DJI - NEW YORK, Nov 26 (Reuters) - Wall
Street slipped on Monday, pulling back from last week's gains, as retailers
fell on concerns about heavy discounts at the start of the U.S. holiday
shopping season and the overhang of the "fiscal cliff" kept investors
wary of making big bets.
The White House threw cold water on
a proposal of avoiding the looming "fiscal cliff" of spending cuts
and tax highs by limiting tax deductions and loopholes, instead of allowing tax
rates to rise for the richest Americans.
In the other major worry for the market,
euro zone finance ministers and the International Monetary Fund made their
third attempt in as many weeks to agree on releasing emergency aid for Greece,
with policymakers saying a write-down of Greek debt is off the table for now.
NYMEX - NEW YORK, Nov 26 (Reuters) - U.S.
crude oil futures fell 54 cents to settle at $87.74 a barrel on Monday,
pressured by concerns about Greek debt talks and U.S. budget negotiations.
CBOT Soybean - Soybean
futures on the Chicago Board of Trade rose for a second straight session, with
front-month January reaching a two-week high on concerns about
South American crop weather and fresh sales of U.S. soyoil, traders said.
·
Soybean market pared gains after
USDA reported export inspections of U.S. soybeans in the latest week at 45.498 million
bushels, below trade estimates for 60 million to 64 million.
·
Concern about surplus moisture in
crop areas of central Argentina lent support. The region was dry over the
weekend but has struggled to dry out after rains last week, and another storm
system is expected late on Wednesday into Friday.
·
Rains should return to Brazil's main
center-west soy belt this week, local meteorologist Somar said, but dry pockets
in the southern states of Parana and Rio Grande do Sul will likely leave the
No. 2 and No. 3 soybean-producing states drier than normal in November.
·
Soybean planting progress in Brazil
rose 10 percentage points to 74 percent of the expected total last week. But planting
is still behind the 80 percent sowed by this time last year - analyst Celeres.
·
Forward sales of the Brazilian
2012/13 soybean crop by farmers reached 50 percent last week, up from 49
percent a week earlier and up from the five-year average of 27 percent - Celeres.
·
Worries about likely shipping
problems due to low water on the Mississippi River have created a two-tiered
cash market for soybeans at the U.S. Gulf, with strong demand for supplies sourced
down river from Cairo, Illinois. Buyers were bidding a 5- to 7-cent premium for
southern beans.
FCPO - KUALA LUMPUR, Nov 26 (Reuters) -
Malaysian palm oil futures edged up on Monday on expectations stocks might grow
at a slower pace, with the market also focusing on Greek financial aid deal set
to be signed later in the day that may cheer markets.
Cargo surveyor data showed Malaysian
exports declined at a much slower pace, easing pressure on stockbuild and
supporting palm oil prices that have fallen 23 percent so far this year on
roiling financial markets.
"If exports maintain their two
percent drop for the full month, it means that although inventory levels are
poised to go higher, it may be growing at a slower rate than expected,"
said Kenanga Investment Bank analyst Alan Lim.
Cargo surveyor Intertek Testing
Services said palm oil exports in Nov. 1-25 fell 1.8 percent to 1,276,792
tonnes from a month ago, showing slight improvement from a 3.3 percent drop in
the first twenty days of this month. Another cargo surveyor, Societe
Generale de Surveillance, reported a similar 1.9 percent drop for the same
period.
The market expects weaker palm oil
prices in October and November to stimulate demand from price-sensitive
countries such as India and Pakistan, translating to higher exports in the
weeks to come.
Financial markets across the world
were generally optimistic about a euro zone finance ministers meeting on Monday
which is pushing for international lenders to release emergency aid and stem
the region's debt crisis.
Regional Equities - BANGKOK, Nov 26 (Reuters) - The
Philippine index hit a record close for the second straight session while
Indonesian stocks ended at an all-time high on Monday, led by large caps, but
trading volume was relatively moderate as investors awaited an aid deal for
Greece.
The Philippine index closed at 5,579.42, above its record finish of 5,552.34 on Friday with shares
in Philippine Long Distance Telephone Co (PLDT) among those actively traded, were up 0.4 percent.
Jakarta's Composite Index produced a fourth straight gain to closed at 4,375.17. Shares in PT Astra
International Tbk a leading motorcycle dealer and a proxy
of Indonesia's consumer sector, gained 1.3 percent.
Bucking the trend, Malaysia fell for a fourth session, ending down 0.4 percent at 1,607.88, its lowest
close since June 18, with telecoms shares among decliners. The Malaysian bourse
said foreign investors sold shares worth 137.5 million ringgit ($44.95
million).
