YOGYAKARTA, Indonesia May 31 (Reuters) - Malaysia palm oil stocks are set to recover in May and rise faster in the next three months as Asian consumers take up more soyoil that trades at par with the tropical oil, a senior official said on Monday.
Malaysian Palm Oil Board Director (MPOB) General Basri Wahid said palm oil stocks usually fall in the June-August period as top buyers India and the Middle East stock up for religious festivals from August starting from Ramandan fasting month.
But ample South American supplies of soyoil have made the normally expensive vegetable oil trade at same level as FOB palm olein seen at $810 for June delivery, prompting a switch of orders away from Malaysia, the No. 2 palm oil producer.
Also, India has record stocks of oilseeds for crushing, discouraging crude palm oil imports from top producer Indonesia as well as Malaysia.
Monday, May 31, 2010
Trader's Highlight
DJI-NEW YORK, May 28 (Reuters) - U.S. stocks ended lower on Friday, capping off their worst month in over a year as Fitch Ratings' downgrade of Spain's credit rating reignited worries about euro-zone debt issues.
The Dow and the S&P 500 registered their worst monthly percentage losses since February 2009. Based on the latest available data, the Dow Jones industrial average <.DJI> fell 122.36 points, or 1.19 percent, to end unofficially at 10,136.63. The Standard & Poor's 500 Index <.SPX> was down 13.65 points, or 1.24 percent, to finish unofficially at 1,089.41. The Nasdaq Composite Index <.IXIC> was down 20.64 points, or 0.91 percent, to close unofficially at 2,257.04.
NYMEX-NEW YORK, May 28 (Reuters) - U.S. crude oil futures ended lower on Friday, posting their worst monthly decline since December 2008 at the height of the financial crisis, as a downgrade of Spain's credit rating sparked further euro zone
worries and prompted oil traders to seek less risky assets.
The day's retreat from a heady rally the day before accelerated past midday as Wall Street dropped sharply following news of the Fitch ratings agency's downgrade, stoking more worries that the euro-zone debt crisis would stifle global economic growth.
On the New York Mercantile Exchange, July crude settled down 58 cents, or 0.78 percent, at $73.97 a barrel, after trading from $73.13 to $75.72.
CBOT-CHICAGO, May 28 (Reuters) - Chicago Board of Trade grains and soy complex closing trends on Thursday.
CBOT-SOYBEANS - July down 14 cents at $9.37-3/4 per bushel; new-crop November down 11 at $9.07-3/4. Pressured by sell-off in corn, favorable U.S. weather and rally in the dollar.
CBOT-SOYOIL - July down 0.57 cent at 37.61 cents per lb. Following declines in soybeans and crude oil.
FCPO-JAKARTA, May 27 (Reuters) - Indonesia's palm oil exports in April fell 15.6 percent from a year ago because of a higher export tax and sluggish demand from Europe, the Indonesian Palm Oil Association (GAPKI) said on Thursday.
Indonesia exported 1.028 million tonnes of palm oil and its by-products in April, compared to 1.218 million tonnes in the same period last year, Gapki said in a statement.
REGIONAL EQUITIES-BANGKOK, May 27 (Reuters) - Southeast Asian markets gained on Thursday as investors looked for bargains among cheaply valued shares and positive sentiment in commodity markets spurred demand for energy and resource sectors.
Sentiment in the region turned more positive as the euro recovered on Thursday after comments from a Chinese official calmed some concerns that the country may be distancing itself from euro zone debt holdings.
Singapore's Wilmar International rose 1.6 percent, Malaysia's Sime Darby was up 3.03 percent and Indonesia's Astra Agro Lestari gained 0.3percent.
The Dow and the S&P 500 registered their worst monthly percentage losses since February 2009. Based on the latest available data, the Dow Jones industrial average <.DJI> fell 122.36 points, or 1.19 percent, to end unofficially at 10,136.63. The Standard & Poor's 500 Index <.SPX> was down 13.65 points, or 1.24 percent, to finish unofficially at 1,089.41. The Nasdaq Composite Index <.IXIC> was down 20.64 points, or 0.91 percent, to close unofficially at 2,257.04.
NYMEX-NEW YORK, May 28 (Reuters) - U.S. crude oil futures ended lower on Friday, posting their worst monthly decline since December 2008 at the height of the financial crisis, as a downgrade of Spain's credit rating sparked further euro zone
worries and prompted oil traders to seek less risky assets.
The day's retreat from a heady rally the day before accelerated past midday as Wall Street dropped sharply following news of the Fitch ratings agency's downgrade, stoking more worries that the euro-zone debt crisis would stifle global economic growth.
On the New York Mercantile Exchange, July crude
CBOT-CHICAGO, May 28 (Reuters) - Chicago Board of Trade grains and soy complex closing trends on Thursday.
CBOT-SOYBEANS - July
CBOT-SOYOIL - July
FCPO-JAKARTA, May 27 (Reuters) - Indonesia's palm oil exports in April fell 15.6 percent from a year ago because of a higher export tax and sluggish demand from Europe, the Indonesian Palm Oil Association (GAPKI) said on Thursday.
Indonesia exported 1.028 million tonnes of palm oil and its by-products in April, compared to 1.218 million tonnes in the same period last year, Gapki said in a statement.
REGIONAL EQUITIES-BANGKOK, May 27 (Reuters) - Southeast Asian markets gained on Thursday as investors looked for bargains among cheaply valued shares and positive sentiment in commodity markets spurred demand for energy and resource sectors.
Sentiment in the region turned more positive as the euro recovered on Thursday after comments from a Chinese official calmed some concerns that the country may be distancing itself from euro zone debt holdings.
Singapore's Wilmar International
Subscribe to:
Posts (Atom)
