Breaking News-RTRS-NOPA August U.S. soy crush seen at 111.3 mln bu

CHICAGO, Sept 11 (Reuters) - National Oilseed Processors Association monthly crush data to be issued on Monday morning should show a July U.S. soybean crush near 111.3 million bushels, analysts said on Friday.
Trade estimates ranged from 106 million to 119 million bushels, compared with NOPA's July soy crush figure of 120.9 million bushels.
Analysts expected NOPA to lower its soyoil stocks figure by about 250 million lbs, from its July stocks figure of 2.804 billion lbs.

Trader's Highlight

DJI-NEW YORK, Sept 11 (Reuters) - Crude fell and U.S. stocks edged lower on Friday after five days of gains, even as encouraging U.S. and Chinese data and a sliding U.S. dollar were unable to provide oil and equity markets further lift.

The Dow Jones industrial average <.DJI> lost 22.07 points, or 0.23 percent, at 9,605.41. The Standard & Poor's 500 Index <.SPX> shed 1.41 points, or 0.14 percent, at 1,042.73. The Nasdaq Composite Index <.IXIC> fell 3.12 points, or 0.15 percent, at 2,080.90.

NYMEX-NEW YORK, Sept 11 (Reuters) - U.S. crude oil futures slumped more than 3 percent on Friday on demand worries following data showing sharp increases in inventories of U.S.petroleum products.

On the New York Mercantile Exchange, October crude settled down $2.65, or 3.68 percent, at $69.29 a barrel, trading from $68.82 to $72.90.

CBOT-SOYBEANS - September up 11 cents at $9.84-1/2 a bushel; November down 23-1/2 at $9.03.

November traded below $9 for first time since July. Unwinding of soybean/corn spreads weigh on deferred soybeans. Market pricing bigger average yield than USDA's updated forecast of 42.3 bushels/acre; favorable U.S. weather bearish. Nearby spread firm amid tight stocks.

Bulls note USDA's revised estimate of 2009/10 soy ending stocks was below trade estimates. Additionally, Chinese 2009/10 soy crop seen down 0.40 million tonnes while boosting crush and imports.

USDA raised its U.S. 2009 soybean production forecast to a record 3.245 billion bushels, in line with the average trade estimate of 3.249 billion.

USDA raised its estimate of U.S. 2009/10 soybean ending stocks to 220 million bushels, but that was below the average trade estimate of 226 million.

CBOT-SOYOIL - September down 0.34 cent at 33.36 cents per lb, December down 0.35 cent at 33.90. Spillover weakness from soybeans and crude oil.

FCPO-JAKARTA, Sept 11 (Reuters) - Malaysian crude palm oil futures dropped 1.8 percent on Friday amid caution ahead of the release of monthly estimates for U.S. soy output from the U.S. Department of Agriculture (USDA) later today, traders said.

The benchmark November contract on the Bursa Malaysia Derivative Exchange dropped 39 ringgit to 2,145 ringgit ($614.61) a tonne. Overall volume was at 12,382 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Sept 11 (Reuters) - Major Southeast Asian stock
markets ended off their highs on Friday, with Singapore ending a shade lower after selling in casino operator Genting but others eking out small gains in cautious trade.

Singapore's Straits Time Index <.FTSTI> inched down 0.04 percent, with Genting Singapore sliding 3.5 percent, extending losses earlier this week in reaction to news it would raise S$1.63 billion ($1.2 billion) in a rights issue.

Malaysia's index <.KLSE> was up 0.6 percent, Indonesia's <.JKSE> gained 0.2 percent and Thailand's <.SETI> 0.7 percent.

FCPO Weekly: Sideways to bias downside potential

Market closed near the weekly low had dampened further the already weak technical outlook. Hence, market is likely to move in sideways to bias downside potential in near term. For now, immediate downside support is looking at 2100 followed by 2085-2060. To the upside, resistance is pegged at 2250-2300 followed by 2330-2350.

SSE Weekly: Remains weak

Market rebounded and recovered for straight two weeks. However, immediate weekly technical outlook remains weak and more support confirmation is still needed in order to change from its current bearish outlook. To the downside, support is pegged at 2761 followed by 2640. To the upside, resistance is maintain at 3004 followed by 3020-3039 (gap left over on since 23/8/2009).

FKLI Weekly: Where's the TOP?

Market violated 1200 mark convincingly had strengthen further the overall bullish technical outlook. Uptrend likely to continue in near term as bulls do not showing any sign of tiredness mode. Thus, we are looking for the upside resistance at 1230-1240 followed by 1270-1280. Downside support is pegged at 1190-1180 followed by 1160-1150.

Breaking News-RTRS-RPT-China Sept soy imports seen low at 2.5 mln T-MOFCOM

BEIJING, Sept 9 (Reuters) - China's commerce ministry has
revised upward its forecast for the country's September soy
imports to 2.5 million tonnes from a previous estimate of 2.11
million tonnes, while August imports were also revised up
slightly to 2.41 million tonnes, according to its latest report.
The low imports would help reduce large stockpiles of
soybeans at ports, estimated at about 3.5 million tonnes at the
end of last month, following a record level of imports in June
and July, traders said.

Breaking News-RTRS-UPDATE 1-China sees lower 2009 corn, soy output due to drought

BEIJING, Sept 9 (Reuters) - China's official grain think-tank has lowered its forecast for the country's corn output by 1 million tonnes to 165.5 million tonnes from the previous August estimate due to a severe drought in the country's northeast corn-growing region.
The new corn output figure was 0.3 percent lower than last year's harvest despite a 2 increase in planted acreage this year.
The CNGOIC estimate was more optimistic than the 10 percent drop that other analysts had expected.

Breaking News-RTRS-World Bank's IFC suspends palm oil investments

WASHINGTON, Sept 9 (Reuters) - The International Finance Corp (IFC), the World Bank's private sector lender, said on Wednesday it had suspended investments in palm oil businesses until after a review of its practices in the sector.
The review follows social and environmental complaints in 2007 by smallholder and indigenous groups in Indonesia related to IFC's investments in two subsidiaries of major palm oil producer Wilmar .

Trader's Highlight

DJI-NEW YORK, Sept 9 (Reuters) - U.S. stocks closed higher for a fourth straight day on Wednesday, sending the Standard & Poor's 500 index to its best finish so far this year as industrial and technology companies gained from a weak dollar.

The Dow Jones industrial average <.DJI> was up 49.88 points, or 0.53 percent, at 9,547.22. The Standard & Poor's 500 Index <.SPX> gained 7.98 points, or 0.78 percent, at 1,033.37. The Nasdaq Composite Index <.IXIC> rose 22.62 points, or 1.11
percent, at 2,060.39.

The Federal Reserve's Beige Book survey showed half of Federal Reserve districts saw evidence the U.S. economy had improved by the end of August, but labor markets remained weak and retail sales were flat overall.

NYMEX-NEW YORK, Sept 9 (Reuters) - U.S. crude oil futures headed higher in post-settlement trading on Wednesday, after industry data showed that domestic crude inventories fell much more than expected last week.

The American Petroleum Institute reported that crude stocks fell 7.2 million barrels to 336.3 million barrels in the week to Sept. 4, far more than the forecast in a Reuters poll for a 1.5 million barrel drawdown.

On the New York Mercantile Exchange, October crude at 5:05 p.m. EDT (2105 GMT), was up 61 cents, or 0.86 percent at $71.71 a barrel. Earlier, it had settled up 21 cents, or 0.3 percent, at $71.31, trading from $70.66 to $72.52, highest
intraday since $73.36 was reached on Aug. 31.

CBOT-SOYBEANS - September down 7-1/2 cents at $9.61-1/2 a bushel; November down 8 cents at $9.28-1/2.

Profit-taking following gains earlier in the week weighs on prices along with weak cash market. Traders expecting U.S. Agriculture Department to boost soy production forecast on Friday in crop report.

SOYOIL - September down 0.50 cent at 33.73 cents/lb. Setback from Tuesday's rally despite stronger crude oil. Meal/oil spreading weighs.

Traders taking positions ahead of U.S. Agriculture Department report on Friday morning, which is expected to show increase in production forecasts for corn and soybeans. Higher new-crop end stocks of wheat, corn and soybeans also expected.

FCPO-JAKARTA, Sept 9 (Reuters) - Malaysian crude palm oil futures dropped 1.4 percent on Wednesday amid speculation that data due out on Thursday may show a big drop in palm oil exports during the first ten days of September, traders said.

The benchmark November contract on the Bursa Malaysia Derivative Exchange settled down 31 ringgit at 2,179 ringgit ($623.64) a tonne. Overall volume was at 13,711 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Sept 9 (Reuters) - Some Southeast Asian stock markets retreated on Wednesday as investors took profits on big caps such as Singapore's DBS and SingTel, but Thailand and Indonesia managed to end with gains.

Singapore's index <.FTSTI> fell 0.4 percent, ending a four-day rally, with DBS Group , Southeast Asia's biggest lender, sliding 0.5 percent and top phone firm Singapore Telecommunications 1.9 percent lower.

Malaysia's index <.KLSE>, which climbed to a 14-month high earlier, ended down 0.5 percent, weighed down by a 4.2 percent fall in Genting and a 1.4 percent loss in group Genting Malaysia .

Selling in the casino operator followed Singapore-listed Genting Singapore's announcement of a plan to raise S$1.63 billion ($1.15 billion) in a rights issue. The firm requested a trading halt in its shares on the day.

Trader's Comment: Palm oil futures edged lower on position squaring ahead of industry data.

Palm oil futures edged lower on position squaring ahead of industry data. Benchmark Nov09 initially hit intra day high of 2217 after opened RM9 lower at 2201 but immediately dropped due to profit taking activities after yesterday’s strong rebound. It then hovered between 2210-2181 through out most of the sessions. Some late liquidation sent prices eased off further to intra day low of 2170 before settled RM31 lower at 2179. Position squaring were evident through out the day as traders cautiously waiting for tomorrow’s 1-10 days Sept export data and MPOB supply & demand data for the month of Aug. Market talk that export for the first 10 days of Sep may be around 310k tonnes, compare with 366k tonnes (ITS) in the same period in Aug.

FCPO Daily: Surrounded in the bearish environment

Profit taking activities were evident after a sharp rebound. Market still surrounded in the bearish environment with support is adjusted to 2135-2125. While, resistance is pegged at 2230-2260 followed by 2280-2299 (gap left over on 2/9/2009).

SSE Daily: Likely to challenge 2950-3000 level in near term

Market tested the 2950 levels intra-day basis but not closing. However, market looks likely to challenge again the immediate resistance at 2950-3000 level in near term followed by the gap left over at 3020-3039. Downside support is pegged at 2860-2830.

FKLI Daily: Uptrend to be continue......

We maintain bullish view towards the near term market with upside target remains at 1230-1240. Downside support is still pegged at 1190-1180.

Trader's Comment: Palm oil futures recovered from yesterday’s losses to end broadly higher on bullish external markets.

Palm oil futures recovered from yesterday’s losses to end broadly higher on bullish external markets. Benchmark Nov09 immediately went up to morning high of 2163 after opened RM11 higher at 2141 as traders began to covered their short position after the previous 5 day’s of straight sell-down. Prices then hovered in a tight range between 2160-2150 until the morning session closed at 2151. The strong rally in Asian time NYMEX crude oil & eCBOT soy oil in the second session saw Benchmark Nov09 followed suit and continued to surge further until it finally settled RM80 higher at the intra day high of 2210. Spill over from bullish regional equity markets also boosted the buying sentiment in local BMD. Meanwhile, Reuters poll forecasted that Malaysian palm oil stocks in Aug may climbed 7.3% to a 6-month high as exports returned to normal after sharply rising on festival-related demand a month earlier.

FCPO Daily: Downward move is halted

Market rebounded to close at day high after fully covered the upside gap at 2171-2197. Downward momentum is slowing down a little following a sharp recovery in prices. However, the overall immediate technical landscape still in bearish mode. Currently, we are looking for the downside support at 2125. To the upside, resistance is stood at 2230-2260 followed by 2280-2299 (gap left over on 2/9/2009).

CBOT Soyoil Daily: remains in Negative mode

Immediate technical outlook remains in negative despite prices rebounded. We maintain bearish view towards the near term market unless market manage to breakout from the overhead resistance at USD35-35.80. To the downside, support is pegged at USD33.30-33.20.

NYMEX Crude Daily: Bull's attacked

Bull's attacked with printed a long white candle during a hibernating season for bears. Immediate technical outlook has been improved and neutralised from its sideways to lower move. Nevertheless, more support is still needed to identify a clearer market direction in near term. To the upside, immediate resistance is looking at USD71.80-72.00 followed by 73.50. While, downside support is pegged at USD67.66-67.12.

SSE Daily: May challenge overhead resistance at 2950-3000

Market inched higher and looks may challenge the overhead resistance at 2950-3000 levels followed by 3020-3039 (gap left over on 17/8/2009). Downside support is stood at 2830-2800 followed by 2760.

DJI Daily: in Consolidation phase

Market was entering into consolidation phase after found its immediate support at 9250 levels. To the upside, resistance is maintain at 9630 levels.

FKLI Daily: Bull run likely to continue

Market penetrated 1200 mark to end at fresh high had chart in a more bullish picture to the immediate bullish outlook. We are now looking for the next upside target at 1230-1240. Downside support is adjusted to 1190-1180.