Breaking News-RTRS-UPDATE 1-China threatens retaliation in Argentina trade spat

BEIJING/BUENOS AIRES, April 22 (Reuters) - A top Chinese trade official said Beijing has no choice but to consider retaliating against Argentina over protectionist moves, deepening a row affecting soyoil shipments, the official Xinhua news agency reported on Thursday.
China has imposed a tough new quality standard on imports of soyoil from Argentina, the world's No. 1 supplier, but Chinese officials have denied it is linked to Argentine anti-dumping measures on China's manufactured goods.

NYMEX Crude Weekly: Sideways to bias upside potential

Market retreated after facing some resistance at USD87.00. Nevertheless, market remains its sideways to bias upside potential move in near term market. Hence, look for the upside resistance at USD87 to 90.50. Immediate downside support is looking at USD80.00

Trader's Highlight

DJI-NEW YORK, April 23 (Reuters) - U.S. stocks rose to a 19-month high on Friday as Merck eased concerns about the impact of healthcare reform, saying its costs will be relatively low.

Energy shares lifted the broad market after oil rose 1.7 percent to above $85 a barrel on positive economic data. The S&P energy index <.GSPE> gained 2.3 percent, while Chevron was up 1.8 percent at $82.67.

The Dow Jones industrial average <.DJI> gained 69.99 points, or 0.63 percent, to 11,204.28. The Standard & Poor's 500 Index <.SPX> rose 8.61 points, or 0.71 percent, to 1,217.28. The Nasdaq Composite Index <.IXIC> added 11.08 points, or 0.44 percent, to 2,530.15.

NYMEX-NEW YORK, April 23 (Reuters) - U.S. crude futures settled above $85 a barrel on Friday, the highest in a week, as economic optimism spurred by a big rise in home sales raised new hopes that the economic recovery was on course.

Risk appetite was stronger, with the dollar dipping slightly against a basket of currencies. <.DXY>. The euro rebounded from one-year lows against the dollar as Greece sought to activate a financial aid package and Germany said it was ready to commit to a plan to bail out the debt-laden country.

On the New York Mercantile Exchange, June crude settled up $1.42, or $1.7 percent, at $85.12, highest since April 15's $85.51. It traded from $82.92 to $85.1.

CBOT-CHICAGO, April 23 (Reuters) - Chicago Board of Trade grains and soy complex close on Friday.

CBOT-SOYBEANS - May down 4-1/4 cents at $10.00 per bushel; new-crop November down 6 at $9.79. Profit-taking after the strong rally to a three-month high on Thursday weighs on soybean futures.

CBOT-SOYOIL - May up 0.26 cent at 39.35 cents per lb. Unwinding of meal/oil spreads lifts soyoil and weighs on soymeal. Turnaround in crude oil also supportive to prices.

FCPO-KUALA LUMPUR, April 23 (Reuters) - Malaysian palm oil futures climbed 2 percent on Friday to hit one-week highs as rising vegetable oil markets and expectations of improving export data lifted prices.

Cargo surveyors are due to report April 1-25 exports for Malaysia on Monday. Shipments have slowed a downward trend, falling just 9 percent for April 1-20 from a month ago compared to declines of about a third in the first ten days of the month.

The benchmark July crude palm oil futures on Bursa Malaysia Derivatives settled up 50 ringgit to 2,540 ringgit ($793.2) per tonne, a level unseen since April 14. Overall traded volume shot up to 15,169 lots of 25 tonnes each from the usual 10,000 lots.

REGIONAL EQUITIES-BANGKOK, April 23 (Reuters) - Thai stocks ended almost 1 percent lower on Friday because of escalating political violence, while other markets in Southeast Asia were narrowly mixed, with some heavyweight stocks in demand after good quarterly results.

Singapore <.FTSTI> and the Philippines <.PSI> eked out gains of 0.2 percent while Malaysia <.KLSE> and Indonesia <.JKSE> were marginally lower. Vietnam was closed for a national holiday.

Singapore's Keppel Corp , the world's largest rig builder, rose 0.9 percent after reporting a better-than-expected 13 percent jump in first-quarter net profit, thanks to a strong property business.

In Kuala Lumpur, Maybank was down 0.4 percent and Sime Darby lost 1 percent. Bucking the trend, shipper MISC rose 2.3 percent after an analyst's upgrade.

FCPO Weekly: Immediate technical outlook remains weak

Weekly technical outlook remains weak despite prices close at the weekly high. We continue to look for the upside resistance at 2722-2726 while downside support lies at 2400-2393 levels.Violation of either way may provide a clearer direction to market.

FKLI Weekly: Maintain in upward posture

Market remains its upward posture with upside resistance maintain at 1350.5 and downside support still pegged at 1310-1300.

Breaking News-RTRS-Hwang DBS raises palm oil forecasts, eyes currency impacts

KUALA LUMPUR, April 22 (Reuters) - Hwang DBS raised its crude palm oil price assumptions for 2010 to 2,460 ringgit ($769.2) from 2,380 ringgit on lower inventories.
But the rise was weak as the investment bank also priced in palm oil's narrower discount to rival soyoil. Here are some highlights on the impact of various currencies on palm oil: * Stronger yuan should make palm and soybean oils cheaper in China. But as imported soybeans are already cheaper; a yuan revaluation may prompt measures to protect domestic interests to keep domestic prices from dropping too much.

Breaking News-RTRS-China threatens retaliation in Argentina trade dispute-Xinhua

BEIJING, April 22 (Reuters) - A senior Chinese trade official said China has no choice but to consider retaliatory measures against Argentina, accusing the South American country of growing trade protectionism toward Chinese products, the official Xinhua news agency reported.
China's imports of Argentine soyoil would not be normalised unless Argentine exporters "increase the quality and safety of the product," Xinhua quoted Vice-Commerce Minister Jiang Yaoping as saying in Buenos Aires.
According to the report, Jiang said China had not set up trade barriers against Argentine products, but because of external and internal pressures resulting from protectionist moves by the South American country, China "will have no alternative other than to consider countermeasures".

Breaking News-RTRS-US Census crush data lifts nearby CBOT soy futures

CHICAGO, April 22 (Reuters) - Bullish monthly data on soy processing from the U.S. Census Bureau showing stronger-than-expected usage helped lift soybean and soymeal futures on the Chicago Board of Trade, analysts said Thursday.
The Census Bureau reported that U.S. processors crushed 156.14 million bushels of soybeans during March, up from 144.42 million a year earlier.
The crush figure was slightly above the average estimate among analysts surveyed by Reuters of 154.9 million, and pointed to tightening stocks of U.S. soybeans at the end of the 2009/10 marketing year on Aug. 31.

Trader's Highlight

DJI-NEW YORK, April 22 (Reuters) - U.S. stocks staged a late-day comeback on Thursday as strong quarterly profits from consumer bellwethers like Starbucks Corp outweighed worries about Greece's shaky finances.

First-quarter earnings are on track to set a record for the percentage of companies beating estimates. Eighty-five percent of the 98 S&P 500 companies that have reported so far have beaten estimates, well above the 61 percent in a typical quarter, according to Thomson Reuters.

The Dow Jones industrial average <.DJI> climbed 9.37 points, or 0.08 percent, to 11,134.29. The Standard & Poor's 500 Index <.SPX> rose 2.73 points, or 0.23 percent, to 1,208.67. The Nasdaq Composite Index <.IXIC> gained 14.46 points, or 0.58 percent, to 2,519.07.

NYMEX-NEW YORK, April 22 (Reuters) - U.S. crude oil futures reversed course in late trading and ended higher on Thursday, as U.S. equities regained composure also late in the day as higher quarterly earnings reinforced optimism about the economic recovery.

Prices were down most of the day on concerns about Greece's fiscal problems, which had sparked flight from commodities and equities to safer havens such as the dollar.

The late recovery in the energy markets followed losses on Wednesday arising from a government inventory report showing crude stockpiles rose last week, defying forecasts for a slight drop.

On the New York Mercantile Exchange, crude for June delivery ended up 2 cents, or 0.02 percent, at $83.70 a barrel, recovering from a session low of $81.73. The day's top hit $84.07.

CBOT-CHICAGO, April 22 (Reuters) - Chicago Board of Trade grains and soy complex close on Thursday.

CBOT-SOYBEANS - May up 8-3/4 cents at $10.04-1/4 per bushel; new-crop November up 8 at $9.85. Rallied on technical buying, including short-covering, but spot May encounters resistance above $10 and stays below Wednesday's three-month high of $10.05.

CBOT-SOYOIL - May up 0.19 cent per lb at 39.09 cents per lb. Gains with soybeans.

FCPO-KUALA LUMPUR, April 22 (Reuters) - Malaysian palm oil futures ended higher on Thursday on stronger vegetable oil markets, although some investors were still cautious on the ringgit currency.

The Malaysian ringgit erased most of its earlier losses as exporters bought the local currency for settlements, weighing on palm oil as the higher ringgit makes the commodity expensive for refiners.

The benchmark July crude palm oil futures on Bursa Malaysia Derivatives Exchange settled up 0.8 percent, or 19 ringgit, to 2,490 ringgit ($778.6) per tonne. Overall traded volume stood at 11,918 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, April 22 (Reuters) - Optimism over first-quarter earnings pushed regional markets higher on Thursday, even Thailand finishing higher after a volatile session as investors bought banks and electronics firms despite political uncertainty.

Singapore <.FTSTI>, Malaysia <.KLSE> and Indonesia <.JKSE> rose between 0.25 and 0.50percent, while Vietnam <.VNI> rose almost 2 percent.

In Singapore, the largest real estate investment trust CapitaMall Trust rose 2.2 percent and bourse operator Singapore Exchange gained 2.5 percent after both
reported favourable quarterly results in recent sessions.

In Kuala Lumpur, contract manufacturer Unisem rose 5.8 percent and Globetronics gained 4.6 percent on expectations chip makers would deliver strong results, following Intel's stunning performance last week.

FCPO Daily: Getting closer to 2500 but yet to break through

Market getting closer to 2500 levels again but yet to break through. Market maintain its sideways to lower posture in near term. Thus, we are looking to for the immediate upside resistance 2500-2504 (left over gap since 19/4/2010)followed by 2525-2530. While, downside support is lies at 2455-2460 followed by 2440-2430.

FKLI Daily: Defended

Market defended well following prices manage to bounce back to close at intra-day high. However, it was not convincing enough to change the immediate daily technical outlook. Thus, correction mode is likely to continue in near term. As for now, we are looking for the immediate upside resistance at 1345-1350.5. While, immediate downside support is lies at 1327-1326 followed by 1320-1310 levels.

Trader's Highlight

DJI-NEW YORK, April 21 (Reuters) - U.S. stocks finished little changed on Wednesday as disappointing outlooks from healthcare companies offset strong earnings from Morgan Stanley and Apple Inc .

Healthcare stocks took a beating after both Abbott Laboratories and Gilead Sciences Inc cut profit forecasts. Both Abbott and Gilead cited the impact of costs from U.S. healthcare reform in their outlooks.

The Dow Jones industrial average <.DJI> edged up 7.86 points, or 0.07 percent, at 11,124.92. The Standard & Poor's 500 Index <.SPX> dipped 1.23 points, or 0.10 percent, to 1,205.94. The Nasdaq Composite Index <.IXIC> inched up 4.30 points, or 0.17 percent, to 2,504.61.

NYMEX-NEW YORK, April 21 (Reuters) - U.S. crude oil futures ended a choppy session slightly lower on Wednesday after government oil inventory data showed crude stockpiles rose last week, against a forecast for a slight drop.

While the front-month June crude contract ended lower, nearby months and Brent crude traded in London managed gains.

On the New York Mercantile Exchange, June crude fell 17 cents, or 0.2 percent, to settle at $83.68 a barrel, after trading from $82.92 to $84.64.

CBOT-CHICAGO, April 21 (Reuters) - Chicago Board of Trade grains and soy complex close on Wednesday.

CBOT-SOYBEANS - May up 11-1/2 cents at $9.95-1/2 per bushel; new-crop November up 13-3/4 at $9.77. Persistent buying of U.S. soy by China lending support, in addition to some support from slow farmer selling and firm cash basis markets.

CBOT-SOYOIL - May down 0.17 cent at 38.90 cents per lb. Weak crude oil market pressures prices.

FCPO-KUALA LUMPUR, April 21 (Reuters) - Malaysia palm oil futures dropped 1.1 percent on Wednesday as the stronger ringgit currency prompted some investors to unwind positions despite firmer agriculture markets.

A higher ringgit against the U.S. dollar has prevented the palm oil market from breaking the 2,500 ringgit level this week. The Malaysian currency , the best Asian performer this year, rose 0.3 percent.

A stronger ringgit makes palm oil more expensive for refiners as the crude palm oil feedstock is priced in that currency, chewing into their margins.

The benchmark July crude palm oil futures on Bursa Malaysia Derivatives Exchange ended 27 ringgit lower at 2,471 ringgit ($771.7) per tonne. On Monday the contract fell to 2,455 ringgit, a level unseen since Feb. 2. Overall traded volume stood at 11,659 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, April 21 (Reuters) - Thai stocks fell 1 percent on Wednesday as the market continued volatile because of political unrest in Bangkok, while Singapore and Malaysia turned lower during the day as investors took profits.

Sentiment in the region was fairly positive as listed firms kicked off the results season with favourable quarterly earnings thanks to strength in the regional economy. Indonesia, Philippines and Vietnam ended in positive territory.

In Singapore, top developer CapitaLand eased 0.3 percent but Keppel Land rose 2.2 percent after it posted a 75 percent increase in quarterly net profit.

Singapore Airlines gained 0.66 percent, reversing recent losses, after it reinstated some flights to and from Europe.

Other airlines in the region were mixed, with Malaysian Airline System sliding 0.9 percent but Thai Airways rising 1 percent.

In Kuala Lumpur, chip makers gained, with Unisem up 0.6 percent. Broker AmResearch said it expected Malaysian chip makers to deliver strong results, following Intel's stunning performance last week.

FCPO Daily: Sideways to lower

Market tested 2500 levels at intra-day basis but yet to break through. Immediate daily technical outlook remains weak and may extend its sideways to lower move in near term. Thus, we are looking to for the immediate upside resistance 2500-2504 (left over gap since 19/4/2010)followed by 2525-2530. While, downside support is lies at 2455-2460 followed by 2440-2430.

FKLI Daily: Weakening

Market momentum looks weakened a little following prices continue to lose ground. Thus, correction mode is likely to continue in near term. As for now, we are looking for the immediate upside resistance at 1345-1350.5. While, immediate downside support is lies at 1327-1326 followed by 1320-1310 levels.

Breaking News-RTRS-Malaysian palm oil output may fall -Oil World

HAMBURG, April 20 (Reuters) - The rise in Malaysian palm oil output in March was only temporary and production falls are possible in coming months, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.

\breaking News-RTRS-Indonesia plans own "green" certification for palm oil

JAKARTA, April 20 (Reuters) - Under increasing pressure from environmentalists, Indonesia plans to introduce "green certificates" for palm oil producers who meet sustainable standards, a senior agriculture official said on Tuesday.
The government plans to issue Indonesian Sustainable Palm Oil (ISPO) certification to cover production from field to factory, said Achmad Manggabarani, director general of plantation crops at the agriculture ministry.
The global palm oil industry has promoted green certification through the voluntary Roundtable of Sustainable Palm Oil (RSPO), a group formed in 2004 to develop ethical practises including commitments to preserving rainforests and wildlife.
Some players in Indonesia, the world's biggest producer of palm oil, already subscribe to the RSPO system, but many do not.

Breaking News-RTRS-UPDATE 1-China may ease rules on Argentine soyoil - report

BUENOS AIRES, April 20 (Reuters) - China could relax a tough new import standard to normalize soyoil exports from top supplier Argentina, a daily newspaper reported on Tuesday.
The disruption to exports is raising concern in the South American country because it threatens a key source of hard currency and authorities have been trying to negotiate a solution with Chinese officials.
The new standard was imposed three weeks ago, but China denies it was in retaliation for Argentina's decision to restrict some Chinese imports, such as shoes and steel pipes, to protect local industry during the global slowdown.

FCPO Daily: Shies away at 2500 levels

Market shies away at 2500 levels closing off the intra-high. Prices manage to rebound to cover partial of the left over upside gap had cushioned a little the market downside momentum. However, more strength is still needed in order to change the current sideways to lower move. Currently, we are looking for the immediate upside, resistance 2500-2504 (left over gap since 19/4/2010)followed by 2525-2530. While, downside support is lies at 2455-2460 followed by 2440-2430.

Trader's Highlight

DJI-NEW YORK, April 20 (Reuters) - U.S. stocks rose on Tuesday as oil prices lifted energy shares and investors were upbeat about the overall profits recovery, even as some high-profile results fell short of lofty expectations.

Goldman Sachs earnings trounced forecasts, but its stock slipped 2.1 percent to $159.98. UK regulators launched a probe into alleged fraud by the company, adding to worries caused by U.S. fraud charges.

The Dow Jones industrial average <.DJI> added 25.01 points, or 0.23 percent, to 11,117.06. The Standard & Poor's 500 Index <.SPX> rose 9.65 points, or 0.81 percent, to 1,207.17. The Nasdaq Composite Index <.IXIC> gained 20.20 points, or 0.81 percent, to 2,500.31.

NYMEX-NEW YORK, April 20 (Reuters) - U.S. crude oil futures edged up in post-settlement trading on Tuesday after industry data showed that crude stocks fell more than expected last week.

Heating oil and gasoline futures also inched up, after data from the American Petroleum Institute showed that inventories of those petroleum products fell, against forecasts that they increased.

On the New York Mercantile Exchange, June crude was up 93 cents, or 1.12 percent, at $84.06 a barrel. It had settled up 72 cents, or 0.87 percent, at $83.85, trading from $83.17 to $84.52.

CBOT-CHICAGO, April 20 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.

CBOT-SOYBEANS - May up 7-1/4 cents at $9.84 per bushel; November up 7-1/4 at $9.63-1/4. Short-covering bounce after the sharp decline on Monday. Strong export demand and firm crude oil prices lend support.

CBOT-SOYOIL - May up 0.14 cent at 39.07 cents per lb. Short-covering, gains in soybeans and firm crude oil lift soyoil futures.

FCPO-KUALA LUMPUR, April 20 (Reuters) - Malaysian palm oil futures climbed 1.1 percent on Tuesday, recovering from an 11-week low in the previous session due to better export data and rising crude prices.

The ringgit , Asia's best performing currency so far this year, rose against the U.S. dollar and curbed further gains in palm oil markets. A stronger ringgit makes crude palm oil more expensive for refiners and eats into their margins.

The benchmark July crude palm oil futures on Bursa Malaysia Deravatives Exchange settled up 28 ringgit to 2,498 ringgit ($776.7) per tonne. On Monday the contract fell to 2,455 ringgit the previous session, a level unseen since Feb. 2.

Overall traded volume rose to 17,814 lots of 25 tonnes each from the usual 10,000 lots.

REGIONAL EQUITIES-COLOMBO, April 20 (Reuters) - Thai stocks rose more than 5 percent on Tuesday, turning round from a three-session fall as some investors took the view the authorities were ready to take action to end protracted anti-government protests in the capital. Foreigners returned as valuations remained cheap, analysts said.

Regional markets that had been hurt by worries over the fraud allegations against Goldman Sachs recovered some poise, with Singapore <.FTSTI> rising 0.7 percent, Indonesia <.JKSE> 1.8 percent and Malaysia <.KLSE> 0.7 percent, led by banking shares.

In Singapore, Oversea-Chinese Banking Corp gained 0.4 percent and United Overseas Bank added 0.8 percent. Bucking the trend, top lender DBS Group Holdings fell 0.4 percent.

FKLI Daily: in Correction mode

Market was in correction mode after covering the upside gap left over at 1326-1330.5 levels. Hence, market look may move bias to sideways. As for now, we are looking for the immediate upside resistance at 1345-1350.5. While, to the downside support is lies at 1320-1310 levels.