HAMBURG, May 25 (Reuters) - Soyoil prices are likely to remain firm in coming weeks despite current weakness in soybeans and soymeal, while China is likely to resume soyoil buying from Argentina, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Global consumption of the eight main vegetable oils was likely to exceed production in April/Sept 2010, cutting stocks and supporting prices, it said.
Wednesday, May 26, 2010
Trader's Highlight
DJI-NEW YORK, May 25 (Reuters) - U.S. stocks staged a furious late-day rally on Tuesday to push the S&P 500 into positive territory as the focus shifted from European debt woes to buying after shares hit six-month lows.
Major U.S. indexes had fallen more than 3 percent early in the session on growing questions about the stability of the European banking system after a small Spanish bank failed over the weekend.
The Dow Jones industrial average <.DJI> dropped 22.82 points, or 0.23 percent, to 10,043.75. But the Standard & Poor's 500 Index <.SPX> gained just 0.38 point, or 0.04 percent, to end at 1,074.03. The Nasdaq Composite Index <.IXIC> shed 2.60 points, or 0.12 percent, to 2,210.95.
NYMEX-NEW YORK, May 25 (Reuters) - U.S. crude oil futures ended more than 2 percent lower on Tuesday as investors sold off to curb risks related to mounting concerns about Europe's debt crisis and on geopolitical concerns involving North and South Korea. Both developments fueled pessimism that economic recovery -- and oil demand growth -- could be stunted, analysts said.
On the New York Mercantile Exchange, July crude settled down $1.46, or 2.08 percent, at $68.75 a barrel, trading from $67.15 to $69.91. It had ended up at $70.21on Monday.
CBOT-CHICAGO, May 25 (Reuters) - Chicago Board of Trade grain and soy complex close on Tuesday.
CBOT-SOYBEANS - Fall to two-month low on pressure from a turn to warmer and drier U.S. weather, which should boost crop prospects, a firm dollar, lower crude oil and falling equities markets. July down 10 cents per bushel at $9.30-1/2. November down 12-1/2 at $9.03.
CBOT-SOYOIL - Pressure from falling soy, plunging crude oil, lower equities markets and a strong dollar.
FCPO-JAKARTA, May 25 (Reuters) - Malaysian palm oil futures fell just over 2 percent on Tuesday, despite strong export data on the vegetable oil from cargo surveyors, with the market pulled down by a further drop in crude oil and equity markets.
Oil extended a drop towards $68 per barrel on Tuesday on growing concern that Europe's debt crisis would derail the global economic recovery, and prompting investors to sell riskier assets in a flight to the safety of the dollar. [O/R]
The benchmark August crude palm oil futures on Bursa Malaysia Derivatives Exchange fell 2.17 percent, or 54 ringgit, to settle at 2,436 ringgit ($818.9) a tonne, the lowest level on Tuesday.
Overall traded volume was 15,681 lots of 25 tonnes each. Other contracts across the board also fell between 0.99 percent to 2.17 percent.
REGIONAL EQUITIES-COLOMBO, May 25 (Reuters) - Most Southeast Asian stock markets fell to multi-week lows on Tuesday due to worries over the euro zone debt crisis and tension on the Korean peninsula.
Singapore <.FTSTI> fell 2.7 percent to its lowest in nearly seven months. The market has lost 11 percent so far in May. Top lender DBS Group Holdings fell 2.2 percent and Singapore Telecom closed 3.8 percent weaker.
In Kuala Lumpur, the index touched its lowest since February 11 with a 3 percent fall in Malaysia's largest lender, Maybank, and a 3.5 percent loss in financial CIMB .
Major U.S. indexes had fallen more than 3 percent early in the session on growing questions about the stability of the European banking system after a small Spanish bank failed over the weekend.
The Dow Jones industrial average <.DJI> dropped 22.82 points, or 0.23 percent, to 10,043.75. But the Standard & Poor's 500 Index <.SPX> gained just 0.38 point, or 0.04 percent, to end at 1,074.03. The Nasdaq Composite Index <.IXIC> shed 2.60 points, or 0.12 percent, to 2,210.95.
NYMEX-NEW YORK, May 25 (Reuters) - U.S. crude oil futures ended more than 2 percent lower on Tuesday as investors sold off to curb risks related to mounting concerns about Europe's debt crisis and on geopolitical concerns involving North and South Korea. Both developments fueled pessimism that economic recovery -- and oil demand growth -- could be stunted, analysts said.
On the New York Mercantile Exchange, July crude
CBOT-CHICAGO, May 25 (Reuters) - Chicago Board of Trade grain and soy complex close on Tuesday.
CBOT-SOYBEANS - Fall to two-month low on pressure from a turn to warmer and drier U.S. weather, which should boost crop prospects, a firm dollar, lower crude oil and falling equities markets. July
CBOT-SOYOIL - Pressure from falling soy, plunging crude oil, lower equities markets and a strong dollar.
FCPO-JAKARTA, May 25 (Reuters) - Malaysian palm oil futures fell just over 2 percent on Tuesday, despite strong export data on the vegetable oil from cargo surveyors, with the market pulled down by a further drop in crude oil and equity markets.
Oil
The benchmark August crude palm oil futures
Overall traded volume was 15,681 lots of 25 tonnes each. Other contracts across the board also fell between 0.99 percent to 2.17 percent.
REGIONAL EQUITIES-COLOMBO, May 25 (Reuters) - Most Southeast Asian stock markets fell to multi-week lows on Tuesday due to worries over the euro zone debt crisis and tension on the Korean peninsula.
Singapore <.FTSTI> fell 2.7 percent to its lowest in nearly seven months. The market has lost 11 percent so far in May. Top lender DBS Group Holdings
In Kuala Lumpur, the index touched its lowest since February 11 with a 3 percent fall in Malaysia's largest lender, Maybank
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