KUALA LUMPUR, March 30 (Reuters) - Malaysia's palm oil industry could contribute 7.6 percent of real GDP by 2020, outstripping the electronics sector, estimates and recommendations from the National Economic Advisory Council show.
This makes palm oil a key sector that will drive the Southeast Asian country's New Economic Model, which Prime Minister Najib Razak unveiled on Tuesday.
Wednesday, March 31, 2010
Breaking News-RTRS-Oil World hikes forecast of Argentine soybean crop
HAMBURG, March 30 (Reuters) - Argentina's 2010 soybean crop is likely to rise to 53.3 million tonnes from 32 million tonnes in 2009, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
This was up by 1.3 million tonnes from Oil World's previous estimate on March 2.
It also raised its forecast of Brazil's 2010 soybean crop to 66.0 million tonnes, a more moderate rise of 0.5 million tonnes from its previous forecast and up from 57.5 million tonnes last year.
This was up by 1.3 million tonnes from Oil World's previous estimate on March 2.
It also raised its forecast of Brazil's 2010 soybean crop to 66.0 million tonnes, a more moderate rise of 0.5 million tonnes from its previous forecast and up from 57.5 million tonnes last year.
Breaking News-RTRS-China Dalian soyoil up on import curb talk -trade
BEIJING, March 30 (Reuters) - China's Dalian soyoil and palmoil contracts <0#DBY:> <0#DCP:> traded higher on Tuesday, supported by market talk that the government may take measures to restrict imports of soyoil, traders said.
The commerce ministry has asked 16 edible oil companies for an emergency meeting, triggering speculation that the government might take steps to restrict imports because it has a surplus of supplies at home, the Dalian Commodity Exchange said in a short notice to media.
The commerce ministry has asked 16 edible oil companies for an emergency meeting, triggering speculation that the government might take steps to restrict imports because it has a surplus of supplies at home, the Dalian Commodity Exchange said in a short notice to media.
Trader's Highlight
DJI-NEW YORK, March 30 (Reuters) - U.S. stocks rose in a slow session on Tuesday on data showing more stabilization in the economy, while Apple Inc rallied on a report that it was developing a new iPhone.
With the S&P 500 <.SPX> now up 73.4 percent from the March 2009 bottom and on track for a fourth straight quarterly gain, investors chose to lock in profits, with financials taking the brunt of the selling.
The Dow Jones industrial average <.DJI> edged up 11.56 points, or 0.11 percent, to end at 10,907.42, not far below the 11,000 mark. The Standard & Poor's 500 Index <.SPX> added just 0.05 of a point, or 0.00 percent, to 1,173.27. The Nasdaq Composite Index <.IXIC> rose 6.33 points, or 0.26 percent, to close at 2,410.69.
NYMEX-NEW YORK, March 30 (Reuters) - U.S. crude oil futures rose slightly in post-settlement trading on Tuesday, after industry data showed a much smaller-than-expected increase in crude stocks last week.
Heating oil and gasoline futures edged up, as data from the American Petroleum Institute showed that distillate and gasoline supplies fell, but by less than analysts had forecast.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), May crude was up 44 cents at $82.61 a barrel. It had settled up 20 cents, or 0.24 percent, at $82.37, trading from $81.77 to $82.74.
CBOT-CHICAGO, March 30 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - May up 6-1/2 cents at $9.74 per bushel. Nearby May leads the way up on shrinking U.S. soy supplies and concern about labor unrest in Argentina. May/November widened 5-1/2 cents and May/November closed at 42-1/2 cents, premium May.
CBOT-SOYOIL - May down 0.60 cent at 38.67 cents per lb. Pressured by talk that China may take steps to restrict imports on soyoil.
FCPO-KUALA LUMPUR, March 30 (Reuters) - Malaysian crude palm oil futures rose 1 percent on Tuesday, recovering from seven-week lows on stronger crude oil prices.
Traders said the palm oil market, which has lost 4.4 percent so far this year, could rebound as it has been oversold for many days.
The benchmark June crude palm oil contract on the Bursa Malaysia Derivatives Exchange gained 25 ringgit to settle at 2,545 ringgit ($779.5) after going as low as 2,501 ringgit -- a level unseen since Feb 5. Overall traded volume surged to 19,557 lots of 25 tonnes each from the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, March 30 (Reuters) - Thai stocks rose on Tuesday, turning round after three days of losses as investors bought energy shares as oil firmed, but Malaysia ended flat, shrugging off the prime minister's promise of economic reforms.
Other major markets in the region were little changed, with Singapore edging up 0.15 percent and Indonesia inching up 0.13 percent. Bucking the trend, Vietnam <.VNI> fell nearly 1 percent.
Malaysia's index <.KLSE> was flat even though Prime Minister Najib Razak unveiled long-promised economic reforms on Tuesday, with plans to reduce race-based programmes in what he described as a "bold transformation". A lack of detail prompted scepticism.
In Singapore, Singapore Telecoms fell 0.3 percent while Wilmar International rose 1.5 percent.
With the S&P 500 <.SPX> now up 73.4 percent from the March 2009 bottom and on track for a fourth straight quarterly gain, investors chose to lock in profits, with financials taking the brunt of the selling.
The Dow Jones industrial average <.DJI> edged up 11.56 points, or 0.11 percent, to end at 10,907.42, not far below the 11,000 mark. The Standard & Poor's 500 Index <.SPX> added just 0.05 of a point, or 0.00 percent, to 1,173.27. The Nasdaq Composite Index <.IXIC> rose 6.33 points, or 0.26 percent, to close at 2,410.69.
NYMEX-NEW YORK, March 30 (Reuters) - U.S. crude oil futures rose slightly in post-settlement trading on Tuesday, after industry data showed a much smaller-than-expected increase in crude stocks last week.
Heating oil and gasoline futures edged up, as data from the American Petroleum Institute showed that distillate and gasoline supplies fell, but by less than analysts had forecast.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), May crude
CBOT-CHICAGO, March 30 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, March 30 (Reuters) - Malaysian crude palm oil futures rose 1 percent on Tuesday, recovering from seven-week lows on stronger crude oil prices.
Traders said the palm oil market, which has lost 4.4 percent so far this year, could rebound as it has been oversold for many days.
The benchmark June crude palm oil contract
REGIONAL EQUITIES-BANGKOK, March 30 (Reuters) - Thai stocks rose on Tuesday, turning round after three days of losses as investors bought energy shares as oil firmed, but Malaysia ended flat, shrugging off the prime minister's promise of economic reforms.
Other major markets in the region were little changed, with Singapore edging up 0.15 percent and Indonesia inching up 0.13 percent. Bucking the trend, Vietnam <.VNI> fell nearly 1 percent.
Malaysia's index <.KLSE> was flat even though Prime Minister Najib Razak unveiled long-promised economic reforms on Tuesday, with plans to reduce race-based programmes in what he described as a "bold transformation". A lack of detail prompted scepticism.
In Singapore, Singapore Telecoms
CBOT Soyoil Daily: Weaken
Market momentum weaken further following prices violated the immediate downside support at Usc39.00. Thus, market may move sideways to lower in near term. To the upside resistance is pegged at USc40.00 while downside support is lies at USc38.50-38.00.
FKLI Daily: Facing some resistance at 1328 levels
Market looks is facing some resistance at 1328 levels. Violation of it may lift market to challenge the recent high at 1337 levels. To the downside, support is pegged at 1310-1300.
FCPO Daily: 2500 levels defended
Market defended at 2500 levels and rebounded after drop for straight two days. However, immediate technical landscape remains weak. Thus, market looks may continue to move sideways to lower in near term. As for now, we continue to look for the upside resistance at 2595-2600. While, immediate downside support is lies at 2500 followed by 2470-2462 (gap left over since 3/2/2010).
Tuesday, March 30, 2010
Breaking News-RTRS-MALAYSIA PM NAJIB SAYS TIME TO REVIEW IMPLEMENTATION OF AFFIRMATIVE ACTION POLICIES
March 30 (Reuters) -: * Malaysia pm najib says time to review implementation of affirmative action policies * Malaysia pm najib says social support to be based on needs not race * Malaysia pm najib says employees provident fund to be allowed to invest more assets offshore * Malaysia pm najib says epf overseas investment to rise significantly from 6pct of total * Malaysia to list stakes in two petronas units -pm
Breaking News-RTRS-UPDATE 1-Malaysia PM unveils economic reforms
KUALA LUMPUR, March 30 (Reuters) - Malaysia's prime minister on Tuesday unveiled long-promised economic reforms that he said would make this Southeast Asian country a developed nation by 2020 but he provided few clues as to how he would get there.
Najib Razak's "New Economic Model" said Malaysia would grow by 6.5 percent a year from 2011 to 2020 so as to be able to join the club of developed nations. He pledged to cut the budget deficit and introduce new taxes to do so.
Najib Razak's "New Economic Model" said Malaysia would grow by 6.5 percent a year from 2011 to 2020 so as to be able to join the club of developed nations. He pledged to cut the budget deficit and introduce new taxes to do so.
Breaking News-RTRS-Unilever: No plans to cut palm oil supply ties with IOI
KUALA LUMPUR, March 29 (Reuters) - Consumer goods giant Unilever said it would not cancel palm oil supply contracts with Malaysia's IOI and that it was confident the planter would address concerns over logging forests raised by a green group.
IOI Corp, Malaysia's No. 2 planter, had dismissed the report by Friends of the Earth that it cleared rainforests on Borneo island to expand, saying the allegations were inaccurate.
IOI Corp, Malaysia's No. 2 planter, had dismissed the report by Friends of the Earth that it cleared rainforests on Borneo island to expand, saying the allegations were inaccurate.
Breaking News-RTRS-Malaysian palm prices to rise, output lower-Mistry
LONDON, March 29 (Reuters) - Malaysian crude palm oil futures prices look set to rise, possibly by more than 25 percent, with a second consecutive decline in production anticipated this year, a top analyst said on Monday.
Breaking News-RPT-Grains Week Ahead - USDA data to set market tone
CHICAGO, March 28 (Reuters) - The U.S. government on Wednesday will issue its first survey-based estimates of how many acres of corn and soybeans farmers will plant this spring. Traders say there will be more of both than in 2009. In fact, they expect corn acres to be the second-largest in 65 years, with a record high for soy.
The report could signal prospects of back-to-back seasons of mammoth crops from theworld's top grower and exporter of corn and soybeans, and provide key trading signals not only to the Chicago Board of Trade but grain markets across the globe.
The report could signal prospects of back-to-back seasons of mammoth crops from theworld's top grower and exporter of corn and soybeans, and provide key trading signals not only to the Chicago Board of Trade but grain markets across the globe.
Breaking News-RTRS-ANALYSIS-Argentine strike keeps CBOT soy spread on the boil
CHICAGO, March 29 (Reuters) - The combination of an expanding port strike in Argentina and tight supplies of old-crop U.S. soybeans looks set to keep Chicago Board of Trade soybean and soymeal spreads on the boil this week.
The spread, or price difference, between the nearby May CBOT soybean futures contract and the deferred November contract settled Monday at 42 cents, premium May, its widest point in nearly three months.
The spread, or price difference, between the nearby May CBOT soybean futures contract
FKLI Daily: May challenge recent high at 1337 levels.
Market continue to inch higher and looks may want to challenge the recent high at 1337 levels. To the downside, support is pegged at 1310-1300.
CBOT Soyoil Daily: in Consolidation phase
Market still in consolidation phase following prices found some immediate support at USc39.00. Upside resistance is pegged at USc40.30-40.60 followed by USc41.00
Trader's Highlight
DJI-NEW YORK, March 29 (Reuters) - U.S. stocks rose on Monday as miners and energy companies advanced on dollar weakness and investors bought recent high fliers as the quarter's end approached.
The dollar's decline boosted commodities prices, including crude oil. Exxon Mobil Corp was up 1.1 percent to $67.30 and the S&P energy index <.GSPE> rose 1.8 percent.
The Dow Jones industrial average <.DJI> rose 45.50 points, or 0.42 percent, to 10,895.86 -- it's highest close since September 2008. The Standard & Poor's 500 Index <.SPX> climbed 6.63 points, or 0.57 percent, to 1,173.22. The Nasdaq Composite
Index <.IXIC> jumped 9.23 points, or 0.39 percent, to 2,404.36.
NYMEX-NEW YORK, March 29 (Reuters) - U.S. crude futures ended higher on Monday for the first time in four sessions, supported by a weaker dollar, higher equity prices and data showing consumer spending rising for the fifth straight month.
Some analysts also cited geopolitical worries arising from a suicide bombing that killed at least 38 people on packed Moscow metro trains on Monday.
On the New York Mercantile Exchange, May crude closed up $2.17, or 2.71 percent, at $82.17 a barrel, trading from $80.18 to $82.78. The day's percentage gain was the highest for a day since prices ended up 3.89 percent Feb. 16.
CBOT-CHICAGO, March 29 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - May up 15-1/2 cents at $9.67-1/2 per bushel. Market climbs on weak dollar, higher crude oil and concerns about ability of Argentina to ship soybeans due to spreading labor protests.
CBOT-SOYOIL - May up 0.32 cent at 39.27 cents per lb. Firm crude oil, higher soy and weak dollar combine to lift soyoil futures.
FCPO-KUALA LUMPUR, March 29 (Reuters) - Malaysia palm oil futures fell to seven-week lows on Monday due to the stronger ringgit currency against the dollar and expectations of weak export growth this month.
Palm oil futures have lost 5.4 percent so far this year on expectations of a bumper South American soybean crop and volatility in foreign exchange markets.
Benchmark June crude palm oil futures on the Bursa Malaysia Derivatives Exchange settled down 14 ringgit, or 0.55 percent, at 2,520 ringgit ($762.5) after going as low as 2,510 ringgit -- a level not seen since Feb. 8.
REGIONAL EQUITIES-BANGKOK, March 29 (Reuters) - Indonesia's stock market ended lower on Monday as bank shares fell prey to profit-taking, while Thai stocks fell for a third session as worries grew over anti-government protests in the capital.
The region overall was mixed, with Singapore and Malaysia posting small gains while the Philippines and Vietnam were flat.
Singapore's index <.FTSTI> rose for a third day, adding 0.8 percent, led by big caps and banking stocks. Singapore Telecoms rose 2.2 percent, Oversea Chinese Banking Corp gained 1.3 percent and United Overseas Bank climbed 1 percent.
In Kuala Lumpur, the index extended its gains into a fifth session, finishing 0.3 percent higher, led by Malayan Banking and Axiata Group , which rose about 1 percent each.
The dollar's decline boosted commodities prices, including crude oil. Exxon Mobil Corp
The Dow Jones industrial average <.DJI> rose 45.50 points, or 0.42 percent, to 10,895.86 -- it's highest close since September 2008. The Standard & Poor's 500 Index <.SPX> climbed 6.63 points, or 0.57 percent, to 1,173.22. The Nasdaq Composite
Index <.IXIC> jumped 9.23 points, or 0.39 percent, to 2,404.36.
NYMEX-NEW YORK, March 29 (Reuters) - U.S. crude futures ended higher on Monday for the first time in four sessions, supported by a weaker dollar, higher equity prices and data showing consumer spending rising for the fifth straight month.
Some analysts also cited geopolitical worries arising from a suicide bombing that killed at least 38 people on packed Moscow metro trains on Monday.
On the New York Mercantile Exchange, May
CBOT-CHICAGO, March 29 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, March 29 (Reuters) - Malaysia palm oil futures fell to seven-week lows on Monday due to the stronger ringgit currency against the dollar and expectations of weak export growth this month.
Palm oil futures have lost 5.4 percent so far this year on expectations of a bumper South American soybean crop and volatility in foreign exchange markets.
Benchmark June crude palm oil futures
REGIONAL EQUITIES-BANGKOK, March 29 (Reuters) - Indonesia's stock market ended lower on Monday as bank shares fell prey to profit-taking, while Thai stocks fell for a third session as worries grew over anti-government protests in the capital.
The region overall was mixed, with Singapore and Malaysia posting small gains while the Philippines and Vietnam were flat.
Singapore's index <.FTSTI> rose for a third day, adding 0.8 percent, led by big caps and banking stocks. Singapore Telecoms
In Kuala Lumpur, the index extended its gains into a fifth session, finishing 0.3 percent higher, led by Malayan Banking
NYMEX Crude Daily: More strength is still needed
Market rebounded sharply to draw a long white candle had improved a little the immediate technical outlook. However, more strength is still needed in order to change the current outlook to look more positively. Thus, market may consolidate and move in the range of upside at USD83.16-83.95 to the downside at USD78.57.
FCPO Daily: 2500 able to defend?
Immediate technical landscape dampened further following market continue to lose ground and fully cover the downside gap left over at 2528-2523. Thus, market looks may continue to move sideways to lower in near term. As for now, we continue to look for the upside resistance at 2595-2600. While, immediate downside support is lies at 2500 followed by 2470-2462 (gap left over since 3/2/2010).
Monday, March 29, 2010
Breaking News-RTRS-Malaysian palm oil firm denies clearing rainforests
KUALA LUMPUR, March 26 (Reuters) - Malaysia's second-largest planter IOI Corp dismissed claims by a green group that it cleared rainforests on Borneo island to expand oil palm estates, saying the report was inaccurate.
IOI Corp said on Friday it conducted its own investigations and held a dialogue with Friends of the Earth group, which published a report last week looking at how the planter was expanding estates on the Indonesian side of the island.
IOI Corp said on Friday it conducted its own investigations and held a dialogue with Friends of the Earth group, which published a report last week looking at how the planter was expanding estates on the Indonesian side of the island.
Breaking News - RTRS-PREVIEW-Corn, wheat stockpiles to rise; soy seen shrinking
CHICAGO, March 25 (Reuters) - U.S. corn supplies were
expected to reach their highest level in more than 20 years as
a bumper harvest last autumn led to growing stockpiles despite
rising demand for the crop.
Soybean supplies were expected to fall in the U.S.
Agriculture Department's quarterly stocks report, which will be
issued on March 31, due to aggressive buying by China on the
export market but wheat stocks were seen at a 10-year high as
overseas buyers were looking to other countries to satisfy
demand.
expected to reach their highest level in more than 20 years as
a bumper harvest last autumn led to growing stockpiles despite
rising demand for the crop.
Soybean supplies were expected to fall in the U.S.
Agriculture Department's quarterly stocks report, which will be
issued on March 31, due to aggressive buying by China on the
export market but wheat stocks were seen at a 10-year high as
overseas buyers were looking to other countries to satisfy
demand.
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