Wednesday, April 7, 2010

Breaking News-RTRS-China/Argentine soyoil row temporary- Oil World

HAMBURG, April 6 (Reuters) - Any Chinese import restrictions on Argentine soyoil are likely to be temporary because of a lack of alternative supplies, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Chinese traders said on Mar. 31 that the Chinese government had asked them not to buy Argentine soyoil as part of a wider trade dispute.

Trader's Highlight

DJI-NEW YORK, April 6 (Reuters) - The euro fell broadly on Tuesday as worries about Greece's finances resurfaced, and two major U.S. stock indexes rose as minutes from the U.S. Federal Reserve's latest meeting eased concerns over rising interest rates.

The jitters about Greece spurred safe-haven demand for U.S. Treasuries and also drove gold to a one-month high as investors sought safety.

Crude oil hit an 18-month high as prices inched toward $87 a barrel on continued optimism over the economic recovery.

The Dow Jones industrial average <.DJI> dipped 3.56 points, or 0.03 percent, to 10,969.99, but the Standard & Poor's 500 Index <.SPX> closed up 2.00 points, or 0.17 percent, at 1,189.44. The Nasdaq Composite Index <.IXIC> rose 7.28 points, or 0.30 percent, to 2,436.81.

NYMEX-NEW YORK, April 6 (Reuters) - U.S. crude oil futures nursed small gains in post-settlement trade on Tuesday after weekly industry inventory data showed a larger-than-expected gasoline stock decline and smaller-than-forecast crude stock build.

Gasoline futures posted a minor gain after being flat just before release of the American Petroleum Institute's data and after being down slightly at settlement.

On the New York Mercantile Exchange, May crude last traded up 15 cents at $86.77 a barrel, after having settled up 22 cents, or 0.25 percent, at $86.84. The day's close was the highest since Oct. 8, 2008's $88.95. It traded from $86.13 to $87.09, the highest since the intraday high of $89.82 on Oct. 9, 2008.

CBOT-CHICAGO, April 6 (Reuters) - Chicago Board of Trade wheat futures closed up sharply on short-covering after Iraq bought 500,000 tonnes of wheat, including a cargo of U.S. milling wheat.

CBOT-SOYBEANS - Support from slow farmer selling, firm cash basis markets and short-covering. May last at $9.43-3/4, up 7-3/4.

CBOT-SOYOIL - Soy rally boosts soyoil. May last at 39.79 cents per lb, up 0.44 cent.

FCPO-KUALA LUMPUR, April 6 (Reuters) - Malaysia palm oil futures fell on Tuesday as the stronger ringgit and reports of higher production last month weighed on sentiment.

Profit-taking across many commodities also pressured palm oil, which lost 5 percent in the first quarter of 2010 because of expectations for a bumper soy crop and the growing strength of the ringgit against the U.S. dollar.

The benchmark June crude palm oil contract on the Bursa Malaysia Derivatives Exchange ended down 0.4 percent at 2,520 ringgit ($780.2) after dropping to as low as 2,498 ringgit -- a level unseen since Feb.5. Traded volume surged to 18,000 lots of 25 tonnes each from
the usual 10,000 lots.