BEIJING, Oct 11 (Reuters) - China is likely to lift its six-month de facto ban on soyoil imports from Argentina but has not taken a final decision yet, an official Chinese source with knowledge of the situation said on Monday.
China effectively barred Argentine imports of the edible oil at the end of March amid a wider trade dispute, by restating quality standards that traders said were impossible to meet in practice.
The source said China's Ministry of Commerce was likely to reopen the trade, but did not expect a flood of Argentine imports because Argentina had already sold most of its soyoil elsewhere.
Tuesday, October 12, 2010
Trader's Highlight
DJI-NEW YORK, Oct 11 (Reuters) - U.S. stocks drifted in the lightest trading volume of the year on Monday as few dared to place bets ahead of key companies' results later this week.
Expectations the Federal Reserve will flood markets with even more cash have been fully priced in to the market, so investors are now focused on third-quarter earnings season, with Intel Corp scheduled for Tuesday.
The Dow Jones industrial average <.DJI> edged up 3.86 points, or 0.04 percent, to end at 11,010.34. The Standard & Poor's 500 Index <.SPX> inched up just 0.17 of a point, or 0.01 percent, to 1,165.32. The Nasdaq Composite Index <.IXIC> gained 0.42 of a point, or 0.02 percent, to 2,402.33.
NYMEX-NEW YORK, Oct 11 (Reuters) - U.S. crude oil futures ended lower in light trading on Monday as the dollar climbed back up, sparking risk aversion among oil investors.
In the early going, crude rose as the dollar weakened on expectations of a further round of monetary easing by the U.S. Federal Reserve, in view of recent weak economic data.
On the New York Mercantile Exchange, November crude settled down 45 cents, or 0.54 percent, at $82.21 a barrel, trading $82.01 to $83.50.
CBOT-CHICAGO, Oct 11 (Reuters) - Chicago Board of Trade grain and soybean complex closing trends on Monday.
CBOT-SOYBEANS - November up 17-1/2 cents at $11.52-1/2 a bushel; January up 18 cents at $11.63.
Following corn. USDA report also viewed as bullish to soybeans. Prices hit highest level since August 2009 during the session.
CBOT-SOYOIL - October down 0.24 cent at 45,98 cents a lb; more active December down 0.27 at 46.35.
FCPO-KUALA LUMPUR, Oct 11 (Reuters) - Global vegetable oil prices hit multi-year highs on Monday as Asian traders scrambled for cover after a forecast of a smaller U.S. soybean crop and the falling dollar.
China's most-active May 2011 soyoil rose 4 percent, its trading limit, to reach its highest since Sept. 1 2008 and the May 2011 palm olein contract also rose by its 5 percent daily limit to a level unseen since July. 21, 2008.
Benchmark Malaysian palm oil futures <0#KPO:> closed at 2,930 ringgit ($941.2) per tonne, after surging 6.5 percent to their highest in more than two years as news about U.S. government trimming soy and corn production outweighed the country's higher palm stocks and weaker overseas demand.
REGIONAL EQUITIES-BANGKOK, Oct 11 (Reuters) - Most Southeast Asian stock markets gained on Monday as investment funds continued to flow into emerging markets amid expectations the U.S. Federal Reserve will introduce further measures to boost the economy.
Investors pushed Malaysia <.KLSE> to a 33-month high while Singapore <.FTSTI>, Thailand <.SETI> and Indonesia <.JKSE> all snapped two-day losing streaks.
Broad Asian stock markets rose as U.S. job data boosted the chances of easier U.S. monetary policy, even though IMF and G7 meetings produced little to ease global currency tensions
Singapore's Golden Agri-Resources rose 5.2 percent, rival Indofood Agri Resources climbed 7 percent, Malaysia's IOI Corp gained 1.5 percent and Indonesia's Astra Agro Lestari jumped 7.1 percent.
The region's valuations remain relatively high, led by Indonesia's 12-month forward price to earnings ratio of 15.6 against all-Asia's 13.3, according to Thomson Reuters StarMine. That was followed by Malaysia's 15.1, the Philippines' 14.6, Singapore's 14.1, Thailand's 12.5 and Vietnam's 12.4.
Expectations the Federal Reserve will flood markets with even more cash have been fully priced in to the market, so investors are now focused on third-quarter earnings season, with Intel Corp
The Dow Jones industrial average <.DJI> edged up 3.86 points, or 0.04 percent, to end at 11,010.34. The Standard & Poor's 500 Index <.SPX> inched up just 0.17 of a point, or 0.01 percent, to 1,165.32. The Nasdaq Composite Index <.IXIC> gained 0.42 of a point, or 0.02 percent, to 2,402.33.
NYMEX-NEW YORK, Oct 11 (Reuters) - U.S. crude oil futures ended lower in light trading on Monday as the dollar climbed back up, sparking risk aversion among oil investors.
In the early going, crude rose as the dollar weakened on expectations of a further round of monetary easing by the U.S. Federal Reserve, in view of recent weak economic data.
On the New York Mercantile Exchange, November crude
CBOT-CHICAGO, Oct 11 (Reuters) - Chicago Board of Trade grain and soybean complex closing trends on Monday.
CBOT-SOYBEANS - November
Following corn. USDA report also viewed as bullish to soybeans. Prices hit highest level since August 2009 during the session.
CBOT-SOYOIL - October
FCPO-KUALA LUMPUR, Oct 11 (Reuters) - Global vegetable oil prices hit multi-year highs on Monday as Asian traders scrambled for cover after a forecast of a smaller U.S. soybean crop and the falling dollar.
China's most-active May 2011 soyoil
Benchmark Malaysian palm oil futures <0#KPO:> closed at 2,930 ringgit ($941.2)
REGIONAL EQUITIES-BANGKOK, Oct 11 (Reuters) - Most Southeast Asian stock markets gained on Monday as investment funds continued to flow into emerging markets amid expectations the U.S. Federal Reserve will introduce further measures to boost the economy.
Investors pushed Malaysia <.KLSE> to a 33-month high while Singapore <.FTSTI>, Thailand <.SETI> and Indonesia <.JKSE> all snapped two-day losing streaks.
Broad Asian stock markets rose as U.S. job data boosted the chances of easier U.S. monetary policy, even though IMF and G7 meetings produced little to ease global currency tensions
Singapore's Golden Agri-Resources
The region's valuations remain relatively high, led by Indonesia's 12-month forward price to earnings ratio of 15.6 against all-Asia's 13.3, according to Thomson Reuters StarMine. That was followed by Malaysia's 15.1, the Philippines' 14.6, Singapore's 14.1, Thailand's 12.5 and Vietnam's 12.4.
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