ISLAMABAD, March 16 (Reuters) - Pakistan's palm oil imports are seen down in March as ample stocks will likely limit incoming shipments to around 118,000 tonnes, a top industry official said on Tuesday.
Malaysia shipped 68,450 tonnes of palm oil products to Pakistan between March 1-15, the Malaysian cargo surveyor Societe Generale de Surveillance said, and the official said Pakistan expected another 40,000-50,000 tonnes for March shipment.
Wednesday, March 17, 2010
Breaking News-RTRS-Oil World sees lower U.S. March soybean stocks
HAMBURG, March 16 (Reuters) - U.S. soybean stocks at the beginning of March were 35.63 million tonnes, down by 1.5 million tonnes on March 2009, according to estimates by Hamburg-based oilseeds analysts Oil World.
This was 670,000 tonnes down on Oil World's previous estimate on Feb. 26 and would be the lowest U.S. March stock level since 2004.
This was 670,000 tonnes down on Oil World's previous estimate on Feb. 26 and would be the lowest U.S. March stock level since 2004.
Breaking News-RTRS-UPDATE 2-India '09/10 edible oil imports to jump 46 pct-min
NEW DELHI, March 16 (Reuters) - India's edible oil imports are likely to rise 46.3 percent in the financial year ending March 31, a minister said, implying much higher purchases than estimated by a leading industry body.
Edible oil imports by India, the world's top buyer, have been rising steadily -- up about a fifth in the first 11 months of the fiscal year according to Solvent Extractors' Association of India -- with growing incomes boosting demand in a country of more than 1 billion people.
Higher imports by India are expected to support international prices, particularly of palm oil, which accounts for 80 percent of India's edible oil purchases.
Edible oil imports by India, the world's top buyer, have been rising steadily -- up about a fifth in the first 11 months of the fiscal year according to Solvent Extractors' Association of India -- with growing incomes boosting demand in a country of more than 1 billion people.
Higher imports by India are expected to support international prices, particularly of palm oil, which accounts for 80 percent of India's edible oil purchases.
Breaking News-Reuters Summit-China food security depends on policy choices
BEIJING, March 16 (Reuters) - China needs to reform grain prices and invest more in technology to ensure food security in the face of rapid urbanisation, an influential think-tank chief said in an interview.
"China's grain production is not a problem, the major concern is government policy -- policies in grain prices, agricultural science and technology investment, inputs and markets," Shenggen Fan, director general of the Washington-based International Food Policy Research Institute (IFPRI), said at the Reuters Food and Agriculture Summit.
Beijing has increased spending on seed development and the use of high-quality seeds in the past decade, giving the country plenty of potential to raise crop yields, Fan said.
"China's grain production is not a problem, the major concern is government policy -- policies in grain prices, agricultural science and technology investment, inputs and markets," Shenggen Fan, director general of the Washington-based International Food Policy Research Institute (IFPRI), said at the Reuters Food and Agriculture Summit.
Beijing has increased spending on seed development and the use of high-quality seeds in the past decade, giving the country plenty of potential to raise crop yields, Fan said.
Breaking News-RTRS-Argentine soy hub workers threaten pay strike
BUENOS AIRES, March 16 (Reuters) - Argentine oil crushing workers could decide to strike within two weeks if grains exporters do not agree to their pay demands, a union leader said on Tuesday.
Argentina is the world's No. 3 soybean exporter and the top supplier of oil and meal, and market talk of a possible strike in the grains port of Rosario helped drive U.S. soy futures higher in morning trade in Chicago. <0#S:>
Argentina is the world's No. 3 soybean exporter and the top supplier of oil and meal, and market talk of a possible strike in the grains port of Rosario helped drive U.S. soy futures higher in morning trade in Chicago. <0#S:>
Trader's Highlight
DJI-NEW YORK, March 16 (Reuters) - U.S. stocks rose to a fresh
17-month high on Tuesday after the Federal Reserve held benchmark rates near zero and maintained its pledge to keep them low for an extended period.
The central bank also pointed to increased momentum in the economy's recovery, and that, coupled with strength in Intel, helped the S&P 500 hit a fresh 17-month high.
The Dow Jones industrial average <.DJI> gained 43.83 points, or 0.41 percent, to end at 10,685.98. The Standard & Poor's 500 Index <.SPX> rose 8.95 points, or 0.78 percent, to finish at 1,159.46. The Nasdaq Composite Index <.IXIC> added 15.80 points, or 0.67 percent, to close at 2,378.01.
NYMEX-NEW YORK, March 16 (Reuters) - U.S. crude futures pushed
higher post-settlement Tuesday after an industry oil inventory report showed crude stockpiles rose less than expected while gasoline stocks fell much more than forecast.
U.S. crude oil futures had already settled higher as the dollar weakened and the U.S. Federal Reserve kept its benchmark Federal Funds rate steady and reaffirmed its intent to keep rates low for an extended period.
On the New York Mercantile Exchange, April crude ended Globex electronic trade up $2.27 at $82.07 a barrel afer settling at $81.70, up $1.90, or 2.38 percent, trading from $79.32 to an $82.10 peak reached post-settlement.
CBOT-CHICAGO, March 16 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - May up 15 cents per bushel at $9.45. Talk of delays in shipping soy from Brazilian ports, a weak dollar and firm crude oil combined to lift soybean futures. Also, there are rumors of a potential strike of Argentine truckers and port workers.
CBOT-SOYOIL - May up 0.62 cent per lb at 39.37 cents per lb. Support from gains in soybeans and crude oil.
FCPO-KUALA LUMPUR, March 16 (Reuters) - Malaysian palm oil futures ended off one-month lows on Tuesday on technical buying and production concerns in the world's No.2producer of the vegetable oil.
Benchmark June crude palm oil futures on the Bursa Malaysia Derivatives Exchange settled down 6 ringgit at 2,569 ringgit ($774.2) a tonne after going as low as 2,500 ringgit, a level not seen since Feb. 12. Overall traded volume doubled to 20,673 lots of 25 tonnes each.
17-month high on Tuesday after the Federal Reserve held benchmark rates near zero and maintained its pledge to keep them low for an extended period.
The central bank also pointed to increased momentum in the economy's recovery, and that, coupled with strength in Intel, helped the S&P 500 hit a fresh 17-month high.
The Dow Jones industrial average <.DJI> gained 43.83 points, or 0.41 percent, to end at 10,685.98. The Standard & Poor's 500 Index <.SPX> rose 8.95 points, or 0.78 percent, to finish at 1,159.46. The Nasdaq Composite Index <.IXIC> added 15.80 points, or 0.67 percent, to close at 2,378.01.
NYMEX-NEW YORK, March 16 (Reuters) - U.S. crude futures pushed
higher post-settlement Tuesday after an industry oil inventory report showed crude stockpiles rose less than expected while gasoline stocks fell much more than forecast.
U.S. crude oil futures had already settled higher as the dollar weakened and the U.S. Federal Reserve kept its benchmark Federal Funds rate steady and reaffirmed its intent to keep rates low for an extended period.
On the New York Mercantile Exchange, April
CBOT-CHICAGO, March 16 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, March 16 (Reuters) - Malaysian palm oil futures ended off one-month lows on Tuesday on technical buying and production concerns in the world's No.2producer of the vegetable oil.
Benchmark June crude palm oil futures
FCPO Daily: Market momentum remains weak
Market momentum remains weak despite prices close off the intra-day low. Hence, correction mode is likely to extend in near term. As for now, we are looking for the immediate upside resistance at 2586-2590 (gap left over on 16/3/2010) followed by 2630-2640. To the downside, immediate support is lies at 2542-2523 (gap left over on 8/2/2010).
FKLI Daily: Defended well at 1300 level
1300 physiological support levels was defended well. Thus, correction phase is likely to extend in near term with immediate upside resistance is pegged at 1315-1320 followed by 1325-1337 levels. While, immediate downside support is looking at 1300 levels followed by 1291-1288 (gap left over on 5/3/2010).
Subscribe to:
Posts (Atom)
