Thursday, April 15, 2010
Breaking News-RTRS-Indonesian palm oil exports to grow despite sales halt -industry
JAKARTA, April 14 (Reuters) - A decision by top palm oil buyers to halt purchases from Indonesia is unlikely to affect palm oil exports from Southeast Asia's biggest economy given strong demand, an industry official said on Wednesday.
Breaking News-RTRS-China April soy imports seen at 4.3 mln T-MOFCOM
BEIJING, April 14 (Reuters) - China's Commerce Ministry said buyers had reported imports of 4.3 million tonnes of soybeans for April.
That was slightly higher than the 4 million tonnes of actual arrivals in March recorded by China's Customs. Rains in Brazil had delayed loadings of cargoes to China from April to May, when China was expected to import a record amount of more than 5 million tonnes, traders said.
The China National Grain and Oils Information Center (CNGOIC) expected May imports at between 5 to 5.5 million tonnes.
That was slightly higher than the 4 million tonnes of actual arrivals in March recorded by China's Customs. Rains in Brazil had delayed loadings of cargoes to China from April to May, when China was expected to import a record amount of more than 5 million tonnes, traders said.
The China National Grain and Oils Information Center (CNGOIC) expected May imports at between 5 to 5.5 million tonnes.
Breaking News-RTRS-Chinese importers cancel Argentine soyoil orders
BUENOS AIRES, April 14 (Reuters) - Chinese soyoil importers are asking Argentine exporters not to send shipments of the oil that had been bought before Beijing started imposing a new import standard, traders in Buenos Aires said on Wednesday.
One trader said they did not want Argentine soyoil orders to be shipped even if they met the new requirement.
One trader said they did not want Argentine soyoil orders to be shipped even if they met the new requirement.
Trader's Highlight
DJI-NEW YORK, April 14 (Reuters) - U.S. stocks notched a fifth straight day of gains on Wednesday as stronger-than-expected corporate results and March retail sales pushed the S&P 500 past 1,200 for the first time in 18 months.
Dow components Intel Corp and JPMorgan Chase & Co paced the market after both posted better-than-expected results.
The Dow Jones industrial average <.DJI> was up 103.69 points, or 0.94 percent, at 11,123.11. The Standard & Poor's 500 Index <.SPX> was up 13.35 points, or 1.12 percent, at 1,210.65. The Nasdaq Composite Index <.IXIC> was up 38.87 points, or 1.58 percent, at 2,504.86.
NYMEX-NEW YORK, April 14 (Reuters) - U.S. crude oil futures ended 2.13 percent higher on Wednesday after the government reported an unexpected drop in domestic crude stockpiles last week, snapping a 10-week supply buildup.
Upbeat economic data on U.S. retail sales, a weaker dollar and falling fuel stocks in China lifted crude futures early as crude broke a string of five consecutive lower settlements.
On the New York Mercantile Exchange, May crude rose $1.79, or 2.13 percent, to settle at $85.84 a barrel, trading from $83.71 to $86.39.
CBOT-CHICAGO, April 14 (Reuters) - Chicago Board of Trade grains and soy complex closing trends on Wednesday.
CBOT-SOYBEANS - May up 1 cent at $9.69 a bushel; November up 1-1/4 cents at $9.46-1/4. Technical picture bullish early but nearby contract gave up gains after briefly breaking resistance point at 200-day moving average of $9.74-1/4. Reports of farmer sales in South America added pressure to the market, limiting gains.
CBOT-SOYOIL - May up 0.12 cent at 39.86 cents per lb. Gains in crude oil lend support to soyoil market.
FCPO-KUALA LUMPUR, April 14 (Reuters) - Malaysian palm oil futures made a little headway on Wednesday as firmer crude oil played tug-of-war with expectations of slower demand and improving production for this month.
The benchmark June contract on the Bursa Malaysia Derivatives Exchange fell 3ringgit or 0.12 percent to 2,528 ringgit ($790) per tonne. Traded volume was just 10,596 lots of 25 tonnes each.
The market traded in a narrow range as players awaited fresh leads from cargo surveyors who are due on Thursday to unveil export numbers for the first 15 days of April.
REGIONAL EQUITIES-SINGAPORE, April 14 (Reuters) - Singapore stocks jumped to their highest level since June 2008 on Wednesday as the local economy accelerated, prompting the central bank to declare the country had fully recovered from its worst-ever recession.
Singapore's trade-dependent economy expanded 13.1 percent in the first quarter from a year ago, the strongest since 1994 and beating expectations for an 11 percent rise.
The Singapore government also raised its 2010 growth forecast to between 7 and 9 percent, from a previous 4.5-6.5 percent.
The Straits Times Index <.FTSTI> ended 1.6 percent higher at 3,019.7 points, breaching the psychologically important 3,000 level and convincingly moving above the 61.8 percent retracement level of its downward move between September 2007 and March 2009.
Other Southeast Asian markets were tepid, however, with the year's strongest performer this year, Indonesia, ending little changed on the day. Malaysia closed up 0.1 percent.
Dow components Intel Corp
The Dow Jones industrial average <.DJI> was up 103.69 points, or 0.94 percent, at 11,123.11. The Standard & Poor's 500 Index <.SPX> was up 13.35 points, or 1.12 percent, at 1,210.65. The Nasdaq Composite Index <.IXIC> was up 38.87 points, or 1.58 percent, at 2,504.86.
NYMEX-NEW YORK, April 14 (Reuters) - U.S. crude oil futures ended 2.13 percent higher on Wednesday after the government reported an unexpected drop in domestic crude stockpiles last week, snapping a 10-week supply buildup.
Upbeat economic data on U.S. retail sales, a weaker dollar and falling fuel stocks in China lifted crude futures early as crude broke a string of five consecutive lower settlements.
On the New York Mercantile Exchange, May
CBOT-CHICAGO, April 14 (Reuters) - Chicago Board of Trade grains and soy complex closing trends on Wednesday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, April 14 (Reuters) - Malaysian palm oil futures made a little headway on Wednesday as firmer crude oil played tug-of-war with expectations of slower demand and improving production for this month.
The benchmark June contract
The market traded in a narrow range as players awaited fresh leads from cargo surveyors who are due on Thursday to unveil export numbers for the first 15 days of April.
REGIONAL EQUITIES-SINGAPORE, April 14 (Reuters) - Singapore stocks jumped to their highest level since June 2008 on Wednesday as the local economy accelerated, prompting the central bank to declare the country had fully recovered from its worst-ever recession.
Singapore's trade-dependent economy expanded 13.1 percent in the first quarter from a year ago, the strongest since 1994 and beating expectations for an 11 percent rise.
The Singapore government also raised its 2010 growth forecast to between 7 and 9 percent, from a previous 4.5-6.5 percent.
The Straits Times Index <.FTSTI> ended 1.6 percent higher at 3,019.7 points, breaching the psychologically important 3,000 level and convincingly moving above the 61.8 percent retracement level of its downward move between September 2007 and March 2009.
Other Southeast Asian markets were tepid, however, with the year's strongest performer this year, Indonesia, ending little changed on the day. Malaysia closed up 0.1 percent.
FCPO Daily: range between 2500 to 2600 levels
Range trading between 2500 to 2600 looks likely to continue in near term as nothing much changes to the immediate daily technical landscape.
FKLI Daily: in sideways mode
Market continue to hover in sideways mode to trade in between 1330-1350 levels in upward posture. Thus, we are waiting a significant breakout from the either way for a more clearer direction.
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