Trader's Highlight

DJI- NEW YORK, March 19 (Reuters) - Apple lifted U.S. stocks on Monday after it announced regular dividends and share buy-backs, while benchmark U.S. Treasury yields hit a near five-month high as investors sold safe-haven government bonds.

Concerns about Iran's nuclear program added $1 to U.S. crude oil prices, while the euro climbed to its highest in more than a week against the dollar.

U.S. stocks traded in a choppy session as investors reassessed a rally that has taken the S&P 500 to levels not seen since the 2008 financial crisis. But a jump of more than 2 percent in Apple's stock price fueled gains for at least one more session.

"Investors have been reluctant to put money to work for a while, but Apple is giving greater confidence for them to invest in stocks," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

The Dow Jones industrial average <.DJI> added 6.51 points, or 0.05 percent, to end at 13,239.13, while the Standard & Poor's 500 Index <.SPX> gained 5.58 points, or 0.40 percent, to 1,409.75. The Nasdaq Composite Index <.IXIC> rose 23.06 points, or 0.75 percent, to close at 3,078.32.

NYMEX- NEW YORK, March 19 (Reuters) - U.S. crude oil futures rose for a second day in a row on Monday on persistent worries about supply disruption from Iran, higher equities and a weaker dollar.

Concern about supplies from Iran continued to roil the oil market due to EU and U.S. sanctions even though Tehran has agreed to a new round of talks with world powers on its disputed nuclear program.

On the New York Mercantile Exchange, crude for April delivery , which expires on Tuesday, settled at $108.09 a barrel, up $1.03, or 0.96 percent.

CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade reversed to close lower on profit-taking after export demand and concerns about a crop shortfall on South America lifted the market to a six-month high, traders said.

Traders said CBOT soybeans were overbought and due for at least a partial setback. Front-month May soybeans reached an overnight high of $13.78, the highest spot price since Sept. 15, 2011.

Softening cash soy markets in Brazil and parts of the United States added pressure. Unseasonably warm U.S. weather continues, and rainfall this week should boost 2012 corn and soy crop prospects. "The warm temperatures will continue for the next week to 10 days," said John Dee, meteorologist for Global Weather Monitoring.

FCPO- SINGAPORE, March 19 (Reuters) - Malaysian palm oil futures ended lower on Monday as investors booked profits on concerns the market was overbought, although losses were capped by upbeat demand prospects and soybean supply fears in drought-hit South America.

Palm oil prices hit a nine-month high of 3,418 ringgit last Friday, setting the stage for a price correction that pared gains to 6.2 percent so far this year.

"It's not surprising that the market came down today although the fundmentals didn't change. This is more of a correction and immediate support now is around 3,350 ringgit," said a trader with a foreign commodities brokerage.

But sentiment is still fairly bullish as market players expect Malaysia's strong export trend to continue as big buyers like China may increase edible oil shipments.

Benchmark June palm oil futures on the Bursa Malaysia Derivatives Exchange lost 0.7 percent to close at 3,373 ringgit ($1,105) per tonne. Traded volumes on Monday stood at 24,893 lots of 25 tonnes each, slightly lower than the usual 25,000 lots.

REGIONAL MARKET-BANGKOK, March 19 (Reuters) - Southeast Asian stocks ended mostly lower on Monday as worries about the impact of high oil prices on profit margins prompted investors to cash in on recent gains.

Singapore's Straits Times Index <.FTSTI> ended down 0.7 percent, after Friday's climb to a seven-month high amid upbeat corporate earnings, while the Philippine index <.PSI> fell 0.4 percent after hitting a record high of 5145.89 points in the
previous session.

Malaysia's biggest lender, Maybank , fell nearly 1 percent after a combined 1.8 percent gain in past four sessions. Manila's top listed firm Philippine Long Distance Telephone Co fell 1.7 percent, reversing its 1.5 percent rise on Friday.

RTRS-UPDATE 1-Allendale survey pegs 2012 U.S. corn acres 95.012 mln

March 16 (Reuters) - Allendale Inc. on Friday said a survey of farmers in 26 states conducted between Feb. 27 and March 9 indicated U.S. 2012 corn acreage at 95.012 million, the biggest corn area since 1944 and above last year's corn
plantings of 91.9 million.

The Allendale corn plantings number was below an estimate released by Informa Economics earlier this month of 95.513 million, above the U.S. Department of Agriculture's (USDA)forecast at its outlook forum of 94.0 million and well above
last year's U.S. corn plantings of 91.9 million.

USDA on March 30 will release its annual planting intentions report and its updated quarterly stocks report.

Allendale's forecast soybean area at 74.495 million was below Informa's recent forecast of 75.128 million and below the 75.0 million forecast by USDA at its outlook conference. It was also down from last year's soy seedings of 75.0 million.

The total wheat area pegged by the Allendale survey at 56.609 million is below the USDA's outlook forum forecast of 58.0 million and above last year's U.S. plantings of 54.409 million acres.

Other spring wheat acreage of 12.623 million forecast by Allendale is above last year's U.S. spring wheat area of 12.394 million.

Allendale said the survey data would imply a record large corn production of 14.092 billion, soybean production at 3.233 billion, the third largest crop on record and wheat production was implied at 2.116 billion acres, above last year's wheat
output of 1.999 billion bushels.

Trader's Highlight

DJI- NEW YORK, March 16 (Reuters) - Global stocks advanced on Friday, with a broad measure of U.S. equities rising to an almost four-year high after news of subdued inflation added to investment sentiment and helped fuel a retreat in government debt markets.

While the benchmark Standard & Poor's 500 index rose for a fifth straight week, gaining 2.4 percent for its best weekly performance since mid-December, the Dow and Nasdaq fell on Friday in a sign of caution after the run-up in U.S. stocks.

A report on U.S. consumer prices in February eased a hawkish view on interest rates, causing the dollar to fall and helping spur the sell-off in bonds. Improving U.S. economic data had recently sparked speculation that the Federal Reserve would raise rates sooner than its time frame of late 2014.

The Dow Jones industrial average <.DJI> ended down 20.14 points, or 0.15 percent, at 13,232.62. The Standard & Poor's 500 Index <.SPX> added 1.57 points, or 0.11 percent, to 1,404.17. The Nasdaq Composite Index <.IXIC> was down 1.11 points, or 0.04 percent, at 3,055.26.

NYMEX- NEW YORK, March 16 (Reuters) - U.S. crude oil futures rose on Friday, as worries of supply disruption from Iran resurfaced and the dollar weakened, enticing investors to raise their bets on the commodity.

U.S. inflationary pressures appeared contained, data on consumer prices showed, causing the dollar to pause from a rally as investors now expect lower odds that the U.S. Federal Reserve would tighten monetary policy anytime soon.

While gasoline prices rose sharply last month, consumers did not expect the run-up to last very long, the weekly Thomson Reuters/University of Michigan consumer survey showed.

On the New York Mercantile Exchange, crude for April delivery rose $1.95, or 1.86 percent, to settle at $107.06 a barrel. For the week, it fell 34 cents, or 0.32
percent after gaining in the week to March 9 at $107.40.

CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade closed higher for
a fourth straight day, lifted by U.S. export demand tied to a drought-reduced South American crop, along with a weaker dollar, traders said.

Deferred soybean contracts supported by concerns that U.S. farmers might not plant enough soybeans this spring to meet demand. Allendale Inc pegged U.S. 2012 soybean plantings at 74.495 million acres, down from 75.0 million in 2011, based on a
producer survey.

FCPO- SINGAPORE, March 16 (Reuters) - Malaysian palm oil futures were almost flat on Friday, as some traders booked profits from a nine-month high notched in the previous session, while strong exports and soybean supply fears in drought-hit
South America supported prices.

Palm oil recorded four straight sessions of gains this week on upbeat price forecasts at a recent industry conference and positive news that lifted the global economic outlook. Edible oil futures are trading almost 7 percent higher this year.

Benchmark June palm oil futures on the Bursa Malaysia Derivatives Exchange gained one ringgit to close at 3,398 ringgit ($1,112) per tonne. Prices touched a new peak of 3,418 ringgit, a level not seen since last June.

Traded volumes on Friday stood at 24,583 lots of 25 tonnes each, slightly less than the usual 25,000 lots.

REGIONAL EQUITY-BANGKOK, March 16 (Reuters) - Philippine shares hit a fresh all-time high and Thai stocks climbed to their highest in almost 16 years on Friday, helped by selective buying in blue chip, but most other Southeast Asian stock markets fell as players locked in profits.

The Philippine main index <.PSI> ended up 2.3 percent at a record high of 5145.89 points, pushing gains for the week to 3.3 percent, its strongest weekly rise in almost five months.

It has been the best performer among larger markets in Southeast Asia so far in 2012, surging nearly 18 percent and eclipsed only by a 25 percent rise in Vietnam.

Trader's Highlight

DJI- NEW YORK, March 14 (Reuters) - The S&P 500 broke a five-day streak of gains on Wednesday as investors found little reason to extend a rally that took the benchmark index to four-year highs.

While the major averages ended essentially flat, three stocks fell for every gainer on the New York Stock Exchange, a sign of investors pulling back from gains that have lifted numerous blue-chips to 52-week highs. Procter & Gamble , the consumer products maker, hit a 52-week high at $67.95 before dipping 0.1 percent to close at $67.85. The stock of major U.S. oil company Chevron climbed to a 52-week high at $112.28 during the session, only to slip 0.5 percent to end at $110.69.

The Dow Jones industrial average <.DJI> rose 16.42 points,or 0.12 percent, to 13,194.10 at the close. The Standard & Poor's 500 Index <.SPX> slipped 1.67 points, or 0.12 percent, to 1,394.28. The Nasdaq Composite Index <.IXIC> inched up just 0.85
of a point, or 0.03 percent, to 3,040.73.

NYMEX- NEW YORK, March 14 (Reuters) - U.S. crude futures fell on Wednesday as rising crude oil inventories in the United States and the dollar's strength combined to pressure oil prices.

U.S. crude oil inventories rose 1.75 million barrels last week, the weekly report from the Energy Information Administration (EIA) said

On the New York Mercantile Exchange, April crude fell $1.28, or 1.2 percent, to $105.43 a barrel, having traded from $105.12 to $107.02.

CBOT SOYBEANS- Chicago Board of Trade soybean futures ended higher on dwindling
stocks after a drought in South America trimmed soy output.

Soy/corn spreading also supportive as the soybean market attempted to "buy" acreage ahead of the U.S. 2012 planting season. The December corn/November soybean ratio was at 2.32.

Soymeal closed firmer and soyoil ended weaker.

NOPA monthly crush report showed U.S. February soybean crush at 136.350 million bushels, below 142.813 million in January and above an average of analysts' estimates for 134.5 million bushels.

FCPO- SINGAPORE, March 14 (Reuters) - Malaysian crude palm oil futures rose to a nine-month high on Wednesday as recovering exports raised demand prospects for the edible oil and upbeat U.S. economic data lifted investor confidence.

While the U.S. Federal Reserve provided few clues on further monetary easing, it offered a slight upgrade to its economic outlook, which together with rising retail sales reinforced the view the world's biggest economy is on the road to recovery.

An improvement in Malaysian exports for the first ten days of March has also helped palm oil extend its gain to 6.6 percent this year, although optimism was somewhat clouded by an unexpected rise in February palm oil stocks.

Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange rose 0.6 percent to close at 3,385 ringgit ($1,110)per tonne. Prices touched a new high of 3,395 ringgit, a level not seen since last June.

Traded volumes on Wednesday stood at 24,003 lots of 25 tonnes each, slightly lower than the usual 25,000 lots.

REGIONAL EQUITY- BANGKOK, March 14 (Reuters) - Southeast Asian stocks climbed on Wednesday, with Philippine shares setting a record high, as upbeat U.S. economic data helped stoke appetite for risk and demand for growth stocks lifted consumer and banking shares.

The Philippine index <.PSI> finished up 0.9 percent. The index hit an intraday peak of 5,070.20, breaching the previous intraday all-time high of 5,039.29 set on March 6.

UBS upgraded its year-end target for the benchmark Straits Times Index to 3,350 from 3,200 driven by expectation of some upgrades in earnings forecasts.

In Singapore, United Overseas Bank Ltd gained 2.6 percent, with CIMB Research upgrading the stock to outperform from neutral, citing a minor underperformance after fourth-quarter results.

Kuala Lumpur-listed AirAsia Bhd , Asia's largest budget carrier, rose 1.4 percent, recouping some of the combined 4.4 percent losses of past five sessions.

RTRS-NOPA February U.S. soy crush seen at 134.5 mln bu

CHICAGO, March 13 (Reuters) - The National Oilseed Processors Association's monthly soybean crush data slated for release on Wednesday should show the U.S. crush for February at 134.5 million bushels, analysts projected on Tuesday.

Trade estimates ranged from 129.5 million to 139.5 million bushels. NOPA reported the January crush at 142.813 million bushels and February 2011 at 124.884 million bushels.

The average analyst estimate for February U.S. soyoil stocks was 2.126 billion lbs, up from NOPA's January figure of 2.098 billion lbs. Forecasts ranged from 2.048 billion to 2.200 billion lbs.

RTRS-FUND VIEW-Baring favours palm oil, fertiliser firms

LONDON, March 13 (Reuters) - Crude palm oil is a good bet this year as supply tightens after strong production in 2011 left trees stressed and diminished their ability to produce the commodity, the co-manager of Baring Global Agriculture Fund said.

James Govan told Reuters he was also bullish about fertilisers and said North America would likely be the strongest market for them this year because the continent is due to have a large corn acreage and corn is a fertiliser-intensive crop.

The UK-based fund invests in palm oil companies, in part because Indonesia and Malaysia produce around 85 percent of the oil, making it quite concentrated in terms of supply, and also because the stocks-to-use ratio is tight at 8.2 percent, Govan said.

"It is also a relatively cheap vegetable oil, trading at a discount to most of the other vegetable oils and in particular trading at a discount to soy oil," he said.

He added that the long-only fund was interested in increasing its exposure to crude palm oil plantations, which currently make up 9.4 percent of its holdings.

Trader's Highlight

DJI- NEW YORK, March 13 (Reuters) - The U.S. stock market posted its best day this year, with Tuesday's late spark coming from JPMorgan Chase & Co after the bank announced it will raise its dividend.

JP Morgan's news preceded the Federal Reserve's release of results from its latest stress tests of U.S. banks. Most of the top banks did well and their shares extended gains in trading after the closing bell.

Stocks advanced throughout the session, helped by stronger-than-expected retail sales and benign comments from the U.S. Federal Reserve, which said recent strains on financial markets were easing.

The Dow Jones industrial average jumped 217.97 points, or 1.68 percent, to close at 13,177.68. The Standard & Poor's 500 Index <.SPX> rose 24.86 points, or 1.81 percent, to 1,395.95. The Nasdaq Composite Index <.IXIC> climbed 56.22 points, or 1.88 percent, to 3,039.88.

NYMEX- NEW YORK, March 13 (Reuters) - U.S. crude futures ended higher on Tuesday on positive domestic and German economic data coupled with a modestly brighter outlook from the U.S. Federal Reserve.

U.S. retail sales rose 1.1 percent in February, the biggest gain in five months. Americans bought more motor vehicles even though they had to pay more for gasoline and other goods, Commerce Department data showed. [ID:nL2E8ED15O]

The data added to recent improvements in the U.S. economy, which the Federal Reserve acknowledged in a statement released after a one-day meeting of its policymakers. The U.S. central bank gave no clues, however, for further monetary easing.

The Fed reiterated it would maintain exceptionally low interest rates until at least through 2014, even though the economy was "expanding moderately", saying there were still significant downside risks.

On the New York Mercantile Exchange, crude for April delivery settled at $106.71 a barrel, gaining 37 cents, or 0.35 percent.

CBOT SOYBEANS- Chicago Board of Trade soybean futures closed higher on
dwindling stocks of soy, estimates for reduced soy output in South America and soy/corn spreading as the soy market attempts to "buy" acres from corn for the 2012 U.S. seeding season.

Technical fund buying, gains in crude oil and higher equities markets were combining to lift soybean futures as well.

Soymeal closed higher and soyoil closed higher.

Trade sources said crop scout Michael Cordonnier lowered his estimate of Brazil's soybean crop to 67.0 million tonnes from his previous estimate for 68.0 million. USDA in its March crop report forecast Brazilian soybean production at 68.5
million tonnes.

The National Oilseed Processors Association's monthly soybean crush data slated for release on Wednesday should show the U.S. crush for February at 134.5 million bushels, analysts projected on Tuesday.

FCPO-KUALA LUMPUR, March 13 (Reuters) - Malaysian crude palm oil futures edged up on Tuesday, as traders bet energy markets would hold firm and eyed the outlook for U.S. corn plantings, which could take more acreage from soybeans and limit global edible oil supply this year.

Traders were also looking out for the U.S. Federal Reserve's policy statement later in the day, which may reinforce a view from recent upbeat data that the world's biggest economy is on the road to recovery.

Palm oil tends to gain from a weaker greenback as the dollar-denominated edible oil becomes cheaper for buyers holding other currencies, but can be hit by a stronger dollar.

An unexpected rise in Malaysian palm oil stocks on Monday reined in the market, which has gained 6 percent so far this year, although a recovery in exports for the first ten days of March kept investors upbeat.

Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange rose 1.5 percent to close at 3,365 ringgit ($1,111) per tonne.

Traded volumes on Tuesday stood at 22,597 lots of 25 tonnes each, lower than the usual 25,000 lots, as some traders shunned big moves ahead of the U.S. Fed decision.

REGIONAL EQUITY- BANGKOK, March 13 (Reuters) - Southeast Asian stock markets were mostly higher on Tuesday after a choppy session, with Singapore climbing to a one-week high as property shares led the way on hopes about the positive spillover of China's
efforts to boost consumer demand.

Trading volume was generally light and market players appeared reluctant to chase regional stocks further while waiting to see what the U.S. Federal Reserve says later on
Tuesday.

In Singapore, CapitaMalls Asia Ltd was the top gainer on the Straits Times Index, rising 4.6 percent. Carey Wong, an investment analyst at OCBC Investment Research, said China's lower export figures showed it would have to boost domestic consumption to sustain growth, and CapitaMalls stood to benefit from rising consumption and spending.

RTRSUPDATE 1-Malaysia's Feb palm oil stocks rise unexpectedly, prices to fall

KUALA LUMPUR, March 12 (Reuters) - - Malaysia's palm oil stocks rose unexpectedly in February as a decline in exports outpaced a fall in output, industry regulator Malaysian Palm Oil Board said on Monday, potentially weighing on prices.

Stocks in the world's No.2 producer of the edible oil rose 2 percent to 2.06 million tonnes from January, going against market expectations for a 3 percent drop and snapping four straight months of declines.

Inventories at above 2 million tonnes suggest Malaysia has been losing market share to Indonesia, which has been offering discounts on cargoes after Jakarta slashed export taxes for refined product cargoes.

Although ample stocks in Malaysia can shore up global edible oil supply in the wake of erratic weather affecting South American soy crops, palm oil futures may come under pressure after slipping 0.2 percent ahead of the data release.

"A few people are going to get caught out," said a trader with a foreign commodities brokerage in Kuala Lumpur as the market had been rallying on expectations of strong Asian demand chasing limited edible oil output growth.

RTRS-INDIA'S FEB REFINED PALM OIL IMPORTS SEEN TREBLING VS JAN AS INDONESIA TAX CHANGES HIT-REUTERS SURVEY

NEW DELHI, March 12 (Reuters) - India's refined palm oil imports nearly trebled in February from the previous month after changes in Indonesia's export taxes and this pace could continue, putting refiners in the world's largest edible oils importer at risk of closure.

Total palm oil imports -- the bulk of India's edible oil purchases -- rose 28 percent last month to 654,167 tonnes, according to the average of a survey of eight traders, with soyoil imports seen up 69.7 percent over January.

Traders said imports of refined palm oil ranged between 250,000-300,000 tonnes in February, sharply higher than the 114,033 tonnes imported in January.

"Refined palm oil imports almost trebled last month due to the lower Indonesian export tax," said K.K. Goel, a Delhi-based trader.

Refined palm oil imports rose as the spread with crude palm oil narrowed to $35 per tonne from about $63 per tonne in October, when Indonesia, the world's top palm oil producer, lowered its export tax on the refined oil.

India mainly buys palm oils from Indonesia and Malaysia, and small quantities of soyoil from Argentina and Brazil. About half of India's 15-16 million tonnes of edible oils demand is met through imports.

Trader's Highlight

DJI-NEW YORK, March 12 (Reuters) - Defensive names rallied in an otherwise flat day for Wall Street on Monday as investors paused after recent gains and looked ahead to the Federal Reserve's monetary policy statement.

Investors will eye Tuesday's statement from the U.S. central bank's Federal Open Market Committee to see whether the Fed will cool down expectations of more easing of monetary policy, which might make it difficult to extend the rally.

Markets were recently rattled after Fed Chairman Ben Bernanke stopped short of giving a strong signal of more stimulus during congressional testimony.

The Dow Jones industrial average <.DJI> added 37.69 points, or 0.29 percent, to 12,959.71 at the close. The Standard & Poor's 500 Index <.SPX> inched up just 0.22 of a point, or 0.02 percent, to 1,371.09. But the Nasdaq Composite Index <.IXIC>
dipped 4.68 points, or 0.16 percent, to close at 2,983.66.

NYMEX- NEW YORK, March 12 (Reuters) - U.S. crude futures ended lower for the first time in four sessions on Monday as gloomy economic data from China and Italy added to fears that slowing global economic growth would zap demand for oil.

China posted its biggest trade deficit in at least a decade in February, fueling concerns that global demand is weakening.

Italy, the euro zone's third largest economy, slid into recession as fourth quarter 2011 data showed its economy shrank 0.7 percent, extending an 0.2 percent GDP decline in the third quarter.

On the New York Mercantile Exchange, crude for April delivery settled at $106.34 a barrel, falling $1.06, or 0.99 percent, after trading from $105.38 to $107.56.

CBOT SOYBEANS- Chicago Board of Trade soybean futures closed lower on profit-taking after they rallied last week to 5-1/2 month highs and on corn/soybean spreading.

Light showers in the U.S. Midwest and Plains accompanied by mild temperatures were boosting winter wheat prospects and adding valuable soil moisture ahead of spring planting of corn and soybeans.

"Overall a good outlook today for crops, it will be very mild for the next week to 10-days and there is no cold weather in sight," said John Dee, meteorologist for Global Weather Monitoring.

FCPO- KUALA LUMPUR, March 12 (Reuters) - Malaysian crude palm oil futures eased on Monday, as weak Chinese exports and a slightly bearish U.S. soybean report offset the bullish sentiment that had propelled prices to 9-month highs last week.

China posted its largest trade deficit in at least a decade, fanning concerns that slowing exports from the world's second largest economy will hurt global growth, as well as demand for palm oil.

The U.S. Department of Agriculture report on Friday was also slightly bearish on soybean oil prices, showing the fall in total consumption outpaced the decline in production.

Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange lost 1 percent to close at 3,317 ringgit ($1,097) per tonne. Prices hit a 9-month high of 3,368 ringgit on Friday.

Traded volumes stood at 27,074 lots of 25 tonnes each, slightly higher than the usual 25,000 lots.

REGIONAL EQUITY-BANGKOK, March 12 (Reuters) - Southeast Asian stock markets were weaker on Monday as market players cashed in recent gains in regional big caps on bearish Chinese trade data and awaited signals from a U.S. Federal Reserve meeting on Tuesday.

Big name energy shares pulled lower along with global oil prices which fell on Monday for the first time in four sessions amid profit taking. Among weak spots, Telekom Malaysia Bhd dropped 2.5 percent, its biggest daily loss in more than two months, and Indonesia's biggest firm by market value Astra Internatiional Tbk lost 0.6 percent after a combined 1.5 percent gain the past two sessions.

RTRS-Brazil's No. 3 soy state cuts forecast by mln T due drought

SAO PAULO, March 7 (Reuters) - Brazil's third largest soy producing state of Rio Grande do Sul will harvest a crop of 7.1 million tonnes this season, down from the 8 million forecast previously, the state agriculture agency projected on Wednesday.

The southernmost state has been one of the worst hit by drought that has withered crops in the region, including Paraguay and Argentina.

This has sparked concerns of rising global food prices because the region produces more than half the world's trade in soybeans, an important source of protein for humans and livestock.

Brazil's federal crop supply agency Conab is due to release its sixth forecast of the national grains crop on Thursday morning. Many expected it would revise downward its numbers for national output of soybeans.

Brazil harvested a record 75.3 million tonnes last year.

But below-normal rainfall from November into January has slashed output to just over 69.2 million tonnes in Conab's February forecast.

RTRS- INDIA'S 2011/12 REFINED PALM OIL IMPORTS COULD MORE THAN DOUBLE TO 2.3-2.4 MLN TONNES - LEADING TRADER

NEW DELHI, March 7 (Reuters) - India's refined palm oil imports could more than double in the year to Oct. 31, 2012 and rise to 2.4 million tonnes as a result of an export tax change by leading producer Indonesia, a leading trader and edible oils industry expert said on Wednesday.

Total edible oil imports will increase 13.1 percent to 9.5 million tonnes in 2011/12, as rapeseed output drops while demand rises, Govindbhai G. Patel, managing partner of GG Patel & Nikhil Research Co., told Reuters.

"The bulk of the imports will be palm oils with the share of the refined variant set to double this year," Patel said in a telephone interview from Kuala Lumpur.

"The lower Indonesian export tax will push up imports of refined palm olein to 2.3-2.4 million tonnes in 2011/12."

India is the world's biggest buyer of vegetable oil, importing mainly palm oil from Indonesia and Malaysia and a small quantity of soyoil from Brazil and Argentina.

India imported 1.08 million tonnes of refined palm oil in 2010/11.

Demand for edible oils is rising at around 3-4 percent per year, faster than population growth, as increased incomes in an economy growing at around seven percent encourage people to indulge in high-calorie, fried foods.

RTRS- WRAPUP 1-Palm oil prices to shine in 2012; Indonesia export tax in focus

KUALA LUMPUR, March 7 (Reuters) - Strong Asian demand chasing limited edible oil supply may boost palm oil prices that have gained six percent in February, reflecting the appeal of food commodities at a time of shaky global growth and rising geopolitical tension.

Analysts and traders at an industry meeting in Kuala Lumpur are shifting their focus to demand from top buyers India and China with limited palm oil output growth in Southeast Asia helping a little to offset the shortfall in soyoil after drought in South America withered crops.

But they warned of greater volatility in Bursa Malaysia futures as top palm oil producer Indonesia's move to slash export taxes for the refined grade will shift demand away from second biggest supplier Malaysia and boost stock levels.

Trader's Highlight

DJI- NEW YORK, March 7 (Reuters) - U.S. and European stocks advanced on Wednesday after promising U.S. jobs data, and the euro rebounded after hitting a three-week low on renewed optimism that Greek will complete its debt restructuring after major banks and pension funds pledged their support.

Completion of the debt restructuring is crucial for Greece to secure 130 billion euros in international rescue funds needed so it can avert a chaotic default.

Some traders are hoping Greece will clinch a debt restructuring before Thursday's deadline. This outlook helped revive appetite for stocks, oil and gold and kept a lid on safe-haven demand for U.S. and German government debt.

A report from payrolls processor ADP showing that U.S. private-sector hiring increased more than expected in February helped cement views that the U.S. economy is gaining traction.

The report came two days ahead of the government's more comprehensive monthly report on the labor market.

The Dow Jones industrial average <.DJI> closed up 78.18 points, or 0.61 percent, at 12,837.33. The Standard & Poor's 500 Index <.SPX> ended up 9.27 points, or 0.69 percent, at 1,352.63. The Nasdaq Composite Index <.IXIC> finished up 25.37 points, or 0.87 percent, at 2,935.69.

NYMEX- NEW YORK, March 7 (Reuters) - U.S. crude futures rose on Wednesday on optimism that Greece will avoid default through a pending debt restructuring, which strengthened the euro and weakened the dollar, and on supportive private sector jobs data.

Major banks and pension funds supported Greece's bond swap offer to private creditors, improving chances the deal will be implemented and clear the way for a bailout package to avert an immediate default by Greece on its debt.

On the New York Mercantile Exchange, April crude rose $1.46, or 1.39 percent, to settle at $106.16 a barrel. The intraday low was $104.35 and prices reached $106.55 in post-settlement trading.

CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade fell in sympathy with technical and fund-driven selling in corn and wheat ahead of a monthly U.S. government crop report later this week, traders said.

Spot soybeans hit a fresh 5-1/2 month high in overnight trade at $13.32-1/4 before retreating.

Market underpinned by uncertainty about the size of the South American soy crop. Brazil's No. 3 soy producing state of Rio Grande do Sul will harvest a crop of 7.1 million tonnes this season, down from the 8 million forecast previously, the state
agriculture agency projected.

U.S. dollar edged lower, typically a bullish signal for dollar-backed grains and oilseeds, but concern about the global economy, euro zone debt and the pace of growth in China hung over the soy market.

FCPO- KUALA LUMPUR, March 7 (Reuters) - Malaysian crude palm oil futures edged up on Wednesday, as bullish price outlook from leading analysts at a key conference lifted investor sentiment and reversed earlier losses.

Leading analyst Dorab Mistry said prices would hit 4,000 ringgit by the end of June due to low palm oil output cycle, strong demand from India in peak summer months and stocking by Muslim countries ahead of the fasting month. [ID:nL4E8E73NX]

"Markets were pathetically quiet ahead of the analysts' price forecasts, and prices were stuck within tight range. However, bullish views are expected and that will likely put sellers on hold," said a dealer with a foreign commodities
brokerage in Kuala Lumpur.

Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange gained 0.7 percent to close at 3,266 ringgit ($1,080) per tonne. The benchmark futures are trading 2.8 percent higher this year. Traded volumes picked up after the midday break, standing at 22,106 lots of 25 tonnes each, compared to the usual 25,000
lots.

Top analyst James Fry presented a few scenarios based on crude oil price and its impact on palm oil futures, given the edible oil is being increasingly used as a feedstock for biofuels.

REGIONAL EQUITY- March 7 (Reuters) - Southeast Asian stocks fell on Wednesday with Singapore hitting a one-month low as Asian investors continued to worry over slowing global growth.

With global stock markets under pressure and as the effects of central bank easing wear off, market players are turning to corporate earnings for signs of whether the year-to-date rally in equities can be sustained.

Singapore's Straits Times Index <.FTSTI> fell 0.6 percent, extending its losses this month to 2.5 percent. Indonesia's benchmark <.JKSE> fell 0.6 percent while last year's top performer in the Philippines <.PSEI> was down 0.9 percent.

Malaysia <.KLSE> fell 0.9 percent. Thailand's SET index <.SETI>, hovering near a 16-year high, was closed for a public holiday.

Of the 175 Singapore stocks tracked by Thomson Reuters Starmine, about 83 percent have reported 2011 earnings and just under half of those have missed analyst expectations.

The liquidity-driven rally had pushed valuations back to normal levels, Chua said, removing a factor underpinning stock prices so far this year.

Singapore's Straits Times index currently trades at about 13.5 times forward 12-month earnings forecasts, up from 12 times last December, according to Thomson Reuters I/B/E/S.

RTRS-HIGHLIGHTS-Top analysts call the palm oil markets for 2012- DORAB MISTRY, ANALYST AND TRADER, GODREJ

KUALA LUMPUR, March 7 (Reuters) - Following are estimates on palm oil prices and other edible oil markets from leading analysts at the Bursa Malaysia conference that ends on Wednesday.

DORAB MISTRY, ANALYST AND TRADER, GODREJ

PRICE OUTLOOK

Soft U.S. dollar will continue until end of 2012. Brent crude prices to range between $100 to $120.

Expects palm oil prices to peak at $1,250 FOB, or about 4,000 ringgit, by the end of June 2012, thanks to low output cycle, demand from India in peak summer months and stocking by Muslim countries ahead of fasting observance in July.

See a pullback after June with prices remaining in a band of $1,150 to $1,200 FOB. Prices seen declining only after there is evidence that the low cycle is ending, around November 2012.

For the second half, it depends on production. Based on this prognosis, in terms of refined, bleached and deodorised palm olein, April-May-June and July-August-September should trade at a considerable inverse to October-November-Decembt.

Expects degummed soyoil to peak at between $1,250 and $1,300 FOB. Sees Chicago bean oil futures to climb to 60 cents despite the improvement in meal prices on limited acreage for U.S. soybeans and strong soyoil use in South American biofuel sector.

Expects lauric oils to trade higher than at present. Coconut oil will go to a discount to crude palm kernel oil (CPKO) and should trade to a high of $1,550 CIF Rotterdam. CPKO will peak at $1,700 CIF Rotterdam.

GLOBAL SUPPLY/DEMAND

Global demand growth seen at 6 million tonnes in the current Oct-Sept crop year, compared to 5.3 million tonnes rise in edible oil production.

Demand from the food sector up as world economic growth seen rising by three percent although high prices will limit the demand growth to 3 million tonnes. As for biodiesel industry growth, issues in Iran will boost prices and lift the appeal of renewable energy.


SUPPLY FACTORS- PALM OIL

Crude palm oil output will be the single most important factor driving edible oil prices in 2012. Biological high cycle for palm oil production ended in December and there are now signs of tree stress.

The new low cycle will result in flat output for 2012. From March onwards, output each month will be less on a year-on-year comparison. Low cycle will end in November this year.

Keeps same estimate for Malaysian 2012 production which first issued in December. Output seen flat between 18.6-19 million tonnes. (Official Malaysian forecast is 19.3 million tonnes versus 18.9 million tonnes in 2011).

Estimates Indonesian production will be higher by about 1.4 million and will reach 26.5 million tonnes this year on maturing acreage.Official Indonesian forecast is an increase of 14 percent to 25.7 million tonnes.[ID:nL3E8C933G]

Says Malaysia's move to continue tax-free export quota for crude palm oil "can be a clever strategy if they will keep releasing more quota from time to time.

Says more Malaysian crude palm oil exports will keep stocks down and keep futures high although refineries and oleochemical plants will become idle like its biodiesel industry.

Other option is to adopt a carbon copy of the Indonesian export tax regime where tariffs of refined grade are half of that of the crude grade and do away completely with the duty-free export quota for crude palm oil.

Consumers like India, China and Pakistan unlikely to retaliate against Indonesia's tax change to protect their own refining sector as inflation in these countries remain high.


INDIA

Greater food demand to come from India's plan for a massive food security programme that will guarantee minimum amounts of cereals and food to each citizen at subsidised prices.

"When implemented it will create a large further burden of food subsidies and will also increase total Indian consumption of food grains. It is a bold step but one which is not before time."

India's edible consumption seen at a record 13.18 kilogram per capita in the current crop year, up 1.7 percent from a year ago that represents slowing growth due to high prices of vegetable oils.

India likely to buy a record 7.2 million tonnes of palm oil in Nov-Oct oil marketing year, up 8 percent from a year earlier. Soyoil imports seen flat at one million tonnes.

India's total vegetable oil imports to rise 9.3 percent to 9.48 million tonnes from a year ago on lower domestic production of rapeseed and stagnant yields.

RTRS-HIGHLIGHTS-Top analysts call the palm oil markets for 2012

KUALA LUMPUR, March 7 (Reuters) - Following are estimates on palm oil prices and other edible oil markets from leading analysts at the Bursa Malaysia conference that ends on Wednesday.

THOMAS MIELKE, EDITOR, OIL WORLD

PRICE FORECAST

"Under the lead of soybean oil, I expect vegetable oil prices to appreciate in the coming months. Although we have already appreciated quite considerably since January, we could see another increase in soybean oil prices by $80-$100 until the end of June, driving up also palm oil and other vegetable oils.

"For palm oil, there is an interesting development shaping up for April-September, following an unusually big increase in production and exports until March, the past 12 months until this March, the growth in production and exports in April-September, will be very small."

"This isn't in the market yet -- this is price supportive. Our price forecasts for the calendar year -- we will make a new record for the average of calendar year 2012 in palm oil and soybean oil."

"RBD palm olein for Malaysia $1,180. Crude palm Rotterdam $1,150. Argentine soybean oil $1,250. The premium of lauric oils relative to palm oil will narrow. My preliminary forecast for palm kernel oil is $1,400."


INDIA AND CHINA

"A slowing down of the soybean crush, will create some additional bullish potential for oils and fats. Now we are at a point where prices are in an uptrend, and I would like to point that this uptrend will be continuing and that we're going to face a relatively tight outlook for April-June, with appreciating palm oil prices within the next three months.

"Despite the boost in palm oil (output), prices weakened only slightly and already bottomed at $950 and is now moving upward, and we're not yet at the highs - prices are likely to go further up."

"India and China, the two major net importing areas, both countries need considerably more palm oil in the current season. They need approximately (extra) 2 million tonnes of oils and fats imports every year, to satisfy their demand."

"The price outlook is for higher prices, despite a further increase in palm (production) by more than 2 million tonnes."


SOYBEAN OUTLOOK:

"Soybean and rapeseed production are declining - first time ever that this has happened. We are going to see a global production deficit of around 14 million tones in the current season. Production is declining and stocks are declining.

"Quite a bullish scenario, and this is happening mainly in soybeans. For the first time ever, global soybean production is going to decline by approximately 20 million tonnes. The drought is over, weather conditions have improved but the improvement came too late."

"Very poor crop in Paraguay, very poor crop in Brazil, and now the problem is too much rain rather than insufficient."

"Soybean prices move higher, and what we've seen over the past eight weeks is a beginning but its not all of the price impact. We could see, after a temporary setback, we should see higher prices in the second half of March, probably early April."

PALM OUTPUT

"Over the past 20 years world (palm oil) production more than doubled, but it's still not yet sufficient to satisfy demand. Is palm oil production rising sufficiently? It is very clear, due to biodiesel programs in South America, we need accelerating growth in palm. (For) outlook for 2012, we believe there will be a slowing down of the

"(Production) growth here in Malaysia after last year's very good increase in yields and production. We now look at a more moderate growth of 0.4-0.5 million tones � most of this already occurring in January-March."

"Indonesia, our very preliminary estimate (is) 1.6 million tones growth to approximately 25.5 million tones in production this year. This means a global increase of approximately 2.3 million tones in 2012, this is not enough to offset insufficient production of other vegetable oils."

"We need at least 78 million tones of palm in 2020 (and) I doubt that the expansions programs currently in place in new plantings, are on track to reach this estimate."

JAMES FRY, CHAIRMAN, LMC INTERNATIONAL

PRICE FORECAST

Says if today's high crude oil prices will stay for the year and Indonesian export subsidies for refiners set the seasonal floor to Malaysian palm oil stocks at 1.85 million tonnes, Bursa Malaysia palm oil price this year will average 3,250 ringgit ($1,073), with the average palm kernel oil price 530 ringgit higher.

says if stocks are 0.3 million tonnes lower (at 1.55 million) at the low point, then the average CPO price is 3,350 ringgit.

says if Brent crude price falls steadily towards $86 per barrel by the end of the year, then the average crude palm oil price over the course of 2012 will be 2,870 ringgit.

says if there is an Iranian nuclear crisis, leading to the closure of the Straits of Hormuz, the 2012 average crude palm oil price will be 3,190 ringgit, but with a low of 1,870 ringgit.


INDONESIA EXPORT TAX

Says Malaysian stocks inextricably linked to events in Indonesia. End-month palm oil stocks were the highest ever for January in both countries.

Says Malaysian government has signalled "business as usual" in setting the crude palm oil tax-free export quota at 3.6 million tonnes this year;

Says this is the year when market should see impact of the new export tax regime in Indonesia with its incentives for refiners.

Malaysian refined oil exporters will have to concede market share to Indonesia. This will push more of the world stocks onto Malaysia.

PALM OIL OUTPUT

Revises estimates of Indonesian crude palm oil output. Output seen at 22.2 million tonnes in 2010, 25.15 million last year and 27.6 million tonnes this year.

For Malaysia, keeps 2012 forecast at 18.9 million tonnes unchanged from the previous year. ($1 = 3.027 ringgit)

RTRS-Oil World sees firmer soyoil, palm oil prices

HAMBURG, March 6 (Reuters) - Global soyoil and palm oil prices are expected to firm in coming months partly because of poor South American soybean harvests coupled with high soyoil-based biodiesel output in Brazil and Argentina, Hamburg-based oilseeds analysts Oil World said on Tuesday.

"The further increase in South American biodiesel production despite the sharply reduced soybean production will erode South American soyoil exports," it said. "This will further raise the global dependence on palm oil and contribute to appreciating prices of soyoil, palm oil and other oils and fats."

South American drought is expected to cut global soybean supplies while there will be a smaller year-on-year increase in world palm oil production in April/September 2012 than in the same period in 2011, it said.

Argentina is forecast by Oil World to raise Jan/Dec 2012 biodiesel production using soyoil as feedstock to 3.0 million tonnes from 2.4 million tonnes in 2011.

Brazil will also raise biodiesel output, it said, so restraining soyoil exports and transferring more demand to palm oil.

For Jan./June 2012 it forecasts average prices for refined, bleached and deodorised (RBD) palm oil will approach $1,200 a tonne against $1,105 on Tuesday.

Soyoil prices fob Argentina may rise to or above $1,260 a tonne against current levels of around $1,205 a tonne, it said.

RTRS-OIL WORLD CUTS BRAZILIAN 2012 SOYBEAN CROP FORECAST BY 1.5 MLN T TO 68 MLN T

HAMBURG, March 6 (Reuters) - Hamburg-based oilseeds analyst Oil World has cut its forecast of Brazil's 2012 soybean crop by 1.5 million tonnes to 68 million tonnes because of drought, it said on Tuesday.

Brazil's crop will be well down on the 75.3 million tonnes it harvested in early 2011. Global grain markets are awaiting a key U.S. Department of Agriculture forecast of Brazilian and Argentine crops on Friday, with lower South American harvests likely to transfer demand to the U.S.

"Crop reports from Brazil and Paraguay are alarming with yields obtained smaller than expected," Oil World said.

Brazilian crops had suffered from drought and recent rainfall came too late in some areas while in the important production region of Mato Grosso too much rain and lack of sun is causing the Asian Rust fungal infection which will cut yields, it said.

Oil World had previously cut its forecast of Brazil's 2012 crop on Feb. 14 to 69.5 million tonnes from 70 million tonnes estimated on Jan. 31 and 72.8 million it forecast in December.

On Monday, Brazilian crushing industry group Abiove cut its estimate for Brazil's crop to 69.5 million tonnes while Brazilian grains analyst Celeres lowered its estimate to 69.8 million tonnes.

The United States is the world's largest soybean producer followed by Brazil with Argentina in third place.

"In Argentina, very beneficial rainfall has stabilised soybean production prospects," Oil World said. It is retaining its forecast of Argentina's 2012 soybean crop of 47.0 million tonnes, down on the 49.2 million tonnes harvested in 2011 in Argentina.

Oil World currently forecasts Paraguay's soybean crop at 4.6 million tonnes, down from 8.3 million tonnes harvested last year.

RTRS-ARGENTINE DOCK WORKERS UNION SAYS STRIKE STOPS GRAINS CARGO SHIPS FROM MOORING IN ROSARIO

BUENOS AIRES, March 6 (Reuters) - Argentine dock workers are still on strike, preventing 150 grain ships from mooring in the country's main shipping hub of Rosario, union official Omar Suarez said on Tuesday.

The country's port chamber, known as CAPYM, said on Friday the workers had ended their strike. But Suarez said the work stoppage continued while the union, known by it Spanish acronym SOMU, demands better work conditions.

Trader's Highlight

DJI-NEW YORK, March 6 (Reuters) - The Dow dropped more than 200 points on Tuesday, handing Wall Street its worst day in three months on renewed fears of a disorderly default in Greece and concerns that China's slowdown would hit global growth.

Analysts have expected a pullback for weeks, citing an overstretched market. Despite the day's decline, the S&P 500 is still up almost 7 percent for the year. If fourth-quarter gains are included, the benchmark index is still up almost 20 percent since Sept. 30.

The Dow Jones industrial average <.DJI> slid 203.66 points, or 1.57 percent, to close at 12,759.15. The Standard & Poor's 500 Index <.SPX> dropped 20.97 points, or 1.54 percent, to 1,343.36. The Nasdaq Composite Index <.IXIC> fell 40.16 points, or 1.36 percent, to end at 2,910.32.

NYMEX-NEW YORK, March 6 (Reuters) - U.S. crude oil futures fell nearly 2 percent on Tuesday as global economic worries and concerns about Greece's debt restructuring pushed the euro lower against the dollar, diminishing investors' appetite for oil and other commodities as well as equities.

News that major powers accepted Iran's offer for talks about its disputed nuclear program eased concerns about supply disruptions, and that also pressured crude futures.

Gasoline and heating oil futures fell nearly 3.0 cents, or almost 1 percent, dragged down by crude. On the New York Mercantile Exchange, crude for April delivery settled at $104.70 a barrel, falling $2.02, or 1.89 percent, after trading between $104.51 and $107.34. Trading volume was slightly above the 30-day average, Reuters data showed.

CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade closed higher, rallying from early declines on unconfirmed talk of Chinese demand for U.S. soybeans and reduced estimates for Brazil's crop, traders said.

Soymeal posted the biggest percentage gains in the soy complex, buoyed by chart-based buying and spreading against soyoil, which closed lower. Spot soymeal has risen in nine of the last 10 sessions while soyoil has fallen for six straight
days.

Hamburg-based oilseeds analyst Oil World cut its forecast of Brazil's 2012 soybean crop by 1.5 million tonnes to 68 million tonnes because of drought.

Argentine dock workers are still on strike, preventing 150 grain ships from mooring in the country's main shipping hub of Rosario, a union official said.

Soy market shrugged at strength in the U.S. dollar, normally a bearish signal for dollar-backed grains and oilseeds.
The dollar firmed as worries over euro zone debt and the global

FCPO- KUALA LUMPUR, March 6 (Reuters) - Malaysian crude palm oil futures fell for a third day on Tuesday, on signs of a wider correction in the market that traders say went up too high last month, although losses were curbed ahead of a key price outlook meeting in Kuala Lumpur.

Prices rose more than six percent in February alone, setting the stage for upbeat price outlooks at the Bursa Malaysia conference, although some traders said still high stocks and an uncertain global economic outlook did not justify the gains.

"The palm oil market is overbought and there should be a greater correction coming in," a trader with a foreign commodities brokerage said at the sidelines of the conference.

Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange ended 0.1 percent lower at 3,242 ringgit ($1,072) per tonne. Traded volumes were thin, at 12,476 lots of 25 tonnes each,compared to the usual 25,000 lots, as most dealers were attending the palm oil conference.

REGIONAL EQUITY- BANGKOK, March 6 (Reuters) - Southeast Asian stocks fell on Tuesday, with Singapore hitting a one-month low, as concerns about the health of the global economy weighed on market sentiment, prompting investors to take profits on recent gains in regional big caps.

Singapore's Straits Times Index <.FTSTI> finished down 2 percent, weighed down by a 4.6 percent drop in commodities firm Noble Group Ltd and a 6.3 percent slide in oil-rig builder Sembcorp Marine Ltd .

Sembcorp Marine had climbed nearly 35 percent in the three months to Monday's close, while Noble had risen over 13 percent as global investors' appetite for riskier assets revived.

In Kuala Lumpur, Malayan Banking Bhd edged up 0.2 percent, rebounding from its day's low. In Bangkok, Thanachart Capital Pcl rose 3.5 percent amid earnings optimism while top energy firm PTT Pcl lost 1.4 percent.

In Singapore, Sembcorp Marine tumbled after state investor Temasek sold part of its stake in the firm at a discount of 2.75 percent to its last closing price.