Thursday, March 25, 2010

Breaking News-RTRS-Strike continues at key Argentine grains port

BUENOS AIRES, March 24 (Reuters) - Argentine dockworkers
continued a strike for a second day on Wednesday at two terminals
in one of the country's main grain ports, a union leader told
Reuters.
The workers have halted the loading and unloading of ships to
demand higher wages. Talk about the strike has affected soy prices
in Chicago.
Wednesday is a holiday in Argentina, and grains markets are
closed. However, dock and ports workers would normally continue
around the clock even on a holiday, the union leader said.

Breaking News-RTRS-UPDATE 1-Rapeseed output to fall by half in China drought areas

BEIJING, March 24 (Reuters) - The most serious drought in decades in China's southern provinces of Yunnan and Guizhou is expected to cut their rapeseed output by 500,000 tonnes, or about half of last year's total output, an official think-tank reported on Wednesday.
In 2009, the two areas produced 1 million tonnes of the oilseed, used to produce edible oil and feed ingredients, accounting for 7.3 percent of China's total output, said the China National Grain and Oils Information Centre (CNGOIC).

Trader's Highlight

DJI-NEW YORK, March 24 (Reuters) - U.S. stocks fell on Wednesday as Portugal's credit rating downgrade and a weak Treasury note auction stirred concerns about sovereign debt.

Major indexes eased a day after hitting 18-month highs, with losses across most sectors on light volume. Worries centered on countries' ability to pay their debt, bolstering the dollar and hurting commodity-related stocks.

The Dow Jones industrial average <.DJI> fell 52.68 points, or 0.48 percent, to close at 10,836.15. The Standard & Poor's 500 Index <.SPX> slipped 6.45 points, or 0.55 percent, to end at 1,167.72. The Nasdaq Composite Index <.IXIC> dropped 16.48 points, or 0.68 percent, to close at 2,398.76.

NYMEX-NEW YORK, March 24 (Reuters) - U.S. crude oil futures ended sharply lower on Wednesday on data showing a larger-than-expected increase in domestic crude stocks last week and as the dollar rallied on euro zone debt worries.

On the New York Mercantile Exchange May crude settled down $1.30, or 1.6 percent, at $80.61 a barrel, trading from $79.88 to $81.64.

CBOT-CHICAGO, March 24 (Reuters) - Chicago Board of Trade grains and soy complex close on Wednesday.

CBOT-SOYBEANS - May down 8 cents at $9.60 per bushel. Strong dollar, lower crude oil combine to weigh on soybean futures but market ended above the day's lows as May held above support at 50 day moving average at $9.53. Argentine dockworkers continued a strike for a second day on Wednesday at two terminals in one of the country's main grain ports.

CBOT-SOYOIL - May down 0.46 cent at 39.08 cents per lb. Pressure from lower soybeans, firm dollar and drop in crude oil.

FCPO-JAKARTA, March 24 (Reuters) - Malaysian palm oil futures ended down 1.2 percent on Wednesday, under pressure as weak crude oil and soyoil weighed on the market.

Concerns about lower exports for the full month of March due to the strengthening of the ringgit against the dollar, also put pressure on the prices, traders said.

Benchmark June crude palm oil futures on the Bursa Malaysia Derivatives Exchange settled down 31 ringgit, or 1.2 percent, to 2,560 ringgit per tonne.
Overall trade volume stood at 13,662 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, March 24 (Reuters) - Indonesian stocks climbed to their highest in nearly a week on Wednesday as strong bank results induced buying in the sector, while Thailand hit a 21-month high as renewed tax breaks helped property shares. Markets in the region were mostly firmer, and the Philippines <.PSI> surged to a two-year high.

But Singapore <.FTSTI> lost 0.7 percent as investors took profits across the board, a Singapore-based dealer said, with Singapore Exchange , Asia's second-largest listed bourse, down 0.5 percent and Oversea-Chinese Banking Corp , Singapore's No. 2 lender, down 0.3 percent.

In Kuala Lumpur, the index <.KLSE> was up 0.35 percent. Among actively traded stocks, financial CIMB Group was up 1.9 percent and Malayan Bank was up 0.5 percent.

NYMEX Crude Daily: Losing upward momentum


Market is losing its upward momentum following a potential formation of head and shoulder. As for now, we are looking for the upside resistance at USD83.00 to 83.16. While, downside support is pegged at USD78.57.

FCPO Daily: Facing resistance at 2600 levels


Market is still facing resistance at 2600 levels and looks 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: Likely to extend its consolidation phase


Market looks likely to extend its consolidation phase in near term. As for now, we are looking for the immediate upside resistance at 1320 followed by 1328-1337 levels. While, immediate downside support is lies at 1287.5.