Thursday, September 23, 2010

Breaking News-RTRS-India unlikely to tax crude veg oil imports-Mistry

NEW DELHI, Sept 22 (Reuters) - India is likely to continue with tax-free imports of crude vegetable oils despite record purchases and mounting pressure from refiners to curb overseas supplies, a widely respected analyst said on Wednesday.
India, the world's biggest edible oil importer, bought a record 1.06 million tonnes in August, 64 percent higher than a year ago. Purchases since the beginning of the year in November are up 5 percent at 7.45 million tonnes.
Alarmed by all-time high imports, leading trade and industry bodies have repeatedly requested that the government levy a tax to discourage imports.

Trader's Highlight

DJI-NEW YORK, Sept 22 (Reuters) - U.S. stocks slipped on Wednesday, ending the Dow's five-day winning streak, following Adobe's discouraging revenue outlook and investors' disappointment over Microsoft's new dividend.

Investors also weighed the impact of the Federal Reserve's statement on Tuesday, which indicated the central bank was edging closer to pumping hundreds of billions of new dollars to stimulate the sluggish economy.

The Dow Jones industrial average <.DJI> dipped 21.72 points, or 0.20 percent, to 10,739.31. The Standard & Poor's 500 Index <.SPX> slipped 5.50 points, or 0.48 percent, to 1,134.28. The Nasdaq Composite Index <.IXIC> lost 14.80 points, or 0.63 percent, to 2,334.55.

NYMEX-NEW YORK, Sept 22 (Reuters) - U.S. crude oil futures prices slipped on Wednesday after a government report showed U.S. oil inventories rose, offsetting earlier lift from a weak dollar hammered by expectations that the Federal Reserve is prepared to pump billions of dollars into the weak economy.

U.S. oil demand remained sluggish and crude oil stockpiles rose last week despite expectations that a shut pipeline carrying Canadian crude to the United States would curb imports, a report from the U.S. Energy Information Agency showed.

On the New York Mercantile Exchange, November crude fell 26 cents, or 0.35 percent, to settle at $74.71 barrel, trading from $73.84 to $76.

CBOT-CHICAGO, Sept 22 (Reuters) - Chicago Board of Trade grain and soy complex close on Wednesday.

CBOT-SOYBEANS - November up 8-1/2 cents at $10.88-1/2 a bushel. Large sale of U.S. soy to China and some concern about dryness in South America that may slow soy seedings lift the market but gains limited by profit-taking.

CBOT-SOYOIL - October up 0.45 cent at 42.87 cents per lb.

FCPO-KUALA LUMPUR, Sept 22 (Reuters) - Malaysian palm oil and its rival U.S. soyoil recorded small gains on Wednesday as traders waited for more news on weather in key grain producing regions in the Americas and Asia.

Chinese financial markets are closed for the rest of this week, giving few cues to vegetable oil trade.

Malaysia's benchmark December palm oil contract inched up 0.1 percent to close at 2,673 ringgit ($864.7) in choppy trade in Asian trade hours, and Chicago soyoil for October climbed 0.6 percent.

A dry winter in Latin America has delayed soy plantings, possibly leading to slow harvests and tight supplies for crushing into soyoil. Erratic weather in the U.S. and ongoing reports of low corn yields have helped lift global agriculture markets.

REGIONAL EQUITIES-BANGKOK, Sept 22 (Reuters) - Most Southeast Asian stock markets fell on Wednesday as investors cashed in early gains in big-caps amid concern about the sustainability of the global economic recovery.

Despite the weakness, several markets pulled in more foreign money as international investors looked to Asia for returns from equities, especially after the U.S. Federal Reserve hinted it might take further steps to boost the U.S. economy.

Weak indications from European and U.S. markets helped fuel late selling, traders said, with European shares <.FTEU3> extending losses to 1.2 percent by 0956 GMT and U.S. stock futures <.DJZ0> pointing to a lower start, down 0.19 percent.

The Straits Times Index <.FTSTI> ended flat, coming off a 27-month high. Malaysia's main share index <.KLSE> fell 0.08 percent, having hit a 32-month high, while Indonesia <.JKSE> fell 0.6 percent, after setting a record high on Tuesday.