Breaking News-RTRS-UPDATE 1-Indonesia keeps May palm oil export tax at zero

JAKARTA, April 24 (Reuters) - Indonesia retained its zero percent palm oil export tax in May, while raising the crude palm oil base export price to $560 per tonne from $515 per tonne in April, a trade ministry official said on Friday.

Breaking News--RTRS-India may import record veg oils in 2008/09-trade

NEW DELHI, April 23 (Reuters) - India's vegetable oil imports, which have surged in the past few months, are expected to rise further in April and May and take purchases to a record in the year to October, a leading trade body said on Thursday.
Vegetable oil imports were expected to touch an all-time high of 7.5 million tonnes in 2008/09, 19 percent more than the current record of 6.3 million tonnes in 2007/08, Ashok Sethia, president of the Solvent Extractors Association of India (SEA), said in a statement.

Trader's Highlight

DJI-NEW YORK, April 23 (Reuters) - U.S. stocks rose in volatile trade on Thursday as better-than-expected results from several regional banks lifted financial shares,
overshadowing disappointing economic data and anemic outlooks from economic bellwethers like United Parcel Service.

But investors wrestled with the possibility that the federal government's "stress tests" on 19 major U.S. banks may reveal weaknesses, which created volatility throughout the session. The government is set to unveil results on May 4.

The Dow Jones industrial average <.DJI> gained 70.49 points, or 0.89 percent, to 7,957.06. The Standard & Poor's 500 Index <.SPX> rose 8.37 points, or 0.99 percent, to 851.92. The Nasdaq Composite Index <.IXIC> added 6.09 points, or 0.37 percent, to 1,652.21.

NYMEX-NEW YORK, April 23 (Reuters) - U.S. crude oil futures ended higher on Thursday as Wall Street climbed back up and the weakened dollar attracted investors' money to commodities such as oil.

On the New York Mercantile Exchange, June crude settled up 77 cents, or 1.58 percent, at $49.62 a barrel, trading from $48.37 to $49.92.

CBOT-SOYBEANS - May down 8-1/4 cents per bushel at $10.37-3/4 per bushel.

Profit-taking and corn/soy spreading weighed on soybean futures in late dealings. Wet weather in the Midwest led to ideas for lower corn acreage and higher soybean acreage.

U.S. Census Bureau said U.S. soy crush in March 144.66 million bushels, above average estimate for 144.2 million.

CBOT-SOYOIL - May up 0.11 cent per lb at 36.20 cents per lb. Following higher palm oil futures.

U.S. Census Bureau said U.S. soyoil stocks at the end of March 3.064 billion lbs, below average estimate for 3.110 billion.

FCPO-JAKARTA, April 23 (Reuters) - Malaysian crude palm oil futures rose 4.2 percent on Thursday to its highest finishing in eight and a half months, fuelled by escalating fears over supply tightness, traders said.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange rose 105 ringgit to 2,580 ringgit ($712.70), the strongest closing level since August 29.

Other traded months rose between 15 and 98, except for the August contract, which fell 90 ringgit. <0#KPO:> Overall volume was more than triple the usual level at 33,490 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, April 23 (Reuters) - Southeast Asian shares ended mixed on Thursday, unsettled by worries over the banking sector and corporate earnings, but Singapore and Thailand snapped recent falls, helped by appetite for commodity-linked shares.

Thai stocks <.SETI> led advancers, rising 1.2 percent. Malaysia <.KLSE>, Southeast Asia's second-best performer this year after Indonesia, climbed 1.04 percent but Vietnamese stocks <.VNI> lost 2.07 percent.

DJI Daily: stuck in sideways

Immediate daily technical landscape nothing much improved as market remains in sideways move. We continue to look for the resistance at 8100-8200. While, downside support is pegged at 7700 followed by 7500-7400 level.

KLSE Daily: inching higher

Market continue to inch higher. We maintain the upside resistance 980-985. Meanwhile, downside support is pegged at 968-966 (gap left over on 22/4/2009).

FKLI Daily: eyeing 1000 mark

Bull shows the power and continue to strike. Market looks is eyeing 1000 mark. While, downside support is pegged at 965-960.

FCPO Daily: ends of consolidation mode

Market ended the consolidation mode following prices violated 2540 level convincingly. This may indicate more upside room for near term market. As for now, we are looking for the upside resistance at 2600-2675. To the downside, support is pegged at 2420-2400.

Trader's Comment: CPO futures furiously broke above 2500 level on late trading and rallied strongly to 7 month high.

CPO futures furiously broke above 2500 level on late trading and rallied strongly to 7 month high with triple digit gains on record volume. Benchmark July09 initially climbed slowly after second session opened but gradually became more aggressive. 2500 level was then easily broken and this triggered a wave of panic covering activities. Buyers became more furious and pushed Benchmark July09 to the high of 2586 before it finally settled RM105 higher at 2580. External vege oil market also follow suit as they erased their early losses to trade higher in late trading. Daily volume had hit the all time high with 33,490 contracts changed hands.

Breaking News-RTRS-Russian palm imports to halve on higher tax -trade

KUALA LUMPUR, April 22 (Reuters) - Russia, a rising vegetable oil buyer, may halve imports of palm oil to 420,000 tonnes this year after it doubles an import tariff from June to protect domestic producers, Malaysian traders said on Wednesday.
The Russian Dairy Union had earlier said imports of tropical oils were usually above 900,000 tonnes over the last five years, with palm oil comprising the bulk of the shipments.

Breaking News-RTRS-Argentine soy output seen at 36.2 mln T - exchange

BUENOS AIRES, April 22 (Reuters) - Argentina's 2008/09 soy harvest is seen falling to 36.2 million tonnes, less than the previous estimate of 37 million tonnes, Buenos Aires Grains Exchange said on Wednesday.

Trader's Highlight

DJI-NEW YORK, April 22 (Reuters) - The Dow and S&P fell on Wednesday after Morgan Stanley revived concerns about the banking sector and the wider economy after it posted its second straight quarterly loss and slashed its dividend.

The Dow Jones industrial average <.DJI> dropped 82.99 points, or 1.04 percent, to 7,886.57. The Standard & Poor's 500 Index <.SPX> slid 6.53 points, or 0.77 percent, to 843.55. The Nasdaq Composite Index <.IXIC> gained 2.27 points, or 0.14 percent, to 1,646.12.

NYMEX-NEW YORK, April 22 (Reuters) - U.S. crude oil futures ended higher on Wednesday, taking a cue from Wall Street, which gained on positive corporate outlooks and as energy traders shrugged off government data showing a larger-than-expected build in domestic crude stocks last week.

On the New York Mercantile Exchange, front-month June crude settled up 30 cents, or 0.62 percent, at $48.85 a barrel, trading from trading from $47.70 to $49.09.

CBOT-SOYBEANS - May up 8 cents at $10.46 a bushel.

Old-crop contracts boosted by strong Chinese buying of U.S. soy and disappointing Argentine soy harvest. New-crop contracts, with November down 7 cents at $9.24, on prospects for U.S. soybean acres to increase at the expense of corn.

Buenos Aires Grain Exchange lowered estimate of Argentina's 2009 soy crop to 36.2 million tonnes, down from previous estimate for 37 million.

U.S. Census Bureau to issue monthly crush data on Thursday.

CBOT-SOYOIL - May down 0.04 cent at 36.09 cents per lb. Down in choppy trade but underpinned by strength in old-crop soybeans.

FCPO-KUALA LUMPUR, April 22 (Reuters) - Malaysian crude palm oil futures rose 1.6 percent on Wednesday to the highest close in a week, rebounding from falls a day earlier as worries about tight global vegetable oil supplies re-surfaced, traders said.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange gained 40 ringgit to 2,475 ringgit ($679.39), the highest closing level since April 14.

Other traded months rose between 21 and 237 ringgit.<0#KPO:> Overall volume was more than double the usual level at 21,098 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, April 22 (Reuters) - Southeast Asian shares were mixed on Wednesday, as investors sold banking shares led by Singapore's DBS Group and Thailand's Bangkok Bank on fears of more pain in the U.S. banking sector.

Singapore's Straits Times Index <.FTSTI> led the decline with a 2.3 percent fall, while Thailand <.SETI> dipped 1.2 percent and Indonesian shares <.JKSE> ended 0.8 percent lower. The Malaysian index <.KLSE> gained 0.2 percent while Vietnam
<.VNI> added 2.9 percent.

Trader's Comment: CPO futures hovering at higher level today on the back of some supportive external factors.

CPO futures hovering at higher level today on the back of some supportive external factors. The strong close of overnight NYMEX crude oil and CBOT soy oil saw Benchmark July09 opened RM18 higher at 2453 and thereafter hovering between 2463-2439 level on the remaining morning session. Prices turned slightly weaker during second session opening as it suddenly slid to intra day low of 2423. However, it was quick to bounce back again and continue trading in the earlier range. Some late covering sent Benchmark to intra day high pf 2481 before it finally settled RM40 higher at 2475. The positive external market had provided steady support to CPO market. eCBOT soy oil extended overnight’s gains to inched higher today while Dalian palm also rose steadily. On the other side, Oilworld had also forecasted Argentina’s 2009 soybean harvest to reduce by 3 million tones due to dry weather. Meanwhile, there was news that Russia may halve their palm oil import to 420k tones this year as they had doubled their import tariff from June.

FCPO Daily: in consolidation mode

Market likely to extend its consolidation mode to move in sideways manner. Thus, we maintain the upside resistance at 2540. To the downside, support is remains at 2315-2300 followed by 2280-2250.

FKLI Daily: show little tiredness mode

Profit taking activities were evident after hitting a fresh new high at 980. Market looks little tiring with the recent sharp rise. We are now looking for the upside resistance at 980-985. While, downside support is pegged at 955-950.

KLSE Daily: maintain upward posture

Market maintained its upward posture as resistance at 969-970 was tested. As for now, we are looking for upside resistance 980-985. Meanwhile, downside support is pegged at 968-966 followed by 957-953.

DJI Daily: losing ground

Market continue to lose ground after fail to sustain at 8000 mark. We continue to look for the resistance at 8100-8200. While, downside support is pegged at 7700 followed by 7500-7400 level.

Oilseeds, oils vulnerable to price fall-Oil World

HAMBURG, April 21 - Global oilseed, edible oil and oil meal prices are susceptible to price falls following their recent strength, Hamburg-based oilseeds analysts Oil World said on Tuesday.
In the near term, the sector will face selling by investment funds and speculators, it said.

India soyoil futures edge up; Malaysian palm weighs

MUMBAI, April 21 - Indian soyoil futures erased early losses and edged up on Tuesday afternoon on expectations of a supply squeeze after an expected fall in soybean output in Argentina, a leading producer and exporter, analysts said. However, weak Malaysian palm oil weighed on the markets.

RTRS-GRAINS-US soybeans up on China buying. Argentine woes

CHICAGO, April 21 - U.S. soybean futures rose on Tuesday as China kept buying the oilseed and reports persisted of low yields in Argentina's harvest.
"There is momentum from continued Chinese buying and they keep lowering the Argentine crop," said Mario Balletto, analyst for Citigroup.

Trader's Highlight

DJI - NEW YORK, April 21 - U.S. stocks rose on Tuesday after Treasury Secretary Timothy Geithner indicated most banks have sufficient reserves to protect against possible losses, sparking a rebound in bank shares.

The Dow Jones industrial average rose 127.83 points, or 1.63 percent, to 7,969.56. The Standard & Poor's 500 Index <.SPX> gained 17.69 points, or 2.13 percent, to 850.08. The Nasdaq Composite Index was up 35.64 points, or 2.22 percent, at 1,643.85.

NYMEX - NEW YORK, April 21 - U.S. crude oil futures settled higher on Tuesday, lifted by a bounce on Wall Street and amid volatility associated with the expiration of the May crude contract at the close.

Crude rose after falling more than $2 earlier as uncertainty about a quick economic recovery and bank stability that pressured global equities pushed oil lower.

On the New York Mercantile Exchange, May crude expired and settled up 63 cents, or 1.37 percent, at $46.51 a barrel, trading from $43.83 to $47.20.

CBOT - SOYBEANS - May up 19-1/2 cents at $10.38 per bushel.
Continued active buying of soy by China and low soy yields in the South American harvest supporting soy futures in addition to support from a short-covering bounce after the sharp decline of futures on Monday.

CBOT - SOYOIL - May up 0.68 cent at 36.13 cents per lb.
Following soybeans and short-covering after the sharp decline of prices on Monday.

FCPO - JAKARTA, April 21 - Malaysian palm futures closed slightly lower on Tuesday, recouping most of the early losses thanks to late buying on concerns about tight supplies, traders said.

The market came under pressure in early trade as the crude oil price, which normally has an influence on palm oil prices, had fallen 9 percent the previous day.
Traders said the palm oil market was holding up well by late afternoon on short-covering.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange fell 11 ringgit, or 0.5 percent, to 2,435 ringgit ($668.59), after dropping as low as 2,377 ringgit.

REGIONAL EQUITIES - BANGKOK, April 21 - Southeast Asian stock markets were generally weak on Tuesday, hurt by renewed worries about the health of the U.S. financial system, but Singapore and Thailand recovered a little to end in positive territory.

A big increase in troubled loans at the largest U.S. bank, Bank of America, raised concern about the pace of any economic recovery, snapping a recent rally in equities worldwide.

Indonesia's main index, which rose 11.5 percent last week, fell nearly 2 percent, while Malaysia snapped a five-day winning streak, ending down 0.18 percent.