BEIJING,Oct 12 (Reuters) - China's commerce ministry has revised upwards its estimate for October soy imports to 4.15 million tonnes, even with its estimate for September.
The figures are both higher than imports of 2.7 million and 2.5 million tonnes, respectuvely, from a year earlier, according to official Customs data.
Expansion of crushing capacity coupled with lower soyoil imports have spurred purchases of the oilseed. China imported a record 6.2 million tonnes in June.
Wednesday, October 13, 2010
Trader's Highlight
DJI-NEW YORK, Oct 12 (Reuters) - U.S. stocks hit fresh 5-month highs on Tuesday as details from the Fed's latest meeting showed the U.S. central bank may once again flood markets with cheap cash "before long" to further boost growth.
The minutes from the Federal Reserve's Sept. 21 meeting served as another strong signal for a stock market that has surged for weeks on rising hopes for more Fed action. The S&P 500 index is up 11.5 percent since the start of September.
The Dow Jones industrial average <.DJI> gained 10.06 points, or 0.09 percent, to 11,020.40. The Standard & Poor's 500 Index <.SPX> rose 4.45 points, or 0.38 percent, to 1,169.77. The Nasdaq Composite Index <.IXIC> added 15.59 points, or 0.65 percent, to 2,417.92.
NYMEX-NEW YORK, Oct 12 (Reuters) - Oil prices ended lower for a second day on Tuesday as OPEC signaled it will keep output targets unchanged when it meets on Thursday.
Labor unrest spread to more French ports and refineries, helping limit oil's losses for the day.
On the New York Mercantile Exchange, November crude settled down 54 cents, or 0.66 percent, at $81.67, trading from $80.88 to $82.33.
CBOT-CHICAGO, Oct 12 (Reuters) - Chicago Board of Trade grain and soybean complex closing trends on Tuesday.
CBOT-SOYBEANS - November up 26 cents at $11.78-1/2 a bushel; January up 26-1/2 at $11.89-1/2.
Strong export demand, tight supply situation supportive to soybean prices amid talk that China would make some new purchases of U.S. supplies.
USDA reported export inspections of U.S. soybeans in the latest week at 37.921 million bushels, above trade estimates for 25 million to 35 million.
CBOT-SOYOIL - October up 0.56 at 46.54 cents a lb; more active December up 0.60 at 46.95.
Following soybeans after strong overnight session despite weakness in the crude oil market.
FCPO-KUALA LUMPUR, Oct 12 (Reuters) - China's soyoil futures hovered below two-year highs hit earlier on Tuesday as news of the government lifting a ban on Argentina soyoil partly offset the bullish soybean supply scenario. ended 0.9 percent lower at 2,900 ringgit ($935.5) per tonne in the morning session. Traded volume was heavy, rising to 17,513 lots of 25 tonnes each from the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, Oct 12 (Reuters) - Thai stocks edged lower on Tuesday but recouped most of their early losses as unnerved investors returned to the market after the government imposed expected measures to tame the surging baht currency.
Gains in broad Asian currencies along with the bull run on equities in the region have been in large part the result of hot money flowing out of developed economies.
Meanwhile, broad Asian stocks fell on Tuesday ahead of the U.S. corporate earnings season.
Singapore <.FTSTI> lost 0.4 percent, Malaysia <.KLSE> edged down 0.06 percent after climbing to the highest since Jan 15 2008, and Vietnam <.VNI> dropped 1.1 percent, after a flat session on Monday.
Malaysia's IOI Corp rose 0.4 percent, building on a 1.5 percent rise on Monday while Indonesia's Astra Agro Lestari gained 4.4 percent, adding a 7.1 percent gain on Monday.
The minutes from the Federal Reserve's Sept. 21 meeting served as another strong signal for a stock market that has surged for weeks on rising hopes for more Fed action. The S&P 500 index is up 11.5 percent since the start of September.
The Dow Jones industrial average <.DJI> gained 10.06 points, or 0.09 percent, to 11,020.40. The Standard & Poor's 500 Index <.SPX> rose 4.45 points, or 0.38 percent, to 1,169.77. The Nasdaq Composite Index <.IXIC> added 15.59 points, or 0.65 percent, to 2,417.92.
NYMEX-NEW YORK, Oct 12 (Reuters) - Oil prices ended lower for a second day on Tuesday as OPEC signaled it will keep output targets unchanged when it meets on Thursday.
Labor unrest spread to more French ports and refineries, helping limit oil's losses for the day.
On the New York Mercantile Exchange, November crude
CBOT-CHICAGO, Oct 12 (Reuters) - Chicago Board of Trade grain and soybean complex closing trends on Tuesday.
CBOT-SOYBEANS - November
Strong export demand, tight supply situation supportive to soybean prices amid talk that China would make some new purchases of U.S. supplies.
USDA reported export inspections of U.S. soybeans in the latest week at 37.921 million bushels, above trade estimates for 25 million to 35 million.
CBOT-SOYOIL - October
Following soybeans after strong overnight session despite weakness in the crude oil market.
FCPO-KUALA LUMPUR, Oct 12 (Reuters) - China's soyoil futures hovered below two-year highs hit earlier on Tuesday as news of the government lifting a ban on Argentina soyoil partly offset the bullish soybean supply scenario.
China's most active May 2011 soyoil contract
REGIONAL EQUITIES-BANGKOK, Oct 12 (Reuters) - Thai stocks edged lower on Tuesday but recouped most of their early losses as unnerved investors returned to the market after the government imposed expected measures to tame the surging baht currency.
Gains in broad Asian currencies along with the bull run on equities in the region have been in large part the result of hot money flowing out of developed economies.
Meanwhile, broad Asian stocks fell on Tuesday ahead of the U.S. corporate earnings season.
Singapore <.FTSTI> lost 0.4 percent, Malaysia <.KLSE> edged down 0.06 percent after climbing to the highest since Jan 15 2008, and Vietnam <.VNI> dropped 1.1 percent, after a flat session on Monday.
Malaysia's IOI Corp
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