Breaking News - RTRS-UPDATE 1-Neste Oil wants key palm supplier to probe forest claim

SINGAPORE/KUALA LUMPUR, March 24 (Reuters) - Finnish refiner Neste Oil wants a major palm oil supplier for its biofuel plants to investigate accusations the Malaysian firm illegally cleared forests on Borneo island.
Neste's call comes as environmentalists successfully pressured top European palm oil buyers such as Unilever and Nestle to cancel contracts with planters who they say are fuelling global warning by felling forests.
A senior Neste official said the firm will conduct its own investigations into Malaysia's IOI Corp after Friends of the Earth published a report last week that looked into how IOI was expanding estates in Indonesian part of Borneo.

Breaking News - RTRS-MALAYSIA SAYS TO ROLL OUT BIODIESEL MANDATE IN PHASES STARTING JUNE 2011

CAREY ISLAND, Malaysia, March 24 (Reuters) - Malaysia will roll out its biodiesel mandate in phases beginning June 2011, commodities minister Bernard Dompok said.
"To ensure that this programme is a success, the government will bear the cost of constructing six petroleum depots at a cost of 43.1 million ringgit," Dompok said in a statement.

Breaking News - RTRS-UPDATE 1-China sees 4.56 mln T soy imports in March -MOFCOM

BEIJING, March 23 (Reuters) - China's Commerce Ministry said it expects soy imports to total 4.56 million tonnes in March, the third-highest monthly quantity ever and exceeding an earlier forecast of 3.3 million tonnes.
The figure was slightly lower than December's record 4.78 million tonnes.

Breaking News-RTRS-Biofuels cut Colombian palm oil exports -Oil World

HAMBURG, March 23 (Reuters) - Colombia's rising production of biodiesel is likely to slash the country's palm oil exports in 2010 following a long period of export expansion, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Colombia's 2010 calendar year palm oil exports are forecast by Oil World to fall to 60,000 tonnes from 214,000 tonnes in 2009, opening the way for larger sales by rivals Malaysia and Indonesia.

Breaking News-RTRS-Mid-April is earliest to renew US biodiesel credit

WASHINGTON, March 22 (Reuters) - Congress is unlikely to revive the $1 a gallon biodiesel tax credit before mid-April the earliest, till after a two-week recess, U.S. biofuels officials said on Monday.
The credit expired at the end of 2009 and virtually shut down the industry, says the American Soybean Association. Roughly 11 percent of U.S. soybean oil is used in making the biofuel, which is a bolster for soybean prices.

Breaking News - RTRS-Strike hits Argentina's key grains port

BUENOS AIRES, March 23 (Reuters) - Argentine port operators
went on strike at two terminals in one of the country's main
grain ports, halting the loading and unloading of ships and
raising concerns in the shipping industry, traders said.
The port strike that began on Monday affected Quebraco
terminal, owned by Cargill, and Terminal 6, owned by Bunge, and
Aceitera General Deheza, both in San Martin port, located in
Santa Fe province.

Trader's Highlight

DJI-NEW YORK, March 23 (Reuters) - U.S. stocks rallied on Tuesday, led by the tech, industrial and materials sectors, driving the Dow and the S&P 500 to 18-month highs.

Signs of improved demand in the semiconductor industry and a broker's positive commentary on Caterpillar lifted blue chips, while tech bellwethers Apple and Cisco hit 52-week highs, indicating increased optimism among investors. Kraft , a Dow component, also hit a 52-week high.

The Dow Jones industrial average <.DJI> rose 102.94 points, or 0.95 percent, to 10,888.83. The Standard & Poor's 500 Index <.SPX> gained 8.36 points, or 0.72 percent, to 1,174.17. The Nasdaq Composite Index <.IXIC> shot up 19.84 points, or 0.83 percent, to 2,415.24.

NYMEX-NEW YORK, March 23 (Reuters) - U.S. crude oil futures pared gains in post-settlement trading on Tuesday, after industry data showed that domestic crude stocks rose much more than expected last week.

Gasoline futures also trimmed gains as data from the American Petroleum Institute showed gasoline stocks dropped far less than expected.

On the New York Mercantile Exchange, May crude was up 7 cents at $81.67 a barrel. It had settled up 31 cents, or 0.38 percent, at $81.91, trading from $80.85 to $82.20.

CBOT-CHICAGO, March 23 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.

CBOT-SOYBEANS - May down 1/2 cent at $9.68 per bushel. New-crop November down 9-3/4 cents at $9.36. Sagged in late trade on profit-taking and a firming dollar but nearby months gained on new-crop on tight U.S. soy stocks and news of a port strike in Argentina that led to concerns about the ability of South America to load and ship soy.

CBOT-SOYOIL - May down 0.18 cent per lb at 39.54 cents per lb. Following soybeans with a firm dollar also weighing.

FCPO-JAKARTA, March 23 (Reuters) - Malaysian palm oil futures closed higher on Tuesday, tracking firm crude oil but an absence of fresh leads capped gains.

The benchmark June crude palm oil future on the Bursa Malaysia Derivatives Exchange was up 21 ringgit or 0.82 percent, at 2,591 ringgit ($780.89) per tonne. Overall trade volume stood at 11,742 lots of 25 tonnes each.

REGIONAL EQUITIES-COLOMBO, March 23 (Reuters) - Most Southeast Asian stock markets rose on Tuesday, buoyed by strength on Wall Street and a surge of fund inflows, while Vietnam bucked the trend.

Singapore <.FTSTI> rose 0.6 percent, Malaysia <.KLSE> gained 0.9 percent to touch its highest since March 18, Thailand <.SETI> ended 1.3 percent firmer, and Indonesia <.JKSE> rose 0.7 percent.

In Singapore, top lender DBS Group gained 1.7 percent, while United Overseas Bank rose 1.14 percent as investors took encouragement from signs of a strengthening global economy.

Malaysia snapped three straight falls ahead of an "Invest Malaysia" conference next week, during which Prime Minister Najib Razak is scheduled to unveil a new economic model to boost growth and win back foreign investors.

FCPO Daily: into Consolidation phase

Market rebounded and recovered following prices found some cushion at around 2528 levels. However, more strength is still needed in order to change the current technical landscape. Thus, market may extend its consolidation phase in near term with immediate upside resistance is pegged at 2600 followed by 2630-2640. While, downside support is lies at 2545 followed by 2528-2523 (left over gap since 8/2/2010).

FKLI Daily: 1280 defended well

Market recovered fast following 1280 levels defended well. Market looks may consolidate in near term. As for now, we are looking for the immediate upside resistance at 1315-1320 followed by 1328-1337 levels. While, immediate downside support is lies at 1287.5.