Breaking News-RTRS-Brazil's Feb soybean exports to surge - Oil World

HAMBURG, Feb 23 (Reuters) - Brazil's soybean exports are likely to rise strongly in February as the large 2010 harvest is marketed, but new crop sales by Argentina appear more restrained, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Brazil may export 2.2-2.6 million tonnes of soybeans in February, up from only 100,000 tonnes in January and 700,000 tonnes in February 2009, it estimates.
Brazil's early 2010 soybean crop, now underway, is forecast by Oil World at 64-65 million tonnes, up from 57.4 million tonnes in 2009.

Trader's Highlight

DJI-NEW YORK, Feb 23 (Reuters) - U.S. stocks suffered their biggest one-day decline in nearly three weeks on Tuesday after a sharp drop in consumer confidence heightened worries over one of the most vulnerable areas of the economy.

Consumer confidence in February slumped to a 10-month low as the short-term outlook on jobs worsened. Results from retailers added little hope, as bellwethers like Target Corp forecast a tepid performance in the first quarter.

NYMEX-NEW YORK, Feb 23 (Reuters) - U.S. crude oil futures fell on Tuesday as weak consumer confidence data added to pressure provided by the dollar's strength on concerns about the euro zone economy. Crude's slip comes after five straight higher closes.

On the New York Mercantile Exchange at 10:27 a.m. EST (1527 GMT), April crude was down $1.73, or 2.15 percent, at $78.58 a barrel, trading from $78.22 to $80.39.

CBOT-CHICAGO, Feb 23 (Reuters) - Wheat and corn futures on the Chicago Board of Trade were lower early Tuesday in a profit-taking setback after Monday's rally, while soybeans were mixed, with front months supported by firm cash markets, traders said. A firmer dollar and declines in crude oil futures hung over the grain markets.

CBOT-SOYBEANS - March up 1 cent at $9.62-1/2 per bushel; new-crop November down 3-3/4 cents at $9.32.

CBOT-SOYOIL - March down 0.33 cent at 38.50 cents a lb.

FCPO-JAKARTA, Feb 23 (Reuters) - Malaysia's palm oil futures edged up on Tuesday, giving up much of the day's earlier gains as investors locked in profit in late trade, traders said. Recent rise has been underpinned by expectations of a decline in production this month, which may offset weaker exports and reduce inventories in the world's number two producer.

Output prospects are also clouded by hotter-than-usual weather, due to the resurgent El Nino weather condition. [ID:nSGE61L09F] But the rally, which touched a six-and-a-half-week high, was halted by concerns that the market is probably overbought.

REGIONAL EQUITIES-BANGKOK, Feb 23 (Reuters) - Most major Southeast Asian stock markets gained on Tuesday as the region looked ahead to a testimony from Federal Reserve Chairman Ben Bernanke for clues on interest rates.

Singapore <.FTSTI> was up 0.9 percent, Indonesia <.JKSE> rose 0.76 percent, at one point touching its highest since Feb 5, and Thailand <.SETI> rose 1.4 percent to its highest since Jan. 21.

Malaysia <.KLSE> ended unchanged, giving up an early gain to its highest since Feb. 2.

Breaking News-RTRS-UPDATE 1-Dry spell to curb Malaysia's palm oil output

KUALA LUMPUR, Feb 22 (Reuters) - Malaysia may see weak palm oil production growth for a second straight year and miss government output target as yields suffer due to the current hot weather, estate owners said on Monday.
Hotter-than-usual weather, due to the resurgent El Nino weather condition, has aggravated the biological stress that oil palms are experiencing after seasonally higher production in the last quarter of 2009, they said.
Biological tree stress refers to weaker yields after a period of high productivity.

Breaking News-RTRS-ANALYSIS-New Indonesia palm contract has hard row to hoe

JAKARTA/KUALA LUMPUR, Feb 22 (Reuters) - A planned new palm oil futures contract in Indonesia, the world's largest producer of the commodity, faces an uphill struggle against an established Malaysian rival and the imminent launch of a U.S. competitor.
The Indonesia Commodity & Derivative Exchange (ICDX) aims to launch the contract in April, but is chasing trading volumes of more than 4 million lots a month on Bursa Malaysia , the stock exchange in its neighbour.

Trader's Highlight

DJI-NEW YORK, Feb 22 (Reuters) - U.S. stocks finished flat on Monday as investors held back before congressional testimony by Fed Chairman Ben Bernanke, while scattered buying lifted shares of health insurers and banks.

President Barack Obama revised plans for an overhaul of U.S. healthcare. The Morgan Stanley healthcare payor index <.HMO> rose 1.7 percent, but investors said financial shares benefited from the focus shifting away from reform in that sector.

NYMEX-NEW YORK, Feb 22 (Reuters) - U.S. crude oil futures finished higher for the fifth straight day on Monday, with the front-month March contract expiring amid a flurry of late short-covering and aided by rising gasoline futures.

Gasoline futures, which also ended up for the fifth consecutive day, were again lifted by the continuing refinery strikes in France.

On the New York Mercantile Exchange, March crude expired and settled up 35 cents, 35 cents, or 0.44 percent, at $80.16 a barrel, the highest close since Jan. 12's $80.79. It traded from $79.45 to $80.51, the highest since the Jan. 13 intraday high of $80.67.

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

CBOT-SOYBEANS - March settled up 16-1/2 cents at $9.61-1/2 per bushel.

CBOT-SOYOIL - March settled up 0.31 cent at 38.83 cents per lb.

FCPO-JAKARTA, Feb 22 (Reuters) - Malaysia's palm oil futures rose as much as 1.6 percent to a six-week intraday high before closing slightly off the high on Monday, taking their cue from rising crude oil and soy prices, traders said.

The market shrugged off cargo surveyors' reports of a drop of between 8.4 percent and 8.6 percent in Malaysian palm oil exports in the first 20 days of February from the same period a month before. The market hopes this will be offset by a drop in production this month, thus maintaining supportive fundamentals for prices.

REGIONAL EQUITIES-BANGKOK, Feb 22 (Reuters) - Southeast Asian stock markets rose on Monday amid hopes of a bail-out for Greece and waning worries about U.S. tightening, but concern about property measures pared gains in Singapore, which ended flat <.FTSTI>.

Analysts said U.S. January inflation, which came in below expectations, supported the view that the U.S. fed funds rate would not go up soon despite the recent discount rate rise, which some saw as an initial tightening step.

Malaysia <.KLSE> finished up 0.7 percent, earlier climbing to its highest since Feb. 4, Indonesia <.JKSE> rose 0.4 percent and the Philippines <.PSI> added 1.24 percent.

In Singapore, the government announced a smaller budget deficit for fiscal 2010/11 as it sought to roll back some of the stimulus policies introduced at the height of the financial crisis last year.

FCPO Daily: Inching up

Market continue to inch higher in tight rangy mode. Market looks may want to challenge the immediate resistance at 2648 in near term. Next resistance will be looking at 2667-2675 (gap left over on 7/1/2010. To the downside, support is lies at 2621-2609(gap left over on 22/2/2010)followed by 2600-2580.

FKLI Daily: Sideways to bias upside potential

A long upper shadow candle printed as prices touch and go at the intra-day high at 1288 levels. Market momentum has improved a little following a sharp rebound. Thus, market may move sideways bias to little upside potential in near term. To the upside, resistance is looking at 1288. Downside support is pegged at 1258.5-1253.5 levels (gap left over on 22/2/2010).

Breaking News-RTRS-Malaysia's Feb 1-20 palm oil exports down 8.6 pct-ITS

KUALA LUMPUR, Feb 20 (Reuters) - Exports of Malaysian palm
oil products for Feb. 1-20 fell 8.6 percent to 844,865 tonnes
from 924,003 tonnes shipped between Jan 1 to 20, cargo surveyor
Intertek Testing Services said on Saturday.

Breaking News-RTRS-US 2010/11 soyoil for biodiesel 2.8 bln lbs -USDA

WASHINGTON, Feb 19 (Reuters) - Some 2.800 billion lbs of U.S. soybean
oil will be used in making biodiesel fuel in 2010/11, said the Agriculture
Department on Friday.

Trader's Highlight

DJI-NEW YORK, Feb 19 (Reuters) - The dollar gained broadly and stocks edged higher worldwide on Friday after investors swept aside negative views of a surprise move by the U.S. Federal Reserve to hike an emergency lending rate and took it as a sign of a healing economy.

Stocks on Wall Street closed out their best week of the year after a zig-zag session as investors weighed the Federal Reserve decision late Thursday to raise its discount rate for banks by one-quarter percentage point to 0.75 percent.

NYMEX-NEW YORK, Feb 19 (Reuters) - U.S. crude oil futures ended
higher for the fourth day in a row on Friday, amid supply worries in the wake of a strike in French refineries and on geopolitical tensions over Iran's nuclear posture.

Oil futures rose with Wall Street as concerns eased about the Federal Reserve's discount rate increase late Thursday, which had pulled back prices overnight and in early trading.

On the New York Mercantile Exchange, March crude settled up 75 cents, or 0.95 percent, at $79.81 a barrel, the highest close since Jan. 14's $79.39. It traded from $77.76 to $79.95, the highest since Jan. 14's intraday high of $80.36.

CBOT-CHICAGO, Feb 19 (Reuters) - Chicago Board of Trade grains and soy complex close on Friday.

CBOT-SOYBEANS - March down 3 cents at $9.45 per bushel.
Pressure from rallying dollar, with ongoing weight from outlooks for record large South American soybean crop. Weekly exports disappoint.

CBOT-SOYOIL - March down 0.18 cent at 38.52 cents per lb. Pressure from unwinding of oil/meal spreads, but higher crude oil futures limit declines.

FCPO-KUALA LUMPUR, Feb 19 (Reuters) - Malaysia palm oil edged lower on Friday as it was weighed by a firmer dollar and weaker commodity markets after the U.S. Federal Reserve's move to raise its emergency lending rate.

But a lack of palm oil supplies capped losses in the market, while traders were on the lookout for export data due over the weekend and next week for further direction.

REGIONAL EQUITIES-BANGKOK, Feb 19 (Reuters) - Singapore shares touched a one-week low on Friday and most other Southeast Asian markets also eased after the U.S. Federal Reserve raised its discount rate, raising fears about broader policy tightening.

Singapore's index <.FTSTI> ended down 0.44 percent, earlier falling to its lowest since Feb. 10, Malaysia <.KLSE> edged down 0.11 percent, Indonesia <.JKSE> was off 0.22 percent and the Philippines <.PSI> dropped 0.7 percent.

In Kuala Lumpur, gaming group Genting fell 2.8 percent and Genting Malaysia , which houses the group's Malaysian casino and leisure business, lost 1.8 percent.

NYMEX Crude Weekly: sideways to bias upside potential

A good closing for the week with printed a long white candle had helped to improve the market momentum bias sideways to little upside potential. Thus, we are now looking for the upside resistance at USD83.95 (high since 17/1/2010) and downside support is pegged at USD69.50 (low since 7/2/2010)

FCPO Weekly: Improving

Market continue to holding ground and overall momentum improve a little following prices defended well at 2500 levels. However, more strength is still needed in order to change the current technical landscape to look more positively. Thus, we continue to look for the upside resistance at 2650-2675 followed by 2726. While, immediate downside support is still lies at 2542-2523 (gap left over on 14/2/2010) followed by 2400-2393.

FKLI Weekly: Consolidate

Market was in consolidation phase with upside resistance and downside support is pegged at 1270 and 1219.5 levels respectively.

Breaking News-RTRS-UPDATE 5-USDA projects record corn crop, rising exports

WASHINGTON, Feb 18 (Reuters) - U.S. farmers can expect a
record corn crop, another huge soybean harvest and strong
demand for their exports, which should combine to boost incomes
for the farm sector this year, the U.S. Agriculture Department
said on Thursday in its latest forecast.
At its annual outlook conference, USDA raised its forecast
for farm exports in fiscal 2010 to $100 billion from the $98
billion it estimated in November and $96.6 billion in 2009, as
world demand begins to recover from recession.

Breaking News-RTRS-UPDATE 2-Fed hikes discount rate but not tightening policy

WASHINGTON, Feb 18 (Reuters) - The Federal Reserve said on Thursday it raised the interest rate it charges banks for emergency loans but insisted that its first rate move since December 2008 would not raise borrowing costs for consumers or companies.
The Fed cast its decision to raise the discount rate to 0.75 percent from 0.5 percent as a response to improved financial market conditions that warrant less of a helping hand from the U.S. central bank.

Trader's Highlight

DJI-NEW YORK, Feb 18 (Reuters) - U.S. stocks rose for a third straight day on Thursday as investors viewed company results and manufacturing data as evidence the economic rebound will continue.

But stock index futures dropped steeply after the closing bell when the Federal Reserve announced it was raising the discount rate that it charges banks for emergency loans.

NYMEX-NEW YORK, Feb 18 (Reuters) - U.S. crude futures ended above $79 a barrel on Thursday, hitting a five-week high, amid worries over Iran's nuclear program and upbeat U.S. economic reports.

Improved readings on manufacturing and overall growth, overshadowed data showing a rise in unemployment claims and in the producer price index, and brightened the recovery outlook.

On the New York Mercantile Exchange, March crude settled up $1.73, or 2.24 percent, at $79.06 a barrel, the highest close since Jan. 14's $79.39. It traded from $76.32 to $79.11, highest since front month crude hit $79.15 on Jan. 19.

CBOT-CHICAGO, Feb 18 (Reuters) - Chicago Board of Trade grains and soy complex close on Thursday.

CBOT-SOYBEANS - March down 3-1/2 cents at $9.48 per bushel. Turned lower as dollar rallied against the euro. Outlooks for big South American crops add pressure including increased selling by South American farmers.

CBOT-SOYOIL - March down 0.05 cent at 38.70 cents a lb. Following downturn in soybeans, but strength in crude oil lends underlying support.

FCPO-KUALA LUMPUR, Feb 18 (Reuters) - Malaysian palm oil futures eased on Thursday from five-week highs hit the previous session as traders booked profits on the back of declines in rival crude oil and soyoil markets.

But expectations of weaker output this month due to the Lunar New Year holidays limited losses. Palm oil is the best performing vegetable oil market this year, falling just 2.3 percent, compared to U.S soyoil's 4.1 percent declines.

REGIONAL EQUITIES-BANGKOK, Feb 18 (Reuters) - Singapore shares fell almost 1
percent on Thursday, leading losses in other Southeast Asian markets amid lingering worries over Greece's fiscal problems, with a stronger dollar prompting selling in resource shares.

The Straits Times Index <.FTSTI> ended down 0.9 percent, after a three-day run to a three-week high, with actively traded gaming group Genting dropping 6.9 percent and commodities firm Olam International 2.7 percent.

In Kuala Lumpur, the index ended a four-day rise, weighed down by a 2.2 percent loss in Genting and a 0.6 percent fall in palm plantation firm IOI Corp .

FCPO Daily: Entering into consolidation phase

Market slow down its upside move following prices covered partial of the downside gap left over. Market looks may enter into consolidation phase in near term. As for now, we looking for the immediate upside resistance at 2628 followed by 2648. While, downside support is lies at 2600-2580 (gap left over since 17/2/2010)followed by 2546-2523 (gap left over since 8/2/2010).

FKLI Daily: Holding ground

Market continue to hold ground and may may extend its consolidation phase in near term. To the upside, resistance is now looking at 1261.5 followed by 1270-1275. Downside support is pegged at 1230 levels followed by 1219.5.

Trader's Highlight

DJI-NEW YORK, Feb 17 (Reuters) - Stronger-than-expected corporate results and upbeat economic data drove U.S. stocks higher on Wednesday as they fed expectations the recovery will bolster corporate profits.

The optimistic outlook on the economy was underpinned by data showing a six-month high in housing starts and a rise in industrial production in January.

NYMEX-NEW YORK, Feb 17 (Reuters) - U.S. crude futures were little changed on Wednesday after weekly industry inventory data showed a small drawdown in domestic crude stocks, defying forecasts that supplies rose last week.

Heating oil futures trimmed gains after the American Petroleum Institute's data showed that distillates, including heating oil stocks, gained, dashing forecasts for a drawdown.

On the New York Mercantile Exchange, March crude last traded up 36 cents, or 0.47 percent, at $77.37 a barrel in the after-market. It had settled earlier up 32 cents, or 0.42 percent, at $77.33, trading from $76.53 to $77.82.

CBOT-CHICAGO, Feb 17 (Reuters) - Chicago Board of Trade grains and soy complex close on Wednesday.

CBOT-SOYBEANS - March down 14 cents at $9.51-1/2 per bushel. Profit-taking and firm dollar weigh on prices along with ongoing pressure from expectations of a record large South American soy harvest.

CBOT-SOYOIL - March down 0.20 cent at 38.75 cents per lb. Following soybeans lower.

FCPO-KUALA LUMPUR, Feb 17 (Reuters) - Malaysian palm oil futures rose to more than a five-week high on Wednesday after the Lunar New Year holidays as traders priced in earlier gains from crude oil and rival soyoil.

Expectations of weaker production this month due to the Lunar New Year holidays are likely to offset poor export data reported by a cargo surveyor on Tuesday, keeping palm oil prices above the 2,550 ringgit level, traders say.

REGIONAL EQUITIES-BANGKOK, Feb 17 (Reuters) - Singapore stocks rose to their highest in three weeks on Wednesday, leading gains in other Southeast Asian stock markets as global economic optimism pushed up oil prices and spurred buying in regional commodity shares.

Singapore <.FTSTI> ended up 1.3 percent, earlier hitting its highest since since Jan. 26, with coal miner Straits Asia Resources surging 5.7 percent. Noble Group rose 3 percent while Olam

Malaysia <.KLSE> was up 0.5 percent at its highest since Feb. 4, Indonesia <.JKSE> rose 0.9 percent to the highest since Feb. 5, and the Philippines <.PSI> surged 1.7 percent to its highest since Jan. 22, building on a 6 percent gain in the previous five sessions.

CBOT Soyoil Daily: May challenge Usc40.00

Market took a breathe after the recent sharp rise and looks may want to challenge the physiological resistance at Usc40.00. Violation of it may provide more room to bias upside potential in near term. To the downside support is pegged at Usc38.00