BUENOS AIRES, April 13 (Reuters) - Argentine officials said on Tuesday talks to resolve a trade spat with China over soyoil were progressing and many exporters would be able to meet tough new import standards imposed by Beijing.
The new requirements have put a question mark over a key hard currency earner for the South American country, the world's biggest soyoil exporter. They also threaten to squeeze supplies in China, the top consumer of the edible oil.
Chinese authorities have denied the new rules were imposed in retaliation for Argentina's decision to restrict some Chinese imports like shoes and steel pipes to protect local industry during the global economic crisis.
Wednesday, April 14, 2010
Trader's Highlight
DJI-NEW YORK, April 13 (Reuters) - U.S. stocks closed slightly higher on Tuesday on hopes that key upcoming earnings results would provide evidence the global economy is recovering, while the euro was pressured by lingering concerns about Greece.
U.S. Treasury debt prices mostly rose on safe-haven buying as investors remained cautious about the fiscal problems of the weakest euro zone members and before a slew of key corporate earnings that will help gauge the strength of the economy.
The Dow Jones industrial average <.DJI> ended 13.45 points higher, or up 0.12 percent, at 11,019.42, while the Standard & Poor's 500 Index <.SPX> edged up 0.82 point, or 0.07 percent, at 1,197.30. The Nasdaq Composite Index <.IXIC> rose 8.12 points, or 0.33 percent, to 2,465.99.
NYMEX-NEW YORK, April 13 (Reuters) - U.S. crude oil futures ended lower for the fifth day in a row on Tuesday, ahead of weekly inventory reports forecast to show the 11th straight week of a buildup in crude inventories. A flurry of late short-covering limited the day's losses, traders said.
Crude futures were also aided briefly by the release of minutes of the Federal Reserve's mid-March meeting, in which policy makers noted that modest recovery was under way but also raised questions about its sustainability.
On the New York Mercantile Exchange, May crude settled down 29 cents, or 0.34 percent, at $84.05 a barrel, trading from $82.51 to $84.36.
CBOT-CHICAGO, April 13 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - May up 8 cents at $9.68 a bushel; November up 10 cents at $9.45. Turned higher after weak open as lack of cash selling by U.S. and South American farmers limiting supplies at processors and elevators.
CBOT-SOYOIL - May up 0.15 cent at 39.74 cents per lb. Weak crude oil market weighs on prices.
FCPO-KUALA LUMPUR, April 13 (Reuters) - Malaysian crude palm oil futures ended little changed on Tuesday as selling on the back of weaker exports in April was offset by buying on the back of last month's lower stocks data.
Cargo surveyors reported that Malaysian palm oil exports for the first ten days of April fell by a third. But this week, industry regulator Malaysian Palm Oil Board said palm oil stocks dropped to six month lows in March.
The benchmark June crude palm oil contract on the Bursa Malaysia Derivatives ended 1 ringgit lower to settle at 2,524 ringgit ($787.5) a tonne after going as low as 2,511 ringgit. Overall traded volume stood at 11,203 lots of 25 tonnes each.
REGIONAL EQUITIES-HONG KONG, April 13 (Reuters) - Philippine shares ended at a two-year high on Tuesday, outperforming other Southeast Asian markets, underpinned by expectations that the economy would rise at a faster clip this year, helping lift corporate earnings.
Other markets were lower on profit-taking. Escalating political tensions in Thailand weighed on sentiment, analysts said. Singapore <.FTSTI> fell 0.2 percent, Malaysia <.KLSE> eased 0.4 percent and Vietnam <.VNI> shed 0.4 percent.
U.S. Treasury debt prices mostly rose on safe-haven buying as investors remained cautious about the fiscal problems of the weakest euro zone members and before a slew of key corporate earnings that will help gauge the strength of the economy.
The Dow Jones industrial average <.DJI> ended 13.45 points higher, or up 0.12 percent, at 11,019.42, while the Standard & Poor's 500 Index <.SPX> edged up 0.82 point, or 0.07 percent, at 1,197.30. The Nasdaq Composite Index <.IXIC> rose 8.12 points, or 0.33 percent, to 2,465.99.
NYMEX-NEW YORK, April 13 (Reuters) - U.S. crude oil futures ended lower for the fifth day in a row on Tuesday, ahead of weekly inventory reports forecast to show the 11th straight week of a buildup in crude inventories. A flurry of late short-covering limited the day's losses, traders said.
Crude futures were also aided briefly by the release of minutes of the Federal Reserve's mid-March meeting, in which policy makers noted that modest recovery was under way but also raised questions about its sustainability.
On the New York Mercantile Exchange, May
CBOT-CHICAGO, April 13 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, April 13 (Reuters) - Malaysian crude palm oil futures ended little changed on Tuesday as selling on the back of weaker exports in April was offset by buying on the back of last month's lower stocks data.
Cargo surveyors reported that Malaysian palm oil exports for the first ten days of April fell by a third. But this week, industry regulator Malaysian Palm Oil Board said palm oil stocks dropped to six month lows in March.
The benchmark June crude palm oil contract
REGIONAL EQUITIES-HONG KONG, April 13 (Reuters) - Philippine shares ended at a two-year high on Tuesday, outperforming other Southeast Asian markets, underpinned by expectations that the economy would rise at a faster clip this year, helping lift corporate earnings.
Other markets were lower on profit-taking. Escalating political tensions in Thailand weighed on sentiment, analysts said. Singapore <.FTSTI> fell 0.2 percent, Malaysia <.KLSE> eased 0.4 percent and Vietnam <.VNI> shed 0.4 percent.
NYMEX Crude Daily: Losing ground
Market continue to lose ground following prices ended down for straight five days and tested the support at USD83.00 in intra-day basis. As for now, we are looking at the immediate upside resistance at USD85.71-85.88 followed by USD86.37. To the downside, immediate support is lies at USD82.00-81.50.
FCPO Daily: Sideways
Market extended its sideways move in between 2500-2600 levels and nothing much changes on the immediate technical outlook. Thus, we continue to wait for a significant breakout from the either way to provide a more clearer direction to market.
FKLI Daily: Due for Consolidation
Market slowing down its upward move after the recent strong rally. Thus, market may due for consolidation in near term with upside resistance is pegged at 1350.5 While, downside support is adjusted to 1330 followed by 1327.5-1320.5 (gap left over on 1/4/2010).
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