Will 3033 come to test for FCPO?

FCPO tumbled after the opening bell, crack 3200 and broke the support at 3156. Will 3033 (low since 1st Apr) come to test?

Breaking News-India edible oil imports to jump on poor crop-trade

NEW DELHI, July 22 (Reuters) - India's imports of edible oils will jump more than 50 percent in the first half of the crop year from November, as its summer-sown oilseed crop is set to fall 13 percent due to weak rainfall, a leading oilseed trader said.Oilseed output, excluding castor, which is not edible, is expected to fall to 13.8 million tonnes from 15.9 million tonnes due to poor rains in western and southern India, Govindbhai Patel, a leading trader, told Reuters.

Breaking News-Oil World forecasts large global 2008/09 soy crop

HAMBURG, July 22 (Reuters) - The global 2008/09 soybean harvest is likely to rise to 241.26 million tonnes, up 18.5 million tonnes from last season, Hamburg-based oilseeds analysts Oil World said on Tuesday.

Trader's Highlight

DJI-NEW YORK, July 22 (Reuters) - U.S. stocks rose more than 1 percent on Tuesday as oil prices slid over $3 a barrel, taking the edge off a raft of disappointing earnings from American Express and others as well as a weak outlook from iPod maker Apple.The Dow Jones industrial average <.DJI> rose 135.16 points, or 1.18 percent, to 11,602.50, while the Standard & Poor's 500 Index <.SPX> ended up 17.00 points, or 1.35 percent, at 1,277.00. The Nasdaq Composite Index <.IXIC> was up 24.43 points, or 1.07 percent, at 2,303.96.

NYMEX-NEW YORK, July 22 (Reuters) - U.S. crude oil futures fell more than $3 on Tuesday, ending at a six-week low as the threat of Tropical Storm Dolly to oil drillers and refineries in the Gulf of Mexico and Texas eased. August crude expired and settled down $3.09, or 2.36 percent, at $127.95, the lowest since $127.79 on June 5.

CBOT-SOYBEANS - Up 6 to 13-1/2 cents per bushel, with August up 7-1/4 at $14.16-3/4 per bushel.Shrinking stocks of soy and oversold technical signals after Monday's decline supportive to market. Bean/corn spreading and some concern about possible harsh weather in August that might harm the key U.S. soy pod-setting also supportive. Gains limited by falling crude oil, firm dollar, current good crop weather in the U.S. Midwest and improving crop conditions.

SOYOIL - Unchanged to up 0.30 cent per lb, with August up 0.22 at 60.13 cents per lb.

FCPO-KUALA LUMPUR, July 22 (Reuters) - Malaysia crude palm oil futures ended off their highs on Tuesday on late profit-taking spurred by talk, later confirmed, that Indonesia would cut export taxes for palm oil products.Benchmark October contract on the Bursa Malaysia Derivatives Exchange was 8 ringgit down 3,252 ringgit ($1,005) a tonne.

Regional equities-Southeast Asian stocks were generally higher on Monday.Singapore's main index <.FTSTI> climbed 2.5 percent to a one-week high of 2,919.2. The main Thai index <.SETI> gained 3.4 percent to 687.3, near a one-week high, and Indonesian stocks<.JKSE> were 2.5 percent higher.Malaysian stocks <.KLSE> erased their early gains, ending 0.14 percent down at a 16-month low because of political uncertainties.

DJI extend gains

DJI extended gains and violated the immediate downtrend line had helped to cushion the market downside momentum. Market may move sideways to higher in near term. Look for the resistance at 11808.73, while support at 10827.71.

Market tone: sideways to higher

FCPO remains bearish

Looks like bear still don't want to give up as overall technical landscape remains weak. Continue to look for the downside support at 3156. For upside, resistance is at 3335-3358 (gap left over on 21 July, 2008).

Market tone: weak

Trader's Comment-FCPO ended mix

CPO futures ended mix in a technical rebound trading day after yesterday’s sharp fall. Lately, FCPO prices had been tumbled since last Wednesday after it closed below 3500 level. On the back of few negative factors, higher local inventories, slow destination sales. Report said that ample supplies in China and Argentine's move to repeal a controversial export tax on soy. News that Indonesia reduces its export tax from 20% to 15% for the month of August had weighed on prices also.

Breaking News-China buys soyoil, beans for it reserves-trades

BEIJING, July 22 (Reuters) - China has bought about 400,000 tonnes of soyoil and up to 1 million tonnes of soybeans for its reserves, in an effort to further dampen domestic prices and keep inflation in check, traders said on Tuesday.Expectations that the purchases would be soon followed by sales from the reserves pushed down edible oils futures in China on Monday and Tuesday.

Breaking News-Indonesia cuts palm oil export tax

JAKARTA, July 22 (Reuters) - Indonesia has cut export taxes for palm oil products in August to bring them in line with international prices, the trade ministry said on Tuesday. The export tax for crude palm oil in August will be cut to 15 percent from 20 percent in July, while the base export price for crude palm oil will be cut 3.3 percent to $1,106 a tonne from $1,144 a tonne.

FKLI in range bound mode

Range bound trading looks may continue as prices stuck in a triangle zone. Continue to look for the immediate support at 1083.0-1086.5. For upside, resistance is at 1120-1125.

Market view: sideways

KLSE close in positive territory

KLSE close in positive territory. Nevertheless, prices remained trade below the downtrend line. Market may extend its consolidation phase in near term.

Market tone: weak

Gold prices to be in retracement and consolidation mode

Gold prices retrace a little after four straight days of upswing. Gold prices to be in retracement and consolidation mode. Prices trading along the immediate up-trend line, as long as the up-trend line do not violated and the gap between 942-948 remained unfilled, chances to re-challenge the 1,000 mark still there.

FCPO recouped early losses

Some short covering activities were evident after yesterday sharp fall. CPO futures prices recovered in the midday break to end positively. We continue to look for the immediate support at 3197. Resistance is at 3335-3378 (gap left over on 21 July, 2008)

Market tone: weak

Breaking News-RTRS-Interview-Malaysia sees no windfall tax cut on planters

RTRS-Malaysia's Commodities Minister says unlikely to cut windfall tax on oil palm planters this year.
RTRS-Malaysia says implementation of palm-based-bio-diesel not likely this year as cpo prices too high.
RTRS-Malaysia says crude palm oil production seen at 17 mln tonnes in 2008 vs 15.8 mln tonnes in 2007.

FKLI ends lower in midday break

Range bound trading likely to continue and see immediate support at 1083-1086.5 was pretty well defend. Upside resistance is at 1122.

Market tone: sideways

KLSE rebound from yesterday losses

KLSE close in positive territory recovered from yesterday losses. Consolidation phase may continue.

Market tone: weak

Breaking News-DJ FOCUS: India Summer-Sown Crop May Be Hit On Weak Rains

MUMBAI (Dow Jones)--India's summer crop planting could take a turn for the worse if the weakness in monsoon rains continues in the next couple of weeks,industry participants said.
Planting of India's summer crops such as rice, corn, oilseeds, cotton and sugar cane is now underway, and good monsoon rains are critical because 60% of the country's farmlands are rain-fed.

Trader's Highlight

DJI-NEW YORK, July 21 (Reuters) - U.S. stocks slipped on Monday, as oil turned higher after last week's sharp drop and Merck and Schering-Plough hurt the pharmaceuticals sector.The Dow Jones industrial average <.DJI> fell 29.23 points, or 0.25 percent, to 11,467.34. The Standard & Poor's 500 Index <.SPX> dipped 0.68 of a point, or 0.05 percent, to 1,260. The Nasdaq Composite Index <.IXIC> slipped 3.25 points, or 0.14 percent, to 2,279.53.

NYMEX-NEW YORK, July 21 (Reuters) - U.S. crude oil futures settled higher on Monday,ending a four-day losing streak as Tropical Storm Dolly was forecast to hit a key refinery area in Texas and as worries persisted over Iran's standoff with world powers over its nuclear program.August crude settled $2.16, or 1.68 percent, higher at $131.04 a barrel.

CBOT-SOYBEANS - Down 17 to 60-1/2 cents per bushel, with August down 60-1/2 at $14.09-1/2 per bushel.Good crop weather in U.S. Midwest weighs in addition to pressure from news late last week that Argentina was scrapping a tax hike on exports of soy, Argentine ag secretary to be replaced.

SOYOIL - Down 1.90 to 2.27 cents per lb, with August down 2.18 at 59.91 cents per lb.Pressured by drop in soybeans and lower Asian trade for soyoil and palm oil. Losses limited by gains in crude oil.

FCPO-KUALA LUMPUR, July 21 (Reuters) - Malaysian crude palm oil futures dived 5.7 percent on Monday to a near four-month low as crude oil's steepest ever one week slide last week battered vegetable oil markets from the United States to China.

Argentina's move to repeal a controversial export tax on soy also weighed on Malaysian palm futures. Chicago Board of Trade soyoil also fell.

The benchmark October palm oil contract on the Bursa Malaysia Derivatives Exchange fell as much as 195 ringgit to 3,197 ringgit ($985.8), a level unseen since April 2. At the close, it was down 132 ringgit to 3,260 ringgit.

Regional equities-July 21 (Reuters) - Southeast Asian stocks were generally higher on Monday, with gains in financials such as DBS Group pushing Singapore to a one-week high and the recent drop in oil prices bolstering Thai and Indonesian big-caps.

Singapore's main index <.FTSTI> climbed 2.5 percent to a one-week high of 2,919.2. The main Thai index <.SETI> gained 3.4 percent to 687.3, near a one-week high, and Indonesian stocks
<.JKSE> were 2.5 percent higher.Malaysian stocks <.KLSE> erased their early gains, ending 0.14 percent down at a 16-month low because of political uncertainties. Vietnam <.VNI> fell 2.5 percent but the Philippines' benchmark index <.PSI> ended 1.13 percent higher.

DJI in consolidation phase

DJI took a breathe after sharp rebound for 3 straight days. Market may extend its consolidation phase in near term.

Breaking News-FCPO tumbles to 4-month low

CPO futures plunge further to crack 3200 in the earlier session trading, tracking limit down in Dalian soyoil and palm futures contracts and also lower e-cbot. Dalian limit down move was pressured by a report said that heavy arrivals of soybeans in June and ample supplies of soyoil as a result of higher output by crushers.