HAMBURG, Dec 21 (Reuters) - Argentina's soybean crop in early 2011 could fall as low as 43 to 48 million tonnes because of dry weather, down from 54.4 million tonnes in early 2010, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Oil World said it had tentatively cut its forecast of the Argentine soybean crop in early 2011 to 47.0 million tonnes. But it warned the estimate was subject to revision and depended on weather in coming weeks.
Wednesday, December 22, 2010
Trader's Highlight
DJI-NEW YORK, Dec 21 (Reuters) - U.S. stocks rose on Tuesday as solid earnings and a flurry of merger activity underpinned a steady upward trend that reinforced investor optimism for the coming year.
The S&P 500's close is on the cusp of closing levels not seen since before Lehman Brothers collapsed in September 2008, an important psychological barrier for investors at 1,255.08 points.
The Dow Jones industrial average <.DJI> added 55.03 points, or 0.48 percent, to 11,533.16. The Standard & Poor's 500 Index <.SPX> gained 7.52 points, or 0.60 percent, to 1,254.60. The Nasdaq Composite Index <.IXIC> rose 18.05 points, or 0.68 percent, to 2,667.61.
NYMEX-NEW YORK, Dec 21 (Reuters) - U.S. crude oil futures ended higher for the third straight session on Tuesday in thin, pre-holiday trading volume, driven by rising expectations for economic growth and greater demand for gasoline and heating oil.
Front-month January gasoline hit a session high of $2.4013 per gallon, the highest intraday price since May 4, when front-month RBOB hit $2.4315 a gallon, still supported by expectations of higher holiday driving demand.
On the New York Mercantile Exchange, February crude, the new front month, settled 45 cents higher, or 0.5 percent, at $89.82 a barrel. It hit a session high of $89.97, the highest since the Dec. 7 two-year high of $90.76 struck by January crude , which expired on Monday at $88.81.
CBOT-CHICAGO, Dec 21 (Reuters) - Chicago Board of Trade grain and soy complex closing trends on Tuesday.
CBOT-SOYBEANS - January up 11 cents at $13.26-1/4 per bushel; new-crop November up 7-1/4 at $12.49-3/4. Spot contract set a 5-1/2-week high at $13.28 during trading session on continued worries about Argentine crop prospects, firm crude oil.
CBOT-SOYOIL - January up 0.58 cent at 55.56 cents per lb. Rises along with gains in crude oil market.
FCPO-KUALA LUMPUR, Dec 21 (Reuters) - Malaysian crude palm oil futures rose 1.2 percent on Tuesday as traders grew more concerned over heavy rains curbing production in the world's second largest producer of the vegetable oil.
The market expected December production to fall by 10 percent to 1.31 million tonnes, the lowest in ten months as rains hit key oil palm growing areas in mainland Malaysia and Borneo island states of Sabah and Sarawak.
Benchmark March 2011 crude palm oil futures on the Bursa Malaysia Derivatives settled up 43 ringgit at 3,561 Malaysian ringgit ($1,132). Traded volumes stood at 15,119 lots of 25 tonnes each from the usual 10,000 lots.
Palm oil at its highest level today is just 10.6 percent away from 4,000 ringgit level and further erratic weather may boost agricultural commodities.
REGIONAL EQUITIES-BANGKOK, Dec 21 (Reuters) - Southeast Asian stock markets rose on Tuesday as investors sought bargains from recently-beaten shares with promising outlooks, including Thai refiners and financial stocks across the region.
Trading remained lacklustre, with volume falling by half in most share markets in a dearth of market participants towards the year-end.
Indonesia <.JKSE> climbed nearly 2 percent, reversing Monday's loss, while Singapore <.FTSTI>, Malaysia <.KLSE>, Thailand <.SETI>, the Philippines <.PSI>, and Vietnam <.VNI> posted smaller gains.
The S&P 500's close is on the cusp of closing levels not seen since before Lehman Brothers collapsed in September 2008, an important psychological barrier for investors at 1,255.08 points.
The Dow Jones industrial average <.DJI> added 55.03 points, or 0.48 percent, to 11,533.16. The Standard & Poor's 500 Index <.SPX> gained 7.52 points, or 0.60 percent, to 1,254.60. The Nasdaq Composite Index <.IXIC> rose 18.05 points, or 0.68 percent, to 2,667.61.
NYMEX-NEW YORK, Dec 21 (Reuters) - U.S. crude oil futures ended higher for the third straight session on Tuesday in thin, pre-holiday trading volume, driven by rising expectations for economic growth and greater demand for gasoline and heating oil.
Front-month January gasoline
On the New York Mercantile Exchange, February crude
CBOT-CHICAGO, Dec 21 (Reuters) - Chicago Board of Trade grain and soy complex closing trends on Tuesday.
CBOT-SOYBEANS - January
CBOT-SOYOIL - January
FCPO-KUALA LUMPUR, Dec 21 (Reuters) - Malaysian crude palm oil futures rose 1.2 percent on Tuesday as traders grew more concerned over heavy rains curbing production in the world's second largest producer of the vegetable oil.
The market expected December production to fall by 10 percent to 1.31 million tonnes, the lowest in ten months as rains hit key oil palm growing areas in mainland Malaysia and Borneo island states of Sabah and Sarawak.
Benchmark March 2011 crude palm oil futures
Palm oil at its highest level today is just 10.6 percent away from 4,000 ringgit level and further erratic weather may boost agricultural commodities.
REGIONAL EQUITIES-BANGKOK, Dec 21 (Reuters) - Southeast Asian stock markets rose on Tuesday as investors sought bargains from recently-beaten shares with promising outlooks, including Thai refiners and financial stocks across the region.
Trading remained lacklustre, with volume falling by half in most share markets in a dearth of market participants towards the year-end.
Indonesia <.JKSE> climbed nearly 2 percent, reversing Monday's loss, while Singapore <.FTSTI>, Malaysia <.KLSE>, Thailand <.SETI>, the Philippines <.PSI>, and Vietnam <.VNI> posted smaller gains.
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