HAMBURG, May 4 (Reuters) - A rise in global calendar year 2010 palm oil output will raise stocks, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
It estimated global 2010 palm oil production at 46.9 million tonnes, up 1.6 million tonnes on the year, but lagging sharply behind rises of 2.0 million tonnes in 2009 and 4.4 million tonnes in 2008.
Of the 2010 output rise, Oil World estimated only 100,000 tonnes will come from key exporter Malaysia and 1.2 million tonnes from Indonesia.
Wednesday, May 5, 2010
Breaking News-RTRS-Oil World raises forecast of global soybean crop
HAMBURG, May 4 (Reuters) - Hamburg-based oilseeds analysts Oil World said on Tuesday it has raised its forecast of the global 2009/10 soybean crop to 258.2 million tonnes, up 2.7 million tonnes from its previous forecast in March and up by 46.5 million tonnes from last season.
This would be above Oil World's forecast global 2009/10 soybean consumption of 234.2 million tonnes.
There was "no doubt" that world soybean supplies were now becoming excessive, it said.
This would be above Oil World's forecast global 2009/10 soybean consumption of 234.2 million tonnes.
There was "no doubt" that world soybean supplies were now becoming excessive, it said.
Trader's Highlight
DJI-NEW YORK, May 4 (Reuters) - Investors dumped U.S. stocks on Tuesday in Wall Street's worst session in three months on the fear that even with a bailout for Greece, Europe's debt crisis could spread to other weak euro zone countries.
The sell-off echoed a wave of fear that gripped financial markets as investors fretted the crisis in Europe could derail the global economic recovery. A gauge of investor fear jumped more than 18 percent.
The Dow Jones industrial average <.DJI> lost 225.06 points, or 2.02 percent, to 10,926.77. The Standard & Poor's 500 Index <.SPX> fell 28.66 points, or 2.38 percent, to 1,173.60. The Nasdaq Composite Index <.IXIC> dropped 74.49 points, or 2.98 percent, to 2,424.25.
NYMEX-NEW YORK, May 4 (Reuters) - U.S. crude oil futures fell sharply Tuesday on the euro's tumble against the dollar amid concerns about Greece's fiscal problems spreading and expectations that inventory reports will show rising U.S. stockpiles.
Market sources also pointed to easing concerns about the leaking oil in the Gulf of Mexico disrupting production and tanker traffic in the region.
On the New York Mercantile Exchange at 10:51 a.m. EDT (1451 GMT), June crude was down $2.77, or 3.21 percent, at $83.42 a barrel, trading from $83.20 to $86.24.
CBOT-CHICAGO, May 4 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - July up 1/2 cent per bushel at $9.87 per bushel. New-crop November down 3-1/2 at $9.63. Short-covering and strong gains in soymeal lift nearly soy as did some spillover support from a strong rally in wheat while bull-spreading weighed on deferred months. November contract also weighed down by active seeding of the U.S. soybean crop.
CBOT-SOYOIL - July down 0.33 cent per lb at 38.68. Weighed down by lower crude oil, weak soy and meal/oil spreading.
CBOT-JAKARTA, May 4 (Reuters) - Malaysian palm oil futures closed 1.53 percent lower on Tuesday, dropping for a second straight session on lower crude oil prices and a bumper soy crop in South America, traders said.
The benchmark July crude palm oil futures on the Bursa Malaysia Derivatives Exchange fell 39 ringgit, or 1.53 percent, to settle at 2,515 ringgit ($807.56) per tonne. Overall trade volume was 9,276 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 4 (Reuters) - Thai stocks jumped more than 4 percent on Tuesday after the government proposed early elections as part of a plan to end a two-month-old political crisis, with tourism-related shares in demand.
Anti-government protesters were considering their response to the plan for November elections and other proposals aimed at healing social divisions.
The other main Southeast Asian markets weakened, with Singapore <.FTSTI> falling 1.5 percent, as investors booked profits in banking stocks even though they were expected to report positive quarterly results this week, a Singapore-based trader said.
DBS Group fell 1.6 percent, Oversea-Chinese Banking Corp lost 1. percent and United Overseas Bank was off 2.1 percent.
Malaysia <.KLSE> was down 0.3 percent, with casino operator Genting off nearly 3 percent amid concern its Malaysian operations may come under pressure following the opening of a new casino in Singapore last month.
Malaysia <.KLSE> was down 0.3 percent, with casino operator Genting off nearly 3 percent amid concern its Malaysian operations may come under pressure following the opening of a new casino in Singapore last month.
The sell-off echoed a wave of fear that gripped financial markets as investors fretted the crisis in Europe could derail the global economic recovery. A gauge of investor fear jumped more than 18 percent.
The Dow Jones industrial average <.DJI> lost 225.06 points, or 2.02 percent, to 10,926.77. The Standard & Poor's 500 Index <.SPX> fell 28.66 points, or 2.38 percent, to 1,173.60. The Nasdaq Composite Index <.IXIC> dropped 74.49 points, or 2.98 percent, to 2,424.25.
NYMEX-NEW YORK, May 4 (Reuters) - U.S. crude oil futures fell sharply Tuesday on the euro's tumble against the dollar amid concerns about Greece's fiscal problems spreading and expectations that inventory reports will show rising U.S. stockpiles.
Market sources also pointed to easing concerns about the leaking oil in the Gulf of Mexico disrupting production and tanker traffic in the region.
On the New York Mercantile Exchange at 10:51 a.m. EDT (1451 GMT), June crude
CBOT-CHICAGO, May 4 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - July
CBOT-SOYOIL - July
CBOT-JAKARTA, May 4 (Reuters) - Malaysian palm oil futures closed 1.53 percent lower on Tuesday, dropping for a second straight session on lower crude oil prices and a bumper soy crop in South America, traders said.
The benchmark July crude palm oil futures
REGIONAL EQUITIES-BANGKOK, May 4 (Reuters) - Thai stocks jumped more than 4 percent on Tuesday after the government proposed early elections as part of a plan to end a two-month-old political crisis, with tourism-related shares in demand.
Anti-government protesters were considering their response to the plan for November elections and other proposals aimed at healing social divisions.
The other main Southeast Asian markets weakened, with Singapore <.FTSTI> falling 1.5 percent, as investors booked profits in banking stocks even though they were expected to report positive quarterly results this week, a Singapore-based trader said.
DBS Group
Malaysia <.KLSE> was down 0.3 percent, with casino operator Genting
Malaysia <.KLSE> was down 0.3 percent, with casino operator Genting
FCPO Daily: Looks tiredness
Market looks little tiredness following prices close at the day low. Consolidation phase likely to extend in near term with immediate downside support is pegged at 2503-2497 followed by 2455. while, upside resistance is looking at 2565-2580 levels.
DJI Daily: Correction phase likely to continue
Correction phase looks is likely to continue in near term following prices tumbled further. Currently, we are looking for the immediate downside support at 10,800-10,700 levels. Violation of it may provide more room to bias downside potential. To the upside, resistance is pegged at 11,258.
FKLI Daily: Dark cloud covered
Dark cloud covered following prices touch and go at the fresh high at 1352.5 to close low. Thus, market still needed more strength to build up a concrete base. Thus, it may want to cover the left over gap at 1337.5-1334.5 levels. Next support will be looking at 1327 followed by 1320 levels. Upside resistance is looking at 1352.5.
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