HAMBURG, July 19 (Reuters) - Oil World on Tuesday raised its forecasts of Malaysian and Indonesian 2011 palm oil output and said higher supplies would continue to create downward pressure on prices.
The Hamburg-based oilseeds analyst revised its estimate for Malaysia's calendar year 2011 palm oil output to 18.6 million tonnes, up from 16.0 million tonnes in 2010.
It estimated Indonesian 2011 palm output at 24.0 million tonnes against 22.2 million tonnes in 2010.
Oil World had previously forecast Malaysian 2011 output at 18.3 million tonnes and Indonesian at 23.8 million tonnes.
Wednesday, July 20, 2011
Trader's Highlight
DJI-NEW YORK, July 19 (Reuters) - U.S. stocks recorded their best day since March on Tuesday after strong corporate results and renewed hope for an agreement in Washington on thorny budget issues boosted investor confidence.
Quarterly numbers from technology bellwether International Business Machines Corp IBM.N and Coca-Cola KO.N lifted technology and consumer shares in the first heavy week of second-quarter results. IBM gained 5.7 percent, leading the Dow's gainers.
The Dow Jones industrial average .DJI was up 202.11 points, or 1.63 percent, at 12,587.27. The Standard & Poor's 500 Index .SPX was up 21.27 points, or 1.63 percent, at 1,326.71. The Nasdaq Composite Index .IXIC was up 61.41 points, or 2.22 percent, at 2,826.52.
NYMEX-NEW YORK, July 19 (Reuters) - U.S. crude oil futures extended gains in post-settlement trading on Tuesday after the American Petroleum Institute's inventory data showed domestic crude stocks last week fell much more than expected.
The industry group said crude inventories fell 5.2 million barrels as refinery utilization rose 1.2 percentage points in the week to July 15.
On the New York Mercantile Exchange, crude for August delivery CLQ1 was up $2.10, or 2.19 percent, at $98.03 a barrel, by 5:15 p.m. EDT (2215 GMT).
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, retreating from early strength after some updated weather forecasts called for milder weather in the U.S. Midwest next week, traders said.
But weather worries also underpinned the market. Crop scout Michael Cordonnier left his U.S. soybean yield forecast unchanged at 42.5 bushels per acre but said this week's heatwave would leave the crop more vulnerable to additional hot and dry weather in the coming weeks.
FCPO-KUALA LUMPUR, July 19 (Reuters) - Malaysia palm oil futures climbed 0.9 percent on Tuesday on concerns of hot weather affecting U.S. grain crops and talk of higher exports.
The health of U.S. corn and soybean crops have declined more than expected last week as drier weather affected key growing areas and stunted development of late planted fields, according to a government report.
This could stem falling prices of palm oil that competes with soyoil for use in food and fuel sectors. Palm oil has fallen almost 18 percent so far this year on ample stocks as well as jittery markets on account of debt default threats in U.S. and Europe.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 29 ringgit at 3,107 ringgit ($1,031) a tonne. Earlier in the session, it hit the lowest since July 13.
Overall traded volume stood at 26,793 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, July 19 (Reuters) - Expectations of strong bank results and foreign buying drove Thailand's stock market up in high volume, but other markets in Southeast Asia were mixed on Tuesday as investors worried about sovereign debt problems in the United States and Europe.
Bangkok enjoyed a net foreign inflow of $96.7 million, the highest since July 5, Reuters data showed, as foreign investors bought into Thai stocks and helped push up the baht
Malaysia closed 0.4 percent weaker as financials fell, led by a 1.4 percent loss in CIMB Group CIMB.KL.
Quarterly numbers from technology bellwether International Business Machines Corp IBM.N and Coca-Cola KO.N lifted technology and consumer shares in the first heavy week of second-quarter results. IBM gained 5.7 percent, leading the Dow's gainers.
The Dow Jones industrial average .DJI was up 202.11 points, or 1.63 percent, at 12,587.27. The Standard & Poor's 500 Index .SPX was up 21.27 points, or 1.63 percent, at 1,326.71. The Nasdaq Composite Index .IXIC was up 61.41 points, or 2.22 percent, at 2,826.52.
NYMEX-NEW YORK, July 19 (Reuters) - U.S. crude oil futures extended gains in post-settlement trading on Tuesday after the American Petroleum Institute's inventory data showed domestic crude stocks last week fell much more than expected.
The industry group said crude inventories fell 5.2 million barrels as refinery utilization rose 1.2 percentage points in the week to July 15.
On the New York Mercantile Exchange, crude for August delivery CLQ1 was up $2.10, or 2.19 percent, at $98.03 a barrel, by 5:15 p.m. EDT (2215 GMT).
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, retreating from early strength after some updated weather forecasts called for milder weather in the U.S. Midwest next week, traders said.
But weather worries also underpinned the market. Crop scout Michael Cordonnier left his U.S. soybean yield forecast unchanged at 42.5 bushels per acre but said this week's heatwave would leave the crop more vulnerable to additional hot and dry weather in the coming weeks.
FCPO-KUALA LUMPUR, July 19 (Reuters) - Malaysia palm oil futures climbed 0.9 percent on Tuesday on concerns of hot weather affecting U.S. grain crops and talk of higher exports.
The health of U.S. corn and soybean crops have declined more than expected last week as drier weather affected key growing areas and stunted development of late planted fields, according to a government report.
This could stem falling prices of palm oil that competes with soyoil for use in food and fuel sectors. Palm oil has fallen almost 18 percent so far this year on ample stocks as well as jittery markets on account of debt default threats in U.S. and Europe.
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives settled up 29 ringgit at 3,107 ringgit ($1,031) a tonne. Earlier in the session, it hit the lowest since July 13.
Overall traded volume stood at 26,793 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, July 19 (Reuters) - Expectations of strong bank results and foreign buying drove Thailand's stock market up in high volume, but other markets in Southeast Asia were mixed on Tuesday as investors worried about sovereign debt problems in the United States and Europe.
Bangkok enjoyed a net foreign inflow of $96.7 million, the highest since July 5, Reuters data showed, as foreign investors bought into Thai stocks and helped push up the baht
Malaysia closed 0.4 percent weaker as financials fell, led by a 1.4 percent loss in CIMB Group CIMB.KL.
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