Malaysian Palm Oil Association (MPOA) Chief Executive Mamat Salleh said the 15 percent windfall tax on a tonne of crude palm oil
Monday, March 15, 2010
Breaking News-RTRS-Reuters Summit-Malaysian tax capping palm oil's price rise
KUALA LUMPUR, March 15 (Reuters) - A windfall tax on Malaysian palm oil earnings that kicked in from November last year has capped gains as buyers see it as a signal to slow purchases, a top industry official said on Monday.
Malaysian Palm Oil Association (MPOA) Chief Executive Mamat Salleh said the 15 percent windfall tax on a tonne of crude palm oil was triggered on companies in the world's No. 2 producer when prices rose above 2,500 ringgit ($756.4).
Malaysian Palm Oil Association (MPOA) Chief Executive Mamat Salleh said the 15 percent windfall tax on a tonne of crude palm oil
Breaking News-RTRS-FACTBOX-Neste Oil's growing palm oil use for biofuels
KUALA LUMPUR, March 12 (Reuters) - Neste Oil could buy 2.4 million to 2.5 million tonnes of vegetable oils for four biofuel plants, putting the Finnish refiner on par with consumer goods giant Unilever as a top vegetable oil buyer.
The bulk of Neste Oil's vegetable oil purchases will come from palm oil, currently the cheapest in the world.
The bulk of Neste Oil's vegetable oil purchases will come from palm oil, currently the cheapest in the world.
Breaking News-RTRS-China soy cancellations expected to slow
BEIJING, March 12 (Reuters) - China's soy buyers who have overbooked U.S. cargoes may still cancel a few more but the trend would be offset by loading delays in Brazil and possible Chinese intervention over falling pork prices, traders said on Friday.
China, the world's top soy buyer, cancelled purchases of 192,400 tonnes of U.S. soybeans in the current marketing year, sending Chicago Board of Trade prices <0#S:> down by 2.6 percent on Thursday.
Traders in China said they believed a large Chinese buyer had switched an import order from U.S. to cheaper South American soy for later shipment on expectation of better crushing margins.
China's feed demand was at a seasonal low in the first three months of this year after more livestock were slaughtered than usual for the spring festival and breeders slowed restocking due to pig diseases, causing pork prices to fall.
China, the world's top soy buyer, cancelled purchases of 192,400 tonnes of U.S. soybeans in the current marketing year, sending Chicago Board of Trade prices <0#S:> down by 2.6 percent on Thursday.
Traders in China said they believed a large Chinese buyer had switched an import order from U.S. to cheaper South American soy for later shipment on expectation of better crushing margins.
China's feed demand was at a seasonal low in the first three months of this year after more livestock were slaughtered than usual for the spring festival and breeders slowed restocking due to pig diseases, causing pork prices to fall.
FCPO Weekly: Facing resistance at around 2700 level
FKLI Weekly: Remains in upward posture
Trader's highlight
DJI-NEW YORK, March 12 (Reuters) - Mixed consumer and retail data kept U.S. stocks near break even on Friday, but major indexes edged higher for a second straight week.
The S&P 500 failed to build on Thursday's gains, which pushed it to a 17-month high, in what was a tepid week for both bulls and bears. With few economic data points or
corporate earnings reports, the stock market struggled for direction.
The Dow Jones industrial average <.DJI> gained 12.85 points, or 0.12 percent, to end at 10,624.69. The Standard & Poor's 500 Index <.SPX> shed 0.25 point, or 0.02 percent, to 1,149.99. The Nasdaq Composite Index <.IXIC> dipped 0.80 point, or 0.03 percent, to close at 2,367.66.
NYMEX-NEW YORK, March 12 (Reuters) - U.S. crude oil futures ended more than 1 percent lower on Friday, as downbeat consumer sentiment data sidelined an unexpected rise in retail sales, clouding the economic recovery outlook.
A break below trendline support for the front-month April contract also triggered sell stops, before some late buying pared losses, traders and analysts said.
On the New York Mercantile Exchange, April crude settled down 87 cents, or 1.06 percent, at $81.24 a barrel, trading from $80.57 to $83.16, the highest front-month price since the 2010 peak at $83.95 on Jan. 11.
CBOT-CHICAGO, March 12 (Reuters) - Chicago Board of Trade grains and soy complex close on Friday.
CBOT-SOYBEANS - March expired up 1/2 cent per bushel at $9.26. May down 5cents per bushel at $9.25-1/2. Turns weak as USDA announces correction to its announcement of a sale of 220,000 tonnes U.S. soy to China to the new crop year, 2010/11, rather than old-crop 2009/10.
CBOT-SOYOIL - March expired down 0.77 cent per lb at 39.05. May down 0.56 cent 39.55 cents per lb. Unwinding of soyoil/soymeal spreads weighs on soyoil.
FCPO-JAKARTA, March 12 (Reuters) - Malaysia's palm oil futures ended down 0.41 percent on Friday pressured by weaker rival soyoil and due to a stronger ringgit currency, but expectations of stronger exports narrowed loses, traders said.
The benchmark May crude palm oil futures on the Bursa Malaysia Derivatives Exchange fell 0.41 percent, or 11 ringgit, to 2,649 ringgit ($797) per tonne after hitting a low of 2,620 ringgit on the day.
REGIONAL EQUITIES-BANGKOK, March 12 (Reuters) - Malaysian stocks hit a one-week low on Friday, weighed down by selling in banks, while Thai shares rose for a third day, reversing early losses as investors bought banks despite worries about anti-government protests.
The region ended mixed ahead of a U.S. Federal Reserve policy meeting next week, with investors waiting to see whether it changes its assessment that economic conditions would justify keeping rates low for an extended period.
Singapore <.FTSTI> rose 0.26 percent, rising for a sixth day, while Indonesia <.JKSE> fell 0.37 percent, erasing some of its early losses after Standard & Poor's Ratings Services raised its long-term foreign currency credit ratings.
In Kuala Lumpur, the index <.KLSE> fell for a second day, down 0.8 percent as investors continued to cash in on recent gains in banking and plantation stocks.
Among decliners, financial CIMB Group fell 1.4 percent, Malayan Banking lost 1.2 percent, Sime Darby slid 1.03 percent and IOI Corp was down 1.25 percent.
The S&P 500 failed to build on Thursday's gains, which pushed it to a 17-month high, in what was a tepid week for both bulls and bears. With few economic data points or
corporate earnings reports, the stock market struggled for direction.
The Dow Jones industrial average <.DJI> gained 12.85 points, or 0.12 percent, to end at 10,624.69. The Standard & Poor's 500 Index <.SPX> shed 0.25 point, or 0.02 percent, to 1,149.99. The Nasdaq Composite Index <.IXIC> dipped 0.80 point, or 0.03 percent, to close at 2,367.66.
NYMEX-NEW YORK, March 12 (Reuters) - U.S. crude oil futures ended more than 1 percent lower on Friday, as downbeat consumer sentiment data sidelined an unexpected rise in retail sales, clouding the economic recovery outlook.
A break below trendline support for the front-month April contract also triggered sell stops, before some late buying pared losses, traders and analysts said.
On the New York Mercantile Exchange, April
CBOT-CHICAGO, March 12 (Reuters) - Chicago Board of Trade grains and soy complex close on Friday.
CBOT-SOYBEANS - March
CBOT-SOYOIL - March
FCPO-JAKARTA, March 12 (Reuters) - Malaysia's palm oil futures ended down 0.41 percent on Friday pressured by weaker rival soyoil and due to a stronger ringgit currency, but expectations of stronger exports narrowed loses, traders said.
The benchmark May crude palm oil futures
REGIONAL EQUITIES-BANGKOK, March 12 (Reuters) - Malaysian stocks hit a one-week low on Friday, weighed down by selling in banks, while Thai shares rose for a third day, reversing early losses as investors bought banks despite worries about anti-government protests.
The region ended mixed ahead of a U.S. Federal Reserve policy meeting next week, with investors waiting to see whether it changes its assessment that economic conditions would justify keeping rates low for an extended period.
Singapore <.FTSTI> rose 0.26 percent, rising for a sixth day, while Indonesia <.JKSE> fell 0.37 percent, erasing some of its early losses after Standard & Poor's Ratings Services raised its long-term foreign currency credit ratings.
In Kuala Lumpur, the index <.KLSE> fell for a second day, down 0.8 percent as investors continued to cash in on recent gains in banking and plantation stocks.
Among decliners, financial CIMB Group
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