Thursday, November 4, 2010

20101104 1837 FCPO EOD Daily Chart Study.

FCPO closed : 3191, changed : +104 points, volume : higher.
Bollinger band reading : upside biased.
MACD Histrogram : resumed higher, buyer adding position.
Support : 3150, 3100, 3070 level.
Resistant : 3200, 3270, 3300 level.
Comment :
FCPO rallied higher closed registered huge gains at 2 year high in supportive higher volume changed hand as US Fed move weakens the US Dollar triggered all major commodities futures price to fly high including soy oil and crude oil. Daily chart formed a wide range up bar candle penetrated the upper Bollinger band resistant level thus pushing the band width started to turn outward with the reading call for a upside biased market and a possible small pullback correction before reaching higher.

Other factor to watch will be the soon to be release news on US non farm payroll and unemployment data on the 5th of Nov that normally having some impact on US Dollar movement to a certain extend.
When to buy : buy at support and weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20101004 1732 FKLI EOD Daily Chart Study.

FKLI closed : 1515.5, changed : +5 points,  volume : higher.
Bollinger band reading : upside biased.
MACD Histrogram : turned upward, buyer incharge.
Support : 1500, 1485, 1470 level.
Resistant : 1530, 1550, 1580 level.
Comment :
Hit another new high FKLI closed recorded gain in better but relatively low volume traded as sentiment remained bullish regionally following US Federal Reserve decided to pump in additional 600 billions into America economy. 5 points range daily chart doji bar candle located near upper Bollinger band as the band width continue to turned outward suggesting a further upside biased market development for the near term.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20101104 0949 Local & Global Economics News.

U.S: Factory orders climbed more than forecast in September , adding to evidence manufacturing continues to lead the recovery. The 2.1% increase in bookings was the biggest since January and followed little change the prior month, the Commerce Department said in Washington. The data also showed a drop in orders for capital equipment was smaller than estimated in last week's report on durable goods, pointing to less of a slowdown in business investment. (Source: Bloomberg)

U.K: Index of growth in services businesses from banks to airlines unexpectedly rose in October to the highest level in four months. The gauge rose to 53.2 from 52.8 in September, Markit Economics and the Chartered Institute of Purchasing and Supply said in an emailed statement in London. A reading above 50 indicates growth. (Source: Bloomberg)

Spain: Registered unemployment rate, rose for the third month in October as the economy struggles to recover from an almost two-year recession. The number of people registering for unemployment benefits rose by 68,213, or 1.7%, from September to 4.09 million, the Labor Ministry in Madrid said in an email statement. (Source: Bloomberg)

Australia: Home-building approvals fell in September for a sixth straight month, a sign central bank Governor Glenn Stevens' interest-rate increases are crimping demand for new dwellings. The number of permits granted to build or renovate houses and apartments decreased 6.6% from August, when they dropped a revised 4.8%, the Bureau of Statistics said in Sydney. (Source: Bloomberg)

Malaysia: Trade Surplus hits RM7bn in September
Malaysia’s total export increased 6.9% to RM50.5bn in September from a year earlier, while imports grew 14.6% to RM43.5bn during the same period. Total trade rose 10.4% to RM93.9bn. A trade surplus was recorded in September, making it the 155th consecutive month of trade surplus since November 1997, the International Trade and Industry Ministry said. (Starbiz)

Japan: Bank of Japan confronts two-decade land slump with J-REIT plan
The Bank of Japan’s planned purchases of real-estate investment trusts and exchange-traded funds may bolster investor confidence and support markets that have failed to recover ground lost since the global financial crisis. Governor Masaaki Shirakawa and his policy board will start a two-day policy meeting today to discuss the purchases, which are part of a broader JPY5trn (USD62bn) fund unveiled last month. The bank brought forward its November meeting date by more than a week to speed up the purchases. (Bloomberg)

China: World Bank raises China GDP outlook
The World Bank raised its forecasts for economic growth in China this year and next, saying the strong fundamentals will help offset an expected slowdown in the global economy. In a quarterly update on China’s economy, the World’s second-largest economy would likely grow by 10% this year, up from an earlier forecast of 9.5%. Next year’s estimate was lifted to 8.7% from 8.5%. (Starbiz)

China: World Bank says China needs to raise interest rates further
The World Bank said China should raise interest rates and allow a stronger Yuan to damp inflation, along with guarding against a surfeit of capital inflows. Further normalization of the macroeconomic stance is needed to guard against macro risks, the World Bank said in a periodic report citing asset-price gains, bad loans and “strained” local-government finances. China’s controls over capital movements have proven effective so far and officials can tighten regulations and use exchange-rate flexibility to limit inflows, the report said. (Bloomberg)

US: Dollar weakens against Euro as Fed to buy added USD600bn
The dollar fell versus the euro after the Federal Reserve said it will pump more money into the economy by boosting asset purchases to spur inflation and employment, debasing the world’s reserve currency. The greenback dropped as the Fed said it will buy USD600bn under quantitative easing, fueling speculation about responses by other central banks. The dollar weakened 0.4% to USD1.4090 per euro at 2:19 p.m. in New York. (Bloomberg)

US: Service industries probably grew at faster pace
Service industries probably expanded in October at a pace that shows limited improvement in the US Economy, economists said. The Institute for Supply Management’s non-manufacturing index, which covers about 90% of the economy, rose to 53.5 last month from 53.2 in September, according to the median forecast of 75 economists surveyed by Bloomberg News. Growth at service providers is lagging behind manufacturing, helping explain why the economy is expanding less than the Federal Reserve may prefer. With unemployment holding near 10% and inflation below the Fed’s long-term goal, central bankers are forecast to ease monetary policy after their meeting today. (Bloomberg)

20101104 0948 Malaysia Corporate News.

UEM Land may buy Sunrise for RM1.4bn
UEM Land plans to take over rival Sunrise in a deal valued at some RM1.4bn to expand and develop the expertise to build and market luxury properties. Sources said the all-share offer values Sunrise at RM2.80 a share. This is 11% higher than its last closing price of RM2.52 on Tuesday. Three major shareholders, including Datuk Tong Kooi Ong, who hold more than 40% of Sunrise, have agreed to the deal, which is structured as a voluntary general offer. (BT)

Buyers to fork out more downpayment for 3rd residential unit
Home buyers will have to fork out more downpayment for their third residential property. In a move to curb excessive speculation in the property market, BNM announced the imposition of a maximum loan-to-value ratio of 70% for the third housing financing facility taken by a borrower with immediate effect. (Financial Daily)

Mah Sing buys land worth RM167m
Mah Sing is buying two pieces of land in Ampang and Cyberjaya for a combined RM167m and plans to build properties with a total GDV of RM1.2bn. The 1.9ha freehold land along Jalan Ampang is being bought for RM114.9m, or about RM560.63 per sq ft. The development is about 1.3km from the group's recently launched serviced residence project, M Suites. (BT)

Glenealy Plantations plans RM110m spending as CPO prices inch up
Glenealy Plantations plans to invest about RM110m in 2011 to seed new trees and build a mill as CPO prices trend upwards. Output may increase between 5% and 10% in the financial year ending 30 June, 2011 as more trees reaches higher yielding age, its MD Yaw Chee Ming said. (The Malaysian Reserve)
MMC unit seeks RM113m from GE units
MMC Corp unit Prai Power SB is seeking RM113m in claims from GE Energy Parts Inc, GE Power Systems (M) SB and General Electric International Inc for breach of duty for its 350MW combined cycle gas turbine power plant in Prai, Penang. (The Malaysian Reserve)

Domestic Firefly flights from KLIA by early 2011
 Firefly will begin flying jets on several domestic routes from KLIA as early as January next year, sources said. It will take over some of the B737-400 aircraft from parent MAS to ply the domestic routes. Management is slated to make an announcement on its expansion plans on Monday. (StarBiz)

Tanjung Offshore unit gets job in Egypt
Tanjung Offshore subsidiary Citech Energy Recovery Systems UK Ltd has received a purchase order from Egyptian Maintenance Co for the supply of 4 units of waste heat recovery for the Egypt Liquefied Natural Gas retrofit project. The package was valued at USD3.3m. (StarBiz)

Kulim proposes share split, bonus and free warrants issuance
Kulim has proposed a 1-for-1 bonus issue coupled with issuance of free warrants on a 1-for-8 basis after the proposed share split of dividing one share into two. It also proposed to increase its authorised share capital from RM200m of 400m shares to RM500m to 2bn subdivided shares. (Bursa)

QL proposes private placement, share split, and free warrants issuance
QL Resources has proposed to undertake a private placement of up to 20.8m shares. It also put forward a share split exercise involving the subdivision of every one 50 sen QL share into two shares of 25 sen each, together with an issue of 41.6m free warrants on the basis of 1-for-20. (Bursa)

Futures trading: Brokers get direct access to US customers. Nine Malaysian futures brokers received recognition by the National Futures Association to solicit and accept orders and customer funds directly from US customers as permitted by the United States Commodity Futures Trading Commission. The nine futures brokers were: AmFutures Sdn Bhd, CIMB Futures Sdn Bhd, JF Apex Securities Bhd, Kenanga Deutsche Futures Sdn Bhd, LT International Futures (M) Sdn Bhd, Okachi Malaysia Sdn Bhd, Oriental Pacific Futures Sdn Bhd, OSK Investment Bank Bhd and TA Futures Sdn Bhd. (Source: The Star)

Crude Oil: RON 97 price up 5 sen. The price of RON 97 is up 5 sen to RM2.15 per litre from Tuesday and reflects the price of petrol in the global market. Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said petroleum companies monitored the price of petrol for the first 28 days of the month and then would decide on whether to increase or reduce the price of RON97 for the following month. Meanwhile, government will not increase the price of RON95 at least until end of the year. More than 95% of private cars run on RON95. (Source: Business Times)

Skilled workers: Najid to make announcements on policy regarding skilled workers. Prime Minister Datuk Seri Najib Tun Razak will be making an announcement on the policy to attract skilled workforce, including foreign workers, to work in the country. He indicated that there is going to be a huge change in the government's policy. Malaysia will make it easier for the foreign skilled workers to get working visas and even permanent resident status. (Source: Bernama)

China Ouhua: Makes sparkling debut on Bursa. The first wine producer to be listed on Bursa Malaysia, China Ouhua Winery Holdings Ltd made a sparkling debut yesterday, closing 5.5 sen or 9.2% higher than the issue price of 60 sen. The company, the fifth from China to be listed on Bursa, opened at 66 sen, with 2.8m shares traded. It was the second most active counter yesterday with 50.7m shares traded. (Source: The Star)

20101104 0931 Renewable Energy Related News.

OSLO, Nov 2 (Reuters) - Norway's Renewable Energy Corporation  boosted its production targets for solar energy components and outlined plans to slash production costs with technology from its new plant in Singapore.
Along with much of the solar industry, REC is ramping up production which is putting pressure on prices, while demand is clouded by reduced state subsidy schemes in key markets.

SEOUL, Nov 2 (Reuters) - South Korea said on Tuesday it would invest 9.2 trillion won ($8.23 billion) by 2019 to build offshore wind farms in its drive to grab a greater slice of the growing global offshore renewable energy market.
South Korea, home to some of the world's top shipyards and offshore plants, hopes the government-led initiative would help it increase exports of offshore wind technologies and raise the portion of renewable energy in its energy mix to a larger extent than conventional on-land projects.

WASHINGTON, Oct 29 (Reuters) - The U.S. wind power industry had its slowest quarter since 2007 in the just-ended third quarter, as investors turned away from the sector after Congress did not pass a renewable power mandate, an industry group said.
The American Wind Energy Association (AWEA) said U.S. developers added 395 megawatts of electricity capacity at wind farms in the third quarter -- the slowest quarter since 2007. Year-to-date installations of 1,634 MW, were down 72 percent versus the same period last year.

LONDON, Nov 2 (Reuters) - Britain needs to decide on what electricity market reforms to implement by the end of next year to ensure it hits its renewable energy targets, UK energy network operator National Grid  said on Tuesday.
The government is set to publish an initial consultation on market reform in a few weeks, but delays in turning them into legislation could deter investment in much-needed offshore wind farms and new nuclear power plants.

PRAGUE, Nov 2 (Reuters) - The Czech government on Tuesday proposed a 32 percent tax on carbon credits that power producers are set to receive in 2011 and 2012 as the government seeks to limit price hikes resulting from a solar energy boom.
According to the official government proposal, the tax will apply only to generators that produce power for third parties, a condition that means majority state-owned CEZ  would shoulder a large part of the burden.

LONDON, Oct 29 (Reuters) - Weather and renewable energy supplies across much of western Europe could be hit this winter by the North Atlantic Oscillation (NAO), a phenomenon that can exert a powerful influence over temperature and rainfall.
Meteorologists say a negative NAO usually points to colder, calmer and drier winters in northern Europe and wetter, windier weather across the Iberian Peninsula and Italy as westerly winds from the Atlantic are pushed south.

LONDON, Oct 28 (Reuters) - Britain's new support scheme for renewable heat, the first of its kind, would mostly benefit  small investors and services companies, given a lack of Scandinavian-style heating networks, experts said.
Britain announced last week an 850 million pounds ($1.35 billion) support scheme for renewable heating projects, initially from June 2011 to 2014/2015, against the backdrop of wider spending cuts.

LONDON, Oct 28 (Reuters) - Electricity harnessed from old water mills and turbines can now benefit from government green power subsidies in Britain, the Department for Energy and Climate Change announced on Thursday.
Modernised water wheels and turbines are now included in the government's feed-in-tariff (FIT) scheme, which financially rewards small-scale renewable energy projects.

SOFIA, Oct 28 (Reuters) - Bulgaria is likely to miss its green energy targets due to unrealistic forecasts for power production from hydropower plants and biomass, an industry report showed on Thursday.
The European Union member has pledged to boost the share of renewable energy to 11 percent of total energy consumption in 2011 and to 16 percent by 2020 and sent to Brussels an action plan outlining how it will hit green power goals.

MILAN, Oct 27 (Reuters) - Italy's installed capacity of renewable energy generation jumped 11 percent to just above 26,500 megawatts in 2009, driven by a nearly 40 percent spike in wind park capacity, state energy management agency GSE said.
Electricity generated from renewable energy sources accounted for 19 percent of total power consumption in the country last year as Italy aimed to meet a 26 percent target in 2020 under the European Union plan to fight climate change.

LONDON, Oct 27 (Reuters) - Britain has awarded one of the world's largest planned tidal power projects to a consortium of utility International Power , Morgan Stanley  and tidal technology firm Atlantis Resources Corporation.
Britain's Crown Estate said it had retendered the 400 megawatt (MW) project in northern Scotland at the end of March after the previous developer pulled out at the last minute due to over commitment. It provided no details of the company involved.

20101104 0930 Biofeuls Related News.

CHICAGO, Nov 2 (Reuters) - U.S. agricultural processor Archer Daniels Midland  will begin construction of its second Brazilian biodiesel plant in 2011 and the facility should be completed in 2012, CEO Patricia Woertz said on Tuesday.
The facility will be built adjacent to ADM's soybean crush plant and oil refinery in Joacaba, Santa Catarina, and will have an annual capacity of 164,000 tonnes, Woertz said.

PIRACICABA, Brazil, Nov 1 (Reuters) - The fast expansion of Brazil's cane sector over the past few years brought not only debt to many companies but also a tiny though potentially devastating threat: the sugarcane weevil.
The incidence of the insect has nearly doubled in the past six years, to 350,000 hectares of cane fields -- taking into account only the cases in Sao Paulo, Parana and Minas Gerais. The three states account for 5.7 million hectares out of Brazil's 8 million hectares planted with cane.

BRASILIA, Oct 27 (Reuters) - Sugar cane ethanol pioneer Brazil, which touts the efficiency and environmental qualities of its biofuel, could soon begin making it from less-efficient corn to soak up excess grains in remote areas.
The combined industry and governmental steering committee for corn, which met on Wednesday, said it had commissioned a study by state researcher Embrapa to look at the viability of making ethanol in corn-growing state Mato Grosso.

WASHINGTON, Oct 27 (Reuters) - Pioneers in cellulosic ethanol, tapped to leapfrog corn-based ethanol, say they are studying or plan to use a new U.S. program that pays farmers and forest owners to experiment with energy crops.
The Biomass Crop Assistance Program, estimated to cost $461 million, took effect on Wednesday. A wide variety of materials are eligible for support, from wood chips and crop residues to switchgrass, woody plants, algae and animal and food waste.

HAMBURG, Oct 27 (Reuters) - The German cabinet on Wednesday approved a proposal to raise the maximum level of bioethanol allowed in blended gasoline to 10 percent from 5 percent now, the government said in a statement.
The change will take place from January 2011, the statement said.

SAO PAULO, Oct 27 (Reuters) - U.S. agricultural processor Archer Daniels Midland  is considering selling its 49-percent stake in a cane-based ethanol plant it has in Brazil, local newspaper Valor Economico said on Wednesday.
The paper named no sources regarding the potential sale of the Limeira do Oeste mill, in Minas Gerais state, which has a crushing capacity of 3 million tonnes a year and marked ADM's entrance into the Brazilian ethanol market in 2008.

MUMBAI, Oct 27 (Reuters) - Indian sugar firms, eager to sell more ethanol in a year when the sweetener promises lower returns, look likely to boost capacity and output of the biofuel after a false start two years ago.
Domestic sugar prices fell below the cost of production in the quarter to September, and prospects look bleak for the first half of the season begun in October, making government-regulated prices for ethanol more attractive.

20101104 0929 Global Market News.

OIL: Crude rises as Fed stimulus weakens dollar
SINGAPORE, Nov 4 (Reuters) - Oil rose for a fourth straight day on Thursday, trading near six-month highs, as the dollar weakened after the U.S. Federal Reserve met market expectations with a plan to buy government debt to boost the economy.
The U.S. central bank said it would buy around $75 billion in Treasury bonds per month through mid-2011, totaling around $600 billion.

COMMODITY MARKETS: Gold dives further after Fed; most markets unmoved
NEW YORK, Nov 3 (Reuters) - Gold fell sharply but most commodities barely budged on Wednesday after the U.S. Federal Reserve decided, as expected, to buy billions of dollars in government debt to boost the economy, prompting investors to return their focus to economics and fundamentals.
"The Fed statement today basically removes a large overhang from the markets and the question is what we'll trade off from here," said Adam Sarhan at New York's Sarhan Capital. "To me, the demand equation for most commodities remains strong and supply remains challenging. That'll be the focus going forth."

GLOBAL MARKETS: Dollar steady, Asia stocks climb after Fed
HONG KONG, Nov 4 (Reuters) - Japanese stocks rallied 2 percent on Thursday after the Federal Reserve's new bond buying programme was close enough to expectations to keep investors selling yen and searching for higher-yielding assets.
"By undertaking more Treasury bond purchases, the hope is that risk appetite will provide the catalyst for people to spend, particularly corporates," Sean Darby, Asia strategist with Nomura in Hong Kong, said in a note. 

ANALYSTS VIEW-Commodities seen rising after Fed
NEW YORK, Nov 2 (Reuters) -Commodity and forex markets expectations range from $250 billion to $2 trillion of bond purchases by the Fed in a second round of quantitative easing. Traders are bracing for a quick rise in the dollar -- and commensurate fall in commodities -- if the Fed takes a less aggressive approach.
The dollar has lost about 7 percent against a basket of currencies over the past two months on speculation that the Fed will commence so-called QE2, as signaled by Chairman Ben Bernanke on Aug 27.

PRECIOUS-Gold slips, investors stay away before Fed outcome
SINGAPORE, Nov 3 (Reuters) - Gold inched down on Wednesday despite a weaker dollar as investors stayed on the sidelines before an expected U.S. Federal Reserve decision to pump hundreds of billions of dollars into the sluggish economy.
The outcome of the Fed meeting would be bullish for assets such as gold if the central bank commits to buying at least $500 billion in Treasuries over five months, as per expectations, but dealers are not ruling out surprises.

FOREX-Dollar steadier as Fed decision looms
SYDNEY, Nov 3 (Reuters) - The euro struggled on Wednesday to push higher above $1.4000 against the U.S. dollar, which remained on the backfoot as the Federal Reserve looked set to provide more stimulus to spur a flagging recovery.
Traders said the market was unwilling to make new bets ahead of

US soybeans, corn firm ahead of Fed meeting outcome
SYDNEY, Nov 3 (Reuters) - U.S. soybeans and grain futures posted modest gains as the dollar held steady ahead of the outcome of the U.S. Federal Reserve's policy meeting later in the day.
"Longer term, the market is looking at competition for acres in the United States between corn and soybeans," said Brett Cooper, senior manager markets at FCStone Australia.

Stocks hit 2-yr highs, dlr pressured before Fed
LONDON, Nov 3 (Reuters) - World stocks hit a two-year high while emerging equities rose to their highest level since mid-2008 as investors anticipated more U.S. monetary easing would support the global economy.
"If they deliver a policy, which at the very least is in line with the consensus and potentially offers some hope of a greater eventual number being reached, then you have got your short term catalyst for this market to go up," said Ian Richards, European equity strategist at RBS.

20101104 0927 Soy Oil & Palm Oil Related News.

Soy product futures rose in unison with soybeans. The market traded on both sides of unchanged levels, but strong underlying global demand for soybeans and products kept floor beneath prices until late outside market support attracted fresh buying down the stretch, analysts said. December soyoil settled 0.27 cent or 0.5% higher at 49.90 cents a pound. December soymeal ended $1.20 or 0.04% higher at $338.90 a short ton. (Source : CME)

Global Demand For Crops Forces King Corn Into US Land Fight (Source : CMe)
King corn faces a land fight with other crops as U.S. farmers plan to sow more acres next year to meet strong global demand. Analysts expect growers will have to plant significantly more corn to prevent world supplies from becoming precariously tight. Yet similar strength in global demand for soybeans, cotton and wheat is setting up a competition for those extra acres. Livestock producers and ethanol makers are willing to pay more for corn, with futures climbing to 26-month highs. That will drive farmers to plant more acres next spring, especially since the fall harvest is coming in below expectations. Yet corn isn't likely to be the default crop for farmers looking to expand their plantings to take advantage of higher prices. Growers are only now starting to plan for next year, yet some could be tempted to add acres of cotton, wheat and soybean as prices for those commodities surge as well.
Soybean futures have reached 14-month highs on record buying by China, while cotton prices climbed to their highest level since the post-Civil War period of Reconstruction. Wheat futures have also rallied this year. It's becoming "more and more difficult" to guarantee a large increase in corn plantings, said Marty Foreman, analyst at Doane Advisory Services, an agricultural advisory firm in St. Louis. Analysts say farmers must increase corn plantings by 3 million to 6 million acres, or 3.5% to 7% over this year's level, to meet demand in 2011. The U.S. is the world's largest producer of corn, relied on to keep global markets adequately supplied. The number of acres that farmers plant rises and falls from year to year as they weigh futures prices against expected costs for seed, fertilizer and labor. Growers planted about 319 million acres with the country's principal 15 crops in 2010, compared to 325 million when corn and soybean futures reached record highs two years earlier.
A combined increase of 9 million acres in corn, soybean and wheat is needed in 2011 to keep supplies from running short, said Rich Feltes, vice president of research for commodity brokerage firm RJ O'Brien. Some acres can be counted twice if farmers plant wheat in the fall and then sow soybeans after the wheat is harvested in early summer. Farmers in the fertile Midwest often stick to a rotation of corn and soybeans, with little variation from year to year. Fringe crop areas, such as those in the Mississippi Delta, are expected to be the main battleground for acreage. Texas is likely to be an important swing state since corn, soybeans and cotton are grown there. States in the northern Plains, like North Dakota, will likely plant more corn at the expense of soybeans and possibly spring wheat.

Palm oil barely moves, investors eye Fed decision
KUALA LUMPUR, Nov 3 (Reuters) - Palm oil futures made little headway as some traders felt supply concerns were overdone even as strong monsoons hit certain estates in Malaysia.
"We are looking for more cues on the impact of the monsoon weather on palm oil production," said a trader with a foreign commodities brokerage.

China to stockpile new domestic soy from Nov-April
BEIJING, Nov 3 (Reuters) - Chines government will continue to stockpile the new soy harvest in the four major growing provinces in the northeast from November to April 2011 as part of efforts to help boost farmers' income, said the State Grain Administration on Wednesday.
The purchase price was set at 3,800 yuan ($569.7) per tonne, confirming earlier Reuters report, the body said.

ADM says late Brazil soy crop to boost US exports
CHICAGO, Nov 2 (Reuters) - Late soybean seeding in Brazil due to adverse planting weather will delay the harvest in the key soybean exporting country and bolster U.S. exports of the oilseed, the vice chairman of U.S. agricultural processor Archer Daniels Midland  said on Tuesday.
"We're seeing very strong export interest business out of the United States starting with the last month and we expect that to keep going forward," said John Rice, ADM's vice chairman and executive vice president of commercial and production.

ADM to build second biodiesel plant in Brazil
CHICAGO, Nov 2 (Reuters) - U.S. agricultural processor Archer Daniels Midland  will begin construction of its second Brazilian biodiesel plant in 2011 and the facility should be completed in 2012, CEO Patricia Woertz said on Tuesday.
The facility will be built adjacent to ADM's soybean crush plant and oil refinery in Joacaba, Santa Catarina, and will have an annual capacity of 164,000 tonnes, Woertz said.