Friday, March 4, 2011

Breaking News-RTRS-INTERVIEW-Malaysia's derivatives exchange sees strong palm futures trade

KUALA LUMPUR, March 3 (Reuters) - Malaysia palm oil futures traded on the world's largest derivatives exchange grew more than half in the first two months of 2011, a level seen maintained this year as geopolitical tension keeps crude oil prices volatile, a top official at the country's derivatives exchange said on Thursday.
Bursa Malaysia Derivatives migrated its contracts previously traded on an in-house platform onto CME Group Inc.'s Globex platform in September last year, which helped to increase the visibility of crude palm oil futures, or FCPO.

Breaking News-RTRS-INTERVIEW-UPDATE 1-Malaysia's FELDA eyes SE Asia oil palm, rubber estate buys

KUALA LUMPUR, March 3 (Reuters) - Malaysia's FELDA Holdings, the world's largest estate owner, is in talks to buy up to 90,000 hectares (222,400 acres) of land across Southeast Asia to tap into growing global demand for rubber and palm oil, and boost profits, its top official said on Thursday.
Managing Director Sabri Ahmad said FELDA Holdings, which manages estates under the Federal Reserve Land Authority, was approached to plant oil palm in Africa but may hold back as the political scenario needs to be studied.

Breaking News-RTRS-INDIA'S EDIBLE OIL IMPORTS SEEN DOWN ABOUT 500,000 TONNE IN 2010/11 - ADANI WILMAR HEAD

NEW DELHI, March 3 (Reuters) - India's edible oil imports may fall by around 500,000 tonnes as domestic supply is expected to rise 15 percent to 7.5 million tonnes in 2010/11 on higher oilseeds output, a leading trader said on Thursday.
Higher local supply in the world's No. 1 edible oil buyer and lower imports could put a downward pressure on global prices.

Breaking News-RTRS-Argentine dock workers continue to block grain ports

BUENOS AIRES, March 3 (Reuters) - Argentine dock workers continued to block two grains export terminals on Thursday in the Rosario port area over pay demands, but most soy-crushing plants in the hub operated normally, the stevedores' cooperative said.
Approximately 16 percent of the country's soyoil processing capacity is affected by the industrial action.
The blockade began on Wednesday evening after talks between exporters and the dock workers' cooperative over wage demands ended without a deal.

Trader's Highlight

DJI-NEW YORK, March 3 (Reuters) - Wall Street scored its best one-day rally in three months on Thursday, due to a pullback in oil prices and upbeat labor market data, while the euro jumped on the European Central Bank president's inflation warning.

Data showing new U.S. claims for unemployment benefits fell last week to their lowest level in more than 2-1/2 years represented the latest optimistic reading to bolster hopes for an upside surprise in Friday's key payrolls report.

The Dow Jones industrial average <.DJI> gained 191.40 points, or 1.59 percent, to end at 12,258.20. The S&P 500 rose 22.53 points, or 1.72 percent, to finish at 1,330.97. The Nasdaq Composite Index <.IXIC> jumped 50.67 points, or 1.84 percent, to close at 2,798.74.

CBOT-CHICAGO, March 3 (Reuters) - Chicago Board of Trade grain and soy complex futures close on Thursday.

CBOT-SOYBEANS - May up 17-3/4 cents at $14.12 per bushel. Support from talk China may be lowering import tariffs, labor unrest at Argentina's Rosario port and wet weather in portions of Brazil that was slowing soybean harvest. A weak dollar also lending support.

CBOT-SOYOIL - May down 0.03 cent at 58.77 cents per lb. Weighed down by unwinding of oil/meal spreads and weak crude oil.

FCPO-JAKARTA, March 3 (Reuters) - Malaysian palm oil futures hit a one-week peak before paring gains late on Thursday, as potential import tariff cuts in top consumer China offset falling crude prices weighed by a possible peace plan in Libya.

China will cut tariffs and red tape to boost imports this year and "maintain balanced trade," Zhong Shan, the country's vice minister of commerce said in comments published on Thursday, but did not disclose details.

The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives added 0.3 percent to 3,600 Malaysian ringgit ($1,185) a tonne. Earlier, prices rose to a high of 3,648 ringgit -- a level not seen since Feb.22.

The most-active Sept 2011 soyoil on the Dalian Commodity Exchange traded at 10,308 yuan versus an open at 10,366 yuan.

REGIONAL EQUITIES-BANGKOK, March 3 (Reuters) - Southeast Asian stock markets rose on Thursday as oil dipped and some investors took heart from news of a peace plan for Libya, with airlines in particular seeing strong demand.

But volume across the region was relatively weak as many investors preferred to wait and see what happened to the peace plan. The energy-driven Thai stock market saw turnover drop to 0.8 times its 30-day average and oil-linked shares dropped.

Share markets ended off their day's highs, with Singapore <.FTSTI>, Malaysia <.KLSE>, Indonesia <.JKSE> and Thailand <.SETI> posting only small gains on the day.

Oil prices briefly dropped by more than $3 after the Arab League said a peace plan for Libya was under consideration, before recovering.

Malaysia had $40 million in outflows and Thailand posted $56 million in outflows, exchange data showed.

Thailand's national carrier, Thai Airways International , surged 7.2 percent, Malaysia's AirAsia climbed 2.5 percent and Singapore Airlines , Southeast Asia's biggest airline, rose 0.8 percent

Palm plantation stocks were among bright spots as Malaysian palm oil futures rose to a one-week peak on Thursday, buoyed by a potential import tariff cut in top consumer China.

Shares in Wilmar International , the world's largest listed palm oil company, gained 1.8 percent and Golden Agri-Resources climbed 2.2 percent.