates in the central province of Kalimantan may be declared illegal under a government decree that applies retrospectively from 1999, Joko Supriyono, secretary general of the Indonesian Palm Oil Association, told Reuters.
Most companies have just cleared the land and started operations after securing location permits from provincial or district administrations, which previous government regulations allowed, Supriyono said.
Indonesia, the world's largest palm oil producer, has a total of 7.9 million hectares under palm cultivation and exports around 14 million tonnes of the commodity annually.
The sprawling oil palm estates in the central province of Kalimantan may be declared illegal under a government decree that applies retrospectively from 1999, Joko Supriyono, secretary general of the Indonesian Palm Oil Association, told Reuters.
Most companies have just cleared the land and started operations after securing location permits from provincial or district administrations, which previous government regulations allowed, Supriyono said.
Breaking News - RTRS-New Indonesia rule could hit 400 oil palm plantation cos
March 9 (Reuters) - : * Malaysia January-February crude palm oil output lower than year ago due to weather-MPOC * Malaysia MPOC sees crude palm oil supply constrained by weather in Q2 * Malaysia MPOC sees demand for palm oil still strong from India, Pakistan * Malaysia MPOC says European, China demand for palm oil to be maintained in 2010 * Malaysia MPOC says optimistic crude palm oil price will be better in 2010 versus 2009 * Lee Yeow Chor, chairman of the Malaysian Palm Oil Council (MPOC), spoke to Reuters on the sidelines of an industry conference in Kuala Lumpur on Tuesday. * Lee is also executive director of IOI Corp , Malaysia's second-biggest palm oil group.
Breaking News - RTRS-Malaysia's top palm oil state slowing deliveries-trade
KUALA LUMPUR, March 9 (Reuters) - A top palm oil producing state in Malaysia has slowed deliveries for February as El Nino-driven hot weather spurs concern about output, traders and planters said on Tuesday. Malaysia's Sabah state on Borneo island, which accounts for more than a quarter of the Southeast Asian country's overall palm oil output has been hit by El Nino, a periodic weather pattern that can spark drought or heavy rains. The most recent El Nino started in mid-2009 and caused hot weather in the region.
Breaking News-RTRS-INTERVIEW-Malaysia KLK sees jump in Q2 avg palm oil price
IPOH, Malaysia, March 8 (Reuters) - Malaysia's Kuala Lumpur Kepong (KLK) expects a sharp increase in plantation earnings in the second-quarter to March, helped by higher crude palm oil prices, a senior company official said on Monday.
KLK, the Southeast Asian country's third-biggest oil palm plantation group, expects average crude palm oil price realised to rise by more than half in January-March from a year earlier, said Group Plantations Director Roy Lim.
KLK
Breaking News-RTRS-PREVIEW - USDA may trim US soy stocks, corn flat
CHICAGO, March 5 (Reuters) - The U.S. Department of Agriculture (USDA) on Wednesday may reduce its estimate for U.S. soy carryout this marketing year (2009/10) which ends on Aug. 31 but may not change its outlook for the corn supply.
An average of analysts' estimates pegged the soy carryout or ending stocks at 194 million bushels, down from the USDA forecast in February for 210 million but above last year's carryout of 138 million, the tightest supply in decades.
An average of analysts' estimates pegged the soy carryout or ending stocks at 194 million bushels, down from the USDA forecast in February for 210 million but above last year's carryout of 138 million, the tightest supply in decades.
Trader's Highlight
DJI-NEW YORK, March 8 (Reuters) - Technology shares pushed the Nasdaq higher on Monday on an otherwise flat day for U.S. stocks, led by BlackBerry maker Research in Motion and Cisco Systems.
Cisco Systems, a Dow component, hit a 21-month high at $26.36 after JPMorgan Chase recommended the stock to investors, and a day before the company is expected to announce new technology to speed up Internet connections.
The Dow Jones industrial average <.DJI> dropped 13.68 points, or 0.13 percent, to end at 10,552.52. The Standard & Poor's 500 Index <.SPX> shed just 0.20 of a point, or 0.02 percent, to 1,138.50. The Nasdaq Composite Index <.IXIC> gained 5.86 points, or 0.25 percent, to 2,332.21, its highest close in 18 months.
NYMEX-NEW YORK, March 8 (Reuters) - U.S. crude oil futures ended higher on Monday for the second session in a row, firming after hitting an eight-week high in range-bound trading on light volume, traders said.
Traders acknowledged that, in lieu of bearish fundamentals, oil traders were looking at external markets and technical charts for price guidance.
On the New York Mercantile Exchange, April crude settled up 37 cents, or 0.45 percent, at $81.87 a barrel, trading from $80.75 to $82.41, highest front-month price since Jan. 11's intraday high of $83.95.
CBOT-CHICAGO, March 8 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - May up 5-1/4 cents per bushel at $9.48. Support from short-covering and good cash demand but gains limited by early harvest of likely record large South American soy crop.
CBOT-SOYOIL - May up 0.23 cent at 40.28 cents per lb. Higher soy and short-covering lifted soyoil futures as did some commercial buying with Bunge an early buyer of May.
FCPO-JAKARTA, March 8 (Reuters) - Malaysian palm oil futures ended at a two-month highs on Monday, driven by gains in crude oil and on expectations of bullish forecasts from a key industry conference in Kuala Lumpur.
The benchmark May crude palm oil futures on the Bursa Malaysia Derivatives Exchange ened up 39 ringgit, or 1.46 percent, at 2,709 ringgit ($811) a tonne, the highest since Jan. 6.
REGIONAL EQUITIES-BANGKOK, March 8 (Reuters) - Southeast Asian stock markets rose on Monday as favourable U.S. job data bolstered optimism about the economic recovery in the United States, but rising political tension kept Thai stocks in check.
Extending last week's gains, Singapore <.FTSTI> climbed 1.59 percent, Malaysia <.KLSE> 1.88 percent and Indonesia <.JKSE> 1.85 percent. The Philippines <.PSI> added 0.8 percent and Vietnam <.VNI> ended up 1.5 percent.
In Singapore, the index touched its highest since Jan. 21, with telecoms firm Singapore Telecoms up 1.6 percent, United Overseas Bank up 1.9 percent and Oversea Chinese Banking Corp 2 percent higher.
In Kuala Lumpur, financials helped push the main index to its highest since March 4 at one point, with Public Bank up 5.5 percent, CIMB Group up 2.9 percent and Malayan Banking rising 1.6 percent.
Cisco Systems
The Dow Jones industrial average <.DJI> dropped 13.68 points, or 0.13 percent, to end at 10,552.52. The Standard & Poor's 500 Index <.SPX> shed just 0.20 of a point, or 0.02 percent, to 1,138.50. The Nasdaq Composite Index <.IXIC> gained 5.86 points, or 0.25 percent, to 2,332.21, its highest close in 18 months.
NYMEX-NEW YORK, March 8 (Reuters) - U.S. crude oil futures ended higher on Monday for the second session in a row, firming after hitting an eight-week high in range-bound trading on light volume, traders said.
Traders acknowledged that, in lieu of bearish fundamentals, oil traders were looking at external markets and technical charts for price guidance.
On the New York Mercantile Exchange, April
CBOT-CHICAGO, March 8 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-JAKARTA, March 8 (Reuters) - Malaysian palm oil futures ended at a two-month highs on Monday, driven by gains in crude oil and on expectations of bullish forecasts from a key industry conference in Kuala Lumpur.
The benchmark May crude palm oil futures
REGIONAL EQUITIES-BANGKOK, March 8 (Reuters) - Southeast Asian stock markets rose on Monday as favourable U.S. job data bolstered optimism about the economic recovery in the United States, but rising political tension kept Thai stocks in check.
Extending last week's gains, Singapore <.FTSTI> climbed 1.59 percent, Malaysia <.KLSE> 1.88 percent and Indonesia <.JKSE> 1.85 percent. The Philippines <.PSI> added 0.8 percent and Vietnam <.VNI> ended up 1.5 percent.
In Singapore, the index touched its highest since Jan. 21, with telecoms firm Singapore Telecoms
In Kuala Lumpur, financials helped push the main index to its highest since March 4 at one point, with Public Bank
FCPO Daily: Likely to challenge 2726 levels
Market tested the intra-day high at 2722 but yet to break the recent high at 2726 levels. violation of it may provide more room to bias upside potential with upside projection is looking at 2750-2760 followed by 2799. While, downside support is pegged at 2670-2660 followed by 2640-2620.
FKLI Daily: Bulls re-charged energy
Bulls recharged energy to surge higher to cover partial of the gap of 1314.5-1348. Market looks may extend its uptrend move in near term with upside projection is pegged at left over gap at 1328-1348 levels. To the downside, support is lies at 1311-1305 (gap left over on 8/3/2010).
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