Breaking News-RTRS - Argentine lawmakers seek to cut grain export taxes

BUENOS AIRES, Aug 25 (Reuters) - Argentine opposition lawmakers have agreed on a draft bill that would slash hefty taxes on grain exports, a major source of state revenue that President Cristina Fernandez has vowed to maintain.
The president's so-called delegated powers expired at midnight, giving Congress the power to set export taxes. Fernandez's congressional rivals have pledged to cut the multibillion-dollar levies.
The proposal approved by the lower house's agriculture committee late on Tuesday, would cut the soybean export levy to 30 percent and then reduce it by 5 percentage points per year to 10 percent in 2015, lawmaker Ricardo Buryaile said in a statement.

Breaking News-RTRS - Palm oil may hit 3,000 ringgit/T in H2 -analyst Mistry

KUALA LUMPUR, Aug 26 (Reuters) - Malaysian crude palm oil futures may rise about 20 percent to trade close to 3,000 ringgit in the second half of 2010 as erratic weather slows output growth and demand strengthens, a top industry analyst said on Thursday.
Godrej International's head of vegetable oil trading Dorab Mistry said there has been a strong catch-up rally in vegetable oil prices, particularly palm oil that currently trades at around 2,500 ringgit on the Bursa Malaysia Derivatives (BMD).
Palm oil gained 6 percent in July, after dropping for two straight months before that.

Trader's Highlight

DJI-NEW YORK, Aug 26 (Reuters) - U.S. stocks sagged on Thursday as data that showed weekly initial jobless claims fell more than expected failed to stir much enthusiasm over the economy.

At the same time, central bankers from around the world met for their annual retreat, prepared to address problems rising from a darkening economic outlook.

Wall Street initially rose after the Labor Department data, but the first-time claims for jobless benefits remained too high to signal a shift in the weak labor market. As well, the four-week average of new claims, regarded as better reflecting trends, rose to the highest since late November.

The Dow Jones industrial average <.DJI> fell 77.77 points, or 0.77 percent, to 9,982.29. The Standard & Poor's 500 Index <.SPX> shed 8.29 points, or 0.79 percent, to 1,047.04. The Nasdaq Composite Index <.IXIC> lost 22.40 points, or 1.05 percent, to 2,119.14.

NYMEX-NEW YORK, Aug 26 (Reuters) - U.S. crude oil futures prices rose for a second straight session on Thursday, supported by data showing initial jobless claims fell last week and by the dollar's weakness against the euro and a basket of currencies.

Resistance firmed when crude prices neared $74 a barrel as the market tried to extend Wednesday's gains, when crude futures had bounced off an 11-week low under $71and snapped a string of five straight lower settlements.

On the New York Mercantile Exchange, October crude rose 84 cents, or 1.16 percent, to settle at $73.36 a barrel, trading from $72.54 to $73.98.

CBOT-CHICAGO, Aug 26 (Reuters) - Chicago Board of Trade grain and soy complex close on Thursday.

CBOT-SOYBEANS - September up 13 cents at $10.13 per bushel, November up 15-1/2 at $10.14-1/2. Spillover support from rally in corn and wheat and big exports of U.S. soy. Talk of low yields in the early harvest and forecasts for dry weather the next 10 days also lifted prices.

CBOT-SOYOIL - September up 0.35 cent at 39.49 cents per lb. Following soybeans and firm crude oil.

FCPO-KUALA LUMPUR, Aug 26 (Reuters) - Malaysian crude palm oil futures rebounded on Thursday from one-month lows hit the previous day due to technical buying and firmer oils markets.

Crude oil rose for a second day in Asian hours as investors bought back into the market after it hit 11-week lows, but analysts said the fundamental outlook was still bearish with ample stocks to cover any rebound in demand.

The benchmark November crude palm oil contract rose 1.8 percent, or 44 ringgit, to end at 2,530 Malaysian ringgit ($804.4) per tonne. The previous day, the contract ended at 2,486 ringgit -- the lowest since July 28. Traded volume stood at 17,790 lots of 25 tonnes each, above
the usual 10,000 lots.

REGIONAL EQUITIES-COLOMBO, Aug 26 (Reuters) - Indonesia's main share index hit a fresh record high on Thursday, while cautious optimism over the strength of the region's export-driven economies bolstered other Southeast Asian markets.

Indonesia <.JKSE> closed up 0.2 percent at a record 3,145.14. Malaysia <.KLSE> rose 0.8 percent to its highest since Feb. 21, 2008, the Philippines <.PSI> jumped 1.2 percent, Thailand <.SETI> edged up 0.2 percent and Vietnam <.VNI> added 0.8 percent. Singapore closed flat.

In Kaula Lumpur, palm oil-to-property conglomerate Sime Darby closed up 1.6percent before posting a fourth-quarter net loss of 77.35 million ringgit against a profit of 984 million ringgit in the year-earlier quarter.

Malaysian lender CIMB Group Holdings rose 0.9 percent before announcing a record quarterly net profit, while country's largest lender Malayan Banking added 1.1 percent. It posted its best-ever full-year profit on Aug. 20.