KUALA LUMPUR, March 18 (Reuters) - Palm oil output in a key growing state in Malaysia, the world's second largest producer of the commodity, is expected to fall 15 percent as two major rivers irrigating plantations have sunk to dangerously low levels.
The southern state of Johor in mainland Malaysia, and the top producing state of Sabah on the island of Borneo, have experienced a prolonged dry spell driven by the El Nino weather condition that can axe yields and trigger a supply squeeze.
Friday, March 19, 2010
Breaking News-RTRS-Argentina sees 09/10 soy output at 51-55 mln T
BUENOS AIRES, March 18 (Reuters) - Argentina's 2009/10 soybean crop is expected to be at 51 million to 55 million tonnes, the Agriculture Ministry said on Thursday in its first estimate for the new crop.
It also revised its outlook for corn production to 20.5 million tonnes compared with a previous forecast for between 19 million and 21 million tonnes.
It also revised its outlook for corn production to 20.5 million tonnes compared with a previous forecast for between 19 million and 21 million tonnes.
Trader's Highlight
DJI-NEW YORK, March 18 (Reuters) - The Dow industrials rose for an eighth consecutive session on Thursday, lifted by a rise in Boeing's stock, while a mixed group of economic figures kept the broader S&P 500 in check.
The Dow's gains came even though more stocks declined than advanced on the broad New York Stock Exchange and on a lower volume day in terms of trading, one day before the expiration of quarterly futures and options.
The Dow Jones industrial average <.DJI> gained 45.50 points, or 0.42 percent, to end at 10,779.17. The Standard & Poor's 500 Index <.SPX> dipped 0.38 point, or 0.03 percent, to 1,165.83. The Nasdaq Composite Index <.IXIC> gained 2.19 points, or 0.09 percent, to close at 2,391.28.
NYMEX-NEW YORK, March 18 (Reuters) - U.S. crude oil futures ended lower on Thursday as the euro fell against the dollar on persistent worries about Greece's debt problems, turning oil traders cautious and snuffing a two-day advance in oil prices.
An analyst's report that OPEC exports would rise in the four weeks to April 3 likewise kept oil futures pinned down. Oil traders saw little comfort from the day's batch of economic data.
On the New York Mercantile Exchange, April crude settled down 73 cents, or 0.88 percent, at $82.20 a barrel, trading from $81.68 to $82.85.
CBOT-CHICAGO, March 18 (Reuters) - Chicago Board of Trade grains and soy complex close on Thursday.
CBOT-SOYBEANS - May up 1/2 cent per bushel at $9.59-1/2. Seasonal buying by commodity trading funds and late short-covering lifted soy to a firm close.
CBOT-SOYOIL - May down 0.58 cent at 39.25 cents per lb. Profit-taking after the gains on Wednesday weighing on soyoil futures, in addition to weight from meal/oil spreading.
FCPO-KUALA LUMPUR, March 18 (Reuters) - Malaysia palm oil futures tumbled on Thursday to hit more than five-week lows as traders booked profits from a recent oil-driven commodity rally.
Palm oil traders were waiting for more cues from dry weather hitting major oil palm growing states in Malaysia, the second largest producer of the vegetable, before they build back positions.
Benchmark June crude palm oil futures on the Bursa Malaysia Derivatives Exchange dropped as much as 67 ringgit, or 2.6 percent, to 2,528 Malaysian ringgit ($768.1), a level not seen since Feb. 5. It closed at 2,535 ringgit.
REGIONAL EQUITIES-BANGKOK, March 18 (Reuters) - Major Southeast Asian stock markets eased on Thursday as investors cashed in on recent rallying shares and as weaker oil prices pulled energy and commodity shares lower.
Investors took their lead from weakness in Hong Kong <.HSI> and China <.SSEC> which erased earlier gains amid renewed fears of a credit tightening by Beijing after regulators asked banks to control the pace of lending.
In Singapore, CapitaLand fell 0.98 percent, after rising over the past two days, and Genting Singapore lost 2.6 percent, ending its four-day run. But banks outperformed, with DBS Group Holdings up 0.97 percent and United Overseas Bank rising 1.5 percent.
In Kuala Lumpur, financials ended mixed, with Malayan Banking up 0.14 percent while AMMB Holdings falling 2.2 percent. Astro All Asia Networks surged 18.82 percent to 4.23 ringitt, with billionaire Ananda Krishnan leading a $2.57 billion buyout offer for Malaysian pay-TV monopoly.
The Dow's gains came even though more stocks declined than advanced on the broad New York Stock Exchange and on a lower volume day in terms of trading, one day before the expiration of quarterly futures and options.
The Dow Jones industrial average <.DJI> gained 45.50 points, or 0.42 percent, to end at 10,779.17. The Standard & Poor's 500 Index <.SPX> dipped 0.38 point, or 0.03 percent, to 1,165.83. The Nasdaq Composite Index <.IXIC> gained 2.19 points, or 0.09 percent, to close at 2,391.28.
NYMEX-NEW YORK, March 18 (Reuters) - U.S. crude oil futures ended lower on Thursday as the euro fell against the dollar on persistent worries about Greece's debt problems, turning oil traders cautious and snuffing a two-day advance in oil prices.
An analyst's report that OPEC exports would rise in the four weeks to April 3 likewise kept oil futures pinned down. Oil traders saw little comfort from the day's batch of economic data.
On the New York Mercantile Exchange, April
CBOT-CHICAGO, March 18 (Reuters) - Chicago Board of Trade grains and soy complex close on Thursday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, March 18 (Reuters) - Malaysia palm oil futures tumbled on Thursday to hit more than five-week lows as traders booked profits from a recent oil-driven commodity rally.
Palm oil traders were waiting for more cues from dry weather hitting major oil palm growing states in Malaysia, the second largest producer of the vegetable, before they build back positions.
Benchmark June crude palm oil futures
REGIONAL EQUITIES-BANGKOK, March 18 (Reuters) - Major Southeast Asian stock markets eased on Thursday as investors cashed in on recent rallying shares and as weaker oil prices pulled energy and commodity shares lower.
Investors took their lead from weakness in Hong Kong <.HSI> and China <.SSEC> which erased earlier gains amid renewed fears of a credit tightening by Beijing after regulators asked banks to control the pace of lending.
In Singapore, CapitaLand
In Kuala Lumpur, financials ended mixed, with Malayan Banking
FCPO Daily: Losing ground
A dark cloud cover following the technical rebound was not able to sustain. Market slid to cover partial of the gap left over at 2542-2523. Market momentum weaken further and looks may continue to move bias sideways to lower in near term. Immediate upside resistance is pegged at 2600 followed by 2630-2640. While, downside support is lies at 2528-2523 (left over gap since 8/2/2010) followed by 2470-2462 (gap left over since 2/2/2010).
FKLI Daily: 1300 violated!!
Market violated the 1300 physiological support level had dampened the immediate technical outlook to move sideways bias to downside potential. As for now, we are looking for the immediate upside resistance at 1310-1315 followed by 1320 levels. While, immediate downside support is lies at 1291-1288 (gap left over on 5/3/2010)followed by 1280 levels.
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