Thursday, February 10, 2011

20110210 1853 FCPO EOD Daily Chart Study.

FCPO closed : 3926, changed : -5 points, volume : higher.
Bollinger band reading : pullback correction upside biased.
MACD Histrogram : getting higher, buyer in charge.
Support : 3920, 3900, 3850 level.
Resistance : 3950, 4000, 4070 level.
Comment :
Hit new 3 year high again FCPO closed recorded small loss with blooming volume participation after export data released shows significant improvement and MPOB official data release a lower stock level while soy oil traded lower after overnight price closed higher.
Daily chart formed an down doji bar candle with lower shadow corrected downward from upper Bollinger band level with the reading call for a pullback correction range bound upside biased market development. 
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.

20110210 1812 FKLI EOD Daily Chart Study.

FKLI closed : 1491 changed : -34 points,  volume : higher.
Bollinger band reading : downside biased.
MACD Histrogram : resume lower, seller adding position.
Support : 1485, 1470, 1458 level.
Resistance : 1500, 1515, 1530 level.
Comment :
FKLI closed recorded massive loss with higher volume transacted doing 13 points discount compare to cash market while regional market closed lower except for Shanghai exchange as market seems digesting the impact of China rate hike news.
Daily chart formed a wide range down bar candle after market opened gap down and dive deep(with lots to stop loss order triggered) to closed at the low of the day resuming downward movement with the reading turned to suggesting a downside biased market development.
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.

20110210 1437 Global Economic Related News.

Australia: Consumer confidence rebounds
Australian consumer confidence rebounded in February from a seven-month low on expectations that damage to the economy from flooding in the nation’s northeast will be short-lived. The sentiment index climbed 1.9% to 106.6 m-o-m, according to a survey conducted from 31 Jan to 6 Feb. After floods inundated much of Queensland state last month, Cyclone Yasi last week cut a destructive path through banana- and sugarproducing areas in the region. (Bloomberg)

UK: Trade gap widens to record
The UK trade deficit unexpectedly widened to a record in December as aircraft imports surged before the government introduced a change in tax last month. The goods-trade gap rose to GBP9.25bn from a revised GBP8.46bn pounds in November. Economists had expected a GBP8.6bn deficit. Imports rose 3.5%, outpacing a 1.5% increase in exports. For the full year, the deficit also widened to a record as imports of oil and basic materials jumped by about one third. The goods trade gap for 2010 rose to GBP97.2bn from GBP82.4bn. The total trade gap, which includes services, was GBP46.2bn. (Bloomberg)

UK: Food-price inflation soars
UK food inflation accelerated to the fastest pace in 19 months in January, pointing to strengthening price pressures in the economy. Food prices rose an annual 4.6%, up from 4% the previous month and the most since June 2009. Overall shop prices increased 2.5% y-o-y. Non-food prices rose 0.1% m-o-m. Inflation for nonfood items accelerated to 1.3% y-o-y in January from 1.1% in December. M-o-m, overall shop prices rose 0.6%, led by a 1.6% surge in food prices. (Bloomberg)

EU: German exports increased in December
German exports increased for a second month in December as the global recovery boosted demand for goods and services from Europe’s largest economy. Exports, adjusted for work days and seasonal changes, rose 0.5% m-o-m after a 0.5% increase in November. Economist had forecasted a 1% gain. Imports dropped 2.3% m-o-m, after jumping 4.1% in November. Germany’s economy expanded a record 3.6% in 2010 as companies boosted output and hiring to meet orders. German exports rose 21% y-o-y in December. Shipments to countries within the EU advanced 20% for the full year of 2010 while sales to countries outside the EU increased 21%. In 2010, exports gained 18.5% y-o-y. (Bloomberg)

20110210 1436 Malaysia Corporate Related News.

MPHB seeks 100% ownership in Magnum
Multi-Purpose Holdings (MPHB), which now holds 51% of Magnum Holdings SB, is buying back the remaining shares of the gaming firm from private equity group CVC Capital for RM1.64bn. CVC Capital had spent some RM2.2bn to buy 49% of Magnum in 2008, under a deal that also privatized the gaming company. MPHB now plans to make gaming its core business once Magnum becomes its wholly-owned subsidiary. (BT)

Coastal secures RM268m vessel sales
Coastal Contracts’ three wholly-owned subsidiaries have secured contracts for the sale of 12 vessels for RM268m. it now has about RM760m worth of vessel sales orders awaiting delivery to customers up to 2012. (The Malaysian Reserve)

Primus misses stake-cut deadline
Primus Pacific Partners LP, a major shareholder of EON Capital, has missed Bank Negara’s end-January deadline to pare down its stake in the bank to 15% from 20%. Sources said that Primus recently wrote to the central bank, stating its intention to reduce its stake in the bank by end-February. The end-January deadline is the second extension granted by the central bank to Primus. (Malaysian Reserve)

KLIA passenger movement for 2010 rises 14.8%
Total passenger movement in the KLIA for 2010 has increased nearly 15% y-o-y to 34.1m. The growth of international passenger movement outpaced domestic passenger movement by growing 20.8% y-o-y to 23.7m from 19.7m a year earlier. Domestic passenger movement rose 3.2% y-o-y to 10.3m. (Financial Daily) 

20110210 1110 Renewable Energy Related News.

Feb 8 (Reuters) - FirstEnergy Corp  said its unit will buy 100 megawatts (MW) of output from the 304-MW Blue Creek Wind Farm in Ohio, being built by Iberdrola Renewables, a unit of Spain's top power utility Iberdrola .
Akron, Ohio-based FirstEnergy's subsidiary FirstEnergy Solutions will buy the output for 20 years, beginning October 2012, the company said in a statement.

MILAN, Feb 8 (Reuters) - Power demand in Italy fell 0.6 percent year-on-year in January to 27.8 billion kilowatt hours, Italian grid operator Terna  said on Tuesday.
Demand in January fell 1.2 percent if the monthly figure was adjusted for the average temperature and for the number of working days, Terna said in a statement.

PARIS, Feb 8 (Reuters) - European electricity prices for 2012 delivery continued to ease on Tuesday, pushed lower by a drop in oil and gas prices, traders said.
French prices for 2012 baseload fell 35 cents to 52.90 euros per megawatt hour in the over-the-counter market while the benchmark German contract fell by 70 cents to 51.55 euros.

COPENHAGEN/FRANKFURT, Feb 8 (Reuters) - The outlook for renewable energy groups might be lighting up enough to give investors an opportunity to benefit from the struggle against climate change.
Danish wind turbine maker Vestas , Norwegian solar industry group Renewable Energy Corp  and French renewable energy producer EDF Energies Nouvelles  are set to send signs of hope for 2011 when they post results on Wednesday.

MILAN, Feb 8 (Reuters) - China's Suntech Power Holdings Co Ltd  said it would supply 115 megawatts of photovoltaic panels to Italian company Enerpoint, which will install them mostly in Italy in 2011 and 2012.
The panels, which convert sunlight into power, will produce about 150 million kilowatt hours of power a year, enough to meet the demand of about 60,000 families and cut carbon dioxide (CO2) emissions by 75,000 tonnes a year, Suntech said on Tuesday.

LONDON, Feb 7 (Reuters) - Britain said on Monday it would cut support for large solar power plants before the summer and all installations from April 2012, if a review showed subsidies were driving too rapid uptake, as expected.
Britain launched last April a price premium for electricity generated from small-scale renewable sources, called a feed-in tariff (FIT), but the government is now concerned big installations may mop up money meant for homes and communities.

LONDON, Feb 7 (Reuters) - Britain will on Monday announce a review of subsidies for larger scale solar power plants, said a spokeswoman at the department for energy and climate change.
The move aimed to shift a focus away from larger installations, under a support scheme launched last April and which currently pays a premium for electricity produced from installations up to 5 megawatts (MW).

NEW YORK, Feb 4 (Reuters) - The U.S. Department of Energy said on Friday it will spend $27 million on a new effort to reduce the costs of solar power by 75 percent by the end of the decade in a bid to make the renewable power source as cheap as fossil fuels.
Energy Secretary Steven Chu dubbed the program a "sun shot" that was patterned on President John F. Kennedy's "moon shot" goal in the 1960s that called for the United States to land a man on the moon.

MADRID, Feb 4 (Reuters) - Iberian prompt wholesale power prices were virtually unchanged on Friday as forecasts cheap supplies of wind power would dwindle matched predictions that demand would also decline.
National grid operator REE  forecast demand for power in Spain, which takes up 85 percent of the Iberian Electricity Market (Mibel), would fall to 740 gigawatt-hours on Saturday from 801 GWh on Friday.

ATHENS, Feb 4 (Reuters) - Big photovoltaics operators have until March 31 to express their interest in joining a giant, 200 megawatt solar panel park project in northern Greece, the country's biggest utility PPC  said on Friday.
PPC is looking for a strategic partner to help finance the 600 million euro ($818 million) plan, the company said in an invitation published in the Financial Times.

FRANKFURT, Feb 4 (Reuters) - German power plant availability reported by producers and transmission firms to energy exchange EEX is set to rise 1.4 percent to 64,314 megawatts (MW) in the seven days to Feb. 11, data from the bourse showed on Friday.
The EEX on its website issues transparency data from German generators, grid operators and small plants below 100 MW, as well as live production forecasts on an aggregated basis.

LISBON, Feb 4 (Reuters) - Portuguese power company EDP  said its energy distribution volumes in Portugal and Spain rose 4.1 percent last yearr, boosted by rising demand from industry.
The volume of electrical energy distributed in Portugal rose 4.4 percent to 51,616 gigawatt hours (GWh) thanks to capacity additions by large industrial clients, the company said in a statement late on Thursday.

OTTAWA/BANGALORE, Feb 3 (Reuters) - Metals producer 5N Plus Inc  said on Thursday it has again expanded supply agreements with key customer First Solar Inc  and it plans to build a solar cell byproducts recycling plant in Malaysia to meet growing customer demand.
The news lifted 5N Plus shares as much as 11 percent to a two-year high on the Toronto Stock Exchange on Thursday.

Feb 4 (Reuters) - Japanese trading house Sumitomo Corp  will buy 85 percent stake in a German solar power firm's Italian susidiaries, in a deal of about 5 billion yen, the Nikkei business daily reported.
Under the terms of the deal, Sumitomo will acquire ownership of 10 solar farms in southern Italy, with a combined capacity generation of 9,700 kw, the paper said.

LONDON, Feb 3 (Reuters) - All but five percent of the world's energy needs could be met from renewable sources by 2050, a report by conservation group WWF and energy consultancy Ecofys showed on Thursday.
In 2050, total energy demand could be 15 percent lower than in 2005 due to ambitious energy saving measures even though population, industrial output, freight and travel will increase, the report said.

OTTAWA, Feb 2 (Reuters) - Greengate Power Corp said on Wednesday the California Public Utilities Commission has approved its sale of renewable energy credits from its first two Alberta wind farms to Pacific Gas and Electric Co.
Under terms of the 20-year, fixed-price agreements, Pacific Gas will purchase all the credits associated with the expected 1,400 gigawatt hours of renewable power generated annually at the projects, Greengate said.

LISBON, Feb 2 (Reuters) - EDP Renewables , the wind energy subsidiary of Energias de Portugal , said on Wednesday its power generation jumped 32 percent to 14,352 gigawatt hours (GWh) in 2010 from a year earlier.
EDPR, the world's fourth-largest wind energy company in terms of installed capacity, said output grew 33 percent in Europe, while the company's U.S. operations posted an output rise of 30 percent.

BERLIN, Feb 2 (Reuters) - German Chancellor Angela Merkel and Polish Prime Minister Donald Tusk urged the European Commission to strengthen the EU internal energy market as apart of a long-term initiative until 2050.
The two heads of government advocated Brussels take action in a letter to EU Commission President Jose Manuel Barroso and European Council President Herman van Rompuy obtained by Reuters on Wednesday, prior to this week's EU energy summit on Feb. 4.

20110210 1109 Biofuels Related News.

CHICAGO, February 3 (Reuters) - Surging corn values have shunted spot ethanol producer margins into the red for the first time on record, and inventories of the alternative fuel have recently climbed to their highest level in more than five months.
Combined, these developments might suggest that ethanol manufacturers may be primed to dial down their recent record output pace. But thanks to sustained strength in the price of Distillers' Dried Grains (DDGs) -- a by-product of corn-based ethanol production -- as well as expectations for continued strong ethanol demand, producers remain content to churn out ethanol in record amounts.

LONDON, Feb 7 (Reuters) - Naphtha shipments to Brazil have ramped up, with as least two 30,000 tonne cargoes crossing the Atlantic from Russia at the end of January, traders said.
Two Brazilian companies picked up a shipment each from the Russian port of Tuapse, traders said, as rallying ethanol and seasonal refinery maintenance combined to drive a rise in buying interest from Brazil.

BRUSSELS, Feb 4 (Reuters) - European Union leaders look set to agree to merge and strengthen energy networks, a move that gives fresh impetus to the renewable energy industry and will help curb Europe's growing reliance on fossil fuels.
Europe could do better than the current trend of exporting 2.5 percent of its annual GDP for energy imports, European Commission President Jose Manuel Barroso told leaders at the start of a summit.

CHICAGO, Feb 3 (Reuters) - Biodiesel, still a money-losing proposition in the United States compared to oil-based diesel, is about to have its best year ever thanks to government tax credits and usage mandates.
But it will take months for the biodiesel industry to bounce back after being stranded last year, when the government let its six-year subsidy expire. Biodiesel production fell 20 percent in 2010 and was only half of 2008 output as plants across the country closed or slashed production.

PARIS, Feb 3 (Reuters) - French oilseed group Sofiproteol said on Thursday its range of activities from biofuel to green chemicals helped it withstand commodity market tensions last year, enabling it to keep investing in new industrial projects.
High grain prices and unfavourable margins for biodiesel could continue to pressure some operations in 2011, but the group expected tensions in Europe's oilseed market to ease, Chief Executive Philippe Tillous-Borde told reporters.

20110210 1108 Global Market Related News.

Crude oil up slightly as Egypt unrest continues
PERTH, Feb 10 (Reuters) - U.S. crude oil futures inched higher on Thursday amid ongoing concerns about unrest in Egypt, while a weaker dollar helped Brent rise above $102 a barrel. 
Earlier, a government report showing high crude and oil product inventories in the U.S. world's largest consumer kept some pressure on WTI oil prices.

US group sets oil talks with China
WASHINGTON, Feb 9 (Reuters) - A group of prominent U.S. business executives and national security figures will visit China next month as part of their drive to reduce U.S. dependence on oilMembers of the private Energy Security Leadership Council will discuss possible U.S.-Chinese cooperation on oil security-related issues, said retired Navy Admiral Dennis Blair, a former U.S. director of national intelligence.
"Can't we work on them (oil security issues) together?" Blair said his fellow travelers would ask at meetings with Chinese government officials and business leaders. He cited what he called parallel U.S. and Chinese oil-market interests, including securing supplies at "a reasonable price."

OIL:Crude oil up slightly as Egypt unrest continues
PERTH, Feb 10 (Reuters) - U.S. crude oil futures inched higher on Thursday amid ongoing concerns about unrest in Egypt, while a weaker dollar helped Brent rise above $102 a barrel.
Earlier, a government report showing high crude and oil product inventories in the U.S. world's largest consumer kept some pressure on WTI oil prices.

COMMODITIES:Supply fears drive corn above $7; cotton to record
NEW YORK, Feb 9 (Reuters) - Agricultural markets blazed to a higher finish on Wednesday, with corn surpassing $7 the first time since 2008 and cotton hitting a 150-year top, on fear of tight supplies after the U.S. government cut crop estimates.
"They say a bull market needs to be fed, and we certainly got fed here today," Rich Nelson, an analyst at Allendale Inc in McHenry, Illinois, said, referring to government agricultural reports that served as catalyst to the rally.

GLOBAL MARKETS:Asian stocks, dollar subdued after cautious Fed
SYDNEY, Feb 10 (Reuters) - Shares in Asia's developed markets succumbed to a bit of profit taking on Thursday, while the dollar struggled after the head of the Federal Reserve signalled the U.S. economic recovery was still fragile and warned against sharp spending cuts.
"It's difficult for now for the euro to rise above the peak hit earlier this month. It will need a fresh factor to go beyond that peak," said Keiji Matsumoto, a strategist at Nikko Cordial Securities.

China Lifts Farm Subsidies (Source: CME)
China's government outlined farm subsidies and other support aimed at encouraging grain production as the country braces for the possibility of a weak wheat crop that could further exacerbate a global food-inflation scare. The State Council, China's highest administrative organ, issued a 10-point plan pledging small amounts of cash to irrigate wheat fields, plant wheat and corn, and treat crop disease, as well as a $180 million fund to buy equipment and more than $1 billion for drought-alleviation works. Beijing also said it would raise a symbolic minimum purchase price for rice by almost 40%. The bulletin, following days of warning from Chinese bureaus about drought over northern parts of the county, and a special wheat-production alert Tuesday from the Rome-based United Nations Food and Agriculture Organization, reflects growing anxiety around the world about food prices. As the measures are rooted in encouraging production, they may not have much effect in the short term.
The immediate risks were underscored by price gains on Wednesday of as much as 7% on wheat contracts traded in central China on the Zhengzhou Futures Exchange. Globally, wheat traders have bid prices higher in recent weeks on factors as disparate as protests in Egypt and snow in the midwestern U.S. A damaged Chinese crop would raise the likelihood that China would import more wheat, an uncomfortable proposition in Beijing where leaders in recent years have appeared to fail in efforts to achieve self-sufficiency in grain production. The effects of unexpected new demand from China for wheat would cause wide ripples, especially hitting the poor by driving up costs of flour for bread and noodles. China's rising demand for crude oil, which boosted crude prices, was a factor in encouraging cultivation of corn and sugar for biofuels, instead of food, that contributed to higher prices and food riots in 2008 from Bangladesh to Kenya. Social stability in China, too, always has depended on grain.
Much of the ritual in the ancient Chinese court revolved around ensuring a strong crop. During the 1950s and 1960s, exaggerated grain-production figures were published to please Mao Zedong. An ancient Chinese adage says, "Raise sons for old age, pile grain for times of famine." Yet, China's grain imports have expanded rapidly, undermining Beijing's long-running target of achieving 95% self-sufficiency in grains. China made its first sizable imports of U.S. corn in a decade during 2010 and in total bought 1.57 million metric tons on world markets, an 18-fold increase from 2009. Wheat imports expanded 36% in 2010 to 1.2 million tons, and China's rice imports grew 8.6% to 366,171 tons.

China To Spend Big To Combat Drought In North (Source: CME)
China has said it will spend nearly $1 billion to battle a drought plaguing huge areas of its north, as wheat prices continued their climb and the U.N. warned of serious consequences for the winter harvest. The drought is the worst in six decades in many areas, and has left a swathe of grain-producing regions reeling from a lack of any significant rainfall in more than three months. The government will spend at least CNY6 billion ($911 million) to divert water to affected areas, construct emergency wells and irrigation facilities, and take other measures, China's drought relief headquarters said. Wheat prices on the Zhengzhou commodity exchange in central China jumped nearly across the board on Wednesday, the exchange said. Prices of a key contract hit a "historic high" of CNY2,865 per ton on Tuesday, the Chinese finance website Hexun reported. The report didn't specify the contract to which the figure referred.
The spike in prices couldn't have come at a worse time for the government, which is struggling to cap soaring prices of food and other key goods. On Tuesday, the central bank announced the third interest rate hike in four months, one of a series of macro-economic levers it has pulled to tame inflation--which has a history of sparking unrest in China. The U.N.'s Food and Agriculture Organization, or FAO, warned in an alert issued Tuesday of the impact on the winter wheat crop, a key harvest for the world's biggest producer of the grain. "The ongoing drought is potentially a very serious problem," the Rome-based agency said. Eight major grain-producing provinces have been affected. The provinces together produce more than 80% of the country's winter wheat. The situation could worsen, the government has warned, with no significant rainfall expected in the near future.
The drought is the worst in 60 years in eastern China's Shandong province, the nation's second-biggest wheat producer, where rainfall in recent months has been 85% below normal.

U.S. wheat near 30-month top on growing supply concerns
SINGAPORE, Feb 9 (Reuters) - U.S. wheat futures rose half a percent building on previous session's 2 percent rally to hover near a thirty-month high as growing concern over production in China and the United States amid strong demand continued to buoy the market.   "China is in danger for major crop loss if the dryness continues in the wheat areas," said Ker Chung Yang, commodities analyst at Singapore-based Phillip Futures, referring to the United Nations report.

Stocks slip after China hike; US yields higher
LONDON, Feb 9 (Reuters) - World stocks fell from this week's 29-month high as China's interest rate rise prompted investors to book profits, while general optimism over global growth sent 10-year U.S. bond yields to nine-month highs. "China is turning its focus towards inflation, rather than growth," said Adam Myers, senior currency strategist at Credit Agricole CIB. "What this means is that growth is likely to continue."

Fed officials see high bar for more bond buys
ANNISTON, Alabama, Feb 8 (Reuters) - Two top Federal Reserve officials said on Tuesday they expect the central bank's $600 billion bond purchase program to run its full course, while a third said the central bank should seriously consider scaling it back.All three suggested the Fed would face a high bar to increasing the program as the recovery gathers pace.
Dennis Lockhart, president of the Atlanta Fed, said based on his current forecast for moderate growth, more bond buying would not be needed after June, while Dallas Fed President Richard Fisher said he would likely dissent if further easing were on the table.

PRECIOUS-Gold holds near 3-week highs, China inflation eyed
LONDON, Feb 9 (Reuters) - Gold held near the previous session's near three-week high in Europe on Wednesday, supported by an increased focus on inflation after China's second interest rate hike in six weeks, and a slightly softer dollar.
Spot gold  was bid at $1,363.23 an ounce at 0954 GMT, against $1,363.59 late in New York on Tuesday. U.S. gold futures for April delivery  eased 10 cents to $1,364.00 an ounce.A change in sentiment towards the precious metal on Tuesday after it held its ground following China's rate hike prompted a scramble among speculative investors to cover short positions, lifting prices more than 1 percent.

FOREX-Dlr supported by rising yields, China hike absorbed
LONDON, Feb 9 (Reuters) - The dollar climbed against the yen and the Swiss franc on Wednesday, boosted by rising U.S. yields, while a sanguine reception from investors to China's latest rate rise helped the Australian dollar stay above parity.
Investors quickly regained composure after China delivered a 25 basis point rate hike late on Tuesday, the second such increase in little more than six weeks and on the final day of the Lunar New Year holidays.

20110210 1057 Soy Oil & Palm Oil Related News.

ITS CPO export up 45.7% to 437,479 tonnes for the period of 1~10 Feb 2011.
SGS CPO export up 28.5% to 426,163 tonnes for the period of 1~10 Feb 2011.

MPOB Official Data for the month of Jan 2011 vs Dec 2010
Export down 6.23%
Stock down 12.178%
Output down 14.18%

Mielke sees world vegoil prices easing in 2011
PALM BEACH, Fla., Feb 9 (Reuters) - Global vegetable oil prices are likely to decline during 2011 due to improved palm oil production and easing of demand due to high prices, especially from the biodiesel sector, Thomas Mielke, editor of Oil World, said on Wednesday.
"We may have reached the highs or we may be close to the highs. There are several indications in this market where I would say on the demand side we have seen some adjustments which no longer justify these high oil prices in the medium term," Mielke told the Commodity Markets Council annual meeting.

Soy product futures climb, with soyoil soaring to 2 1/2 year highs. Soyoil advances were fueled by supportive USDA data projecting tighter stocks and higher exports. The USDA may still be a little conservative on soyoil shipments, as palm oil issues in Malaysia and Indonesia could shift demand to soyoil, Citigroup's Balletto says. CBOT March soyoil rose 1.7% to 59.74c/pound; March soymeal rose 0.7% to $388.60 a short ton. (Source: CME)

Palm at 3-yr high on supply, China growth prospects
KUALA LUMPUR, Feb 9 (Reuters) - Malaysian palm oil futures jumped to a fresh three-year high as traders bet on further tightening of supplies and strong economic growth underscored by China's surprise rate move.  "Theoretically market should fall after Chinese government increased bank interest rate but traders think the other way round. They see it as a hint of strong economic growth within 3 to 6 months," said a trader in Kuala Lumpur.

China's 2010/11 soybean imports to surge-Oil World
HAMBURG, Feb 8 (Reuters) - China's August 2010/July 2011 season soybean imports will rise sharply to 54.5 million tonnes from 46.82 million tonnes in 2009/10, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
China's 2010/11 soybean crushings are estimated by Oil World at 52.7 million tonnes, up from 46.50 million tonnes in 2009/10 as the country's economic growth spurs demand for soyoil and soymeal.