Friday, March 11, 2011

20110311 1840 FCPO EOD Daily Chart Study.

FCPO closed : 3364, changed : -95 points, volume : higher.
Bollinger band reading : downside biased with possible pullback.
MACD Histrogram : falling, seller building position.
Support : 3350, 3300, 3270, 3200 level.
Resistance : 3420, 3450, 3470, 3500 level.
Comment :
FCPO closed recorded substantial losses for the 2nd day with improving volume transacted after Reuters survey news of India lower palm oil imports and Japan earthquake disaster shaken market sentiment while crude oil and soy oil also trading much lower after the Tokyo news.
Daily chart formed a wide body down bar candle closed below lower Bollinger band after market opened nearly unchanged, edge up higher followed by after lunch diving session breaking few support levels to closed near the low of the day.
Chart reading turned into suggesting a further downside biased market development with possible temporary pullback correction or technical rebound.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant/breakdown with larger cut loss and profit target.

20110311 1733 FKLI EOD Daily Chart Study.

FKLI closed : 1492.5 changed : -10.5 points,  volume : higher.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : weakening, buyer exit while seller show some interest.
Support : 1485, 1470, 1458, 1445 level.
Resistance : 1500, 1515, 1530, 1540 level.
Comment :
Negative sentiment FKLI closed recorded loss again with improving volume traded doing 3 points discount compare to cash market after consecutive of negative news taking place first with overnight U.S. market severe fall on bond and unemployment issue, middle east turmoil spreading to Saudi Arab and natural disaster news on Japan 8.9 magnitude earthquake affect regional market to performed poorly. 
Daily chart formed a down doji bar candle with longer lower shadow positioned in between middle and lower Bollinger band after market opened gap down, traded lower followed by after lunch panic selling due to Japan earthquake news pressed price even lower to touched lower Bollinger band support level before recovered upward to closed off the low of the day.
Reading wise, market has turned into a side way range bound downside biased development possibly testing lower support level should there is further negative news in the U.S., China, middle east and deeper damage on Japan earth quake else there could be a rebound.
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.

20110311 1700 Latest Palm Oil Reseach by Reuters.

Dear All, 
Latest Palm Oil Reseach by Reuters after Kuala Lumpur Palm Oil Conference Mar 2011. Here's the link : Palm Oil Reseach. Enjoy !

20110311 0934 Local & Global Economic Related News.

Malaysia: Likely to leave rates unchanged
Bank Negara Malaysia is widely expected to leave borrowing costs unchanged but economists said it may carry out other measures to let some hot air out of the financial system and deal with rising prices of consumer goods and services. The monetary policy committee will make a decision on the Overnight Policy Rate (OPR) that stands at 2.75% now. (BT)

Malaysia: Output growth slows to 14-month low as mining shrinks
Malaysia’s industrial production rose at the slowest pace in 14 months in January as output by mining companies shrank and manufacturing growth eased. Production at factories, utilities and mines rose 1% from a year earlier after gaining a revised 4.5% in December 2010, the Putrajaya-based statistics department said. That compares with the median estimate for a 1.2% increase in a Bloomberg News survey of 17 economists. (Bloomberg)

Korea: Bank of Korea raises rate to 3% as prices breach target
The Bank of Korea raised interest rates for the second time this year after inflation exceeded its target ceiling for two consecutive months. Governor Kim Choong Soo boosted the benchmark seven-day repurchase rate to 3% from 2.75%, the central bank said in a statement in Seoul. The decision was predicted by all 15 economists surveyed by Bloomberg News. (Bloomberg)

China: Surprise trade gap may help it parry US yuan criticism
China’s efforts to parry US criticism that its currency is undervalued got a boost from a report showing the world’s second-largest economy unexpectedly posted a USD7.3bn trade deficit. Exports rose 2.4% in February from a year before, the least since 2009, as Lunar New Year holidays disrupted shipments, and imports climbed 19.4%, customs bureau data showed. Central bank adviser Li Daokui said that the full-year trade surplus will shrink from the 2010 level. (Bloomberg)

UK: BOE Keeps stimulus as recovery concerns outweigh inflation
The Bank of England kept its benchmark interest rate at a record low as policy makers chose to set aside concerns on rising inflation pressures to support the UK economic recovery. The Monetary Policy Committee, led by Governor Mervyn King, set the key rate at 0.5% for a 25th month, as forecast by all 61 economists in a Bloomberg News survey. They also left their bond program at GBP200bn (USD324bn), as predicted by all 34 economists in a separate poll. (Bloomberg)

US: Trade gap widens, consumer comfort drops
Rising oil prices took a toll on the US economy as the cost of imported crude helped widen the trade gap and consumer confidence was shaken by the most expensive gasoline since 2008. Jobless claims also rose. The deficit in goods and services increased 15% in January to USD46.3bn from USD40.3bn the month before, Commerce Department figures showed. The Bloomberg Consumer Comfort Index dropped to minus 44.5 in the period to 6 March, from the prior week’s minus 39.7, which was close to the highest in almost three years. (Bloomberg)

US: Posts a record USD222.5bn monthly budget shortfall
The US government, facing a record annual fiscal shortfall and a congressional impasse over financing, posted the largest monthly deficit ever in February, reflecting increased spending. The gap totaled USD222.5bn last month compared with a USD220.9bn shortfall in February 2010, according to the Treasury Department’s monthly budget statement. Last February’s deficit was the previous monthly record, government data show. (Bloomberg)

US stocks falls as S&P 500 drops to lowest level since January
US stocks retreated, sending the Standard & Poor’s 500 Index to the lowest level since January, following an increase in jobless claims, a wider American trade deficit and a slowdown in China’s export growth. The S&P 500 retreated 1.9% to 1,295.11 at 4 pm in New York. The Dow Jones Industrial Average decreased 228.48 points, or 1.9%, to 11,984.61 for the biggest decline since 11 Aug. The Stoxx Europe 600 Index tumbled 1.2% as Spain’s credit rating was downgraded by Moody’s Investors Service. Crude oil fell 1.6% to $102.70 a barrel. (Bloomberg)

U.S: 4Q10 household worth rises by USD 2.1tr, Fed says as share prices rose and families rebuilt finances tattered by the recession. Net worth for households and non-profit groups increased at a 16.6% annual pace to USD 56.8tr after rising at a 9.1% rate in the previous three months. American households also cut debt for an 11th consecutive quarter. (Source: Bloomberg)

U.S: Jobless claims rose by 26,000 last week to 397,000, highlighting the uneven nature of the improvement in the U.S. labor market. The total number of people receiving benefits in the prior week fell to the lowest since October 2008. (Source: Bloomberg)

U.K: Manufacturing production jumped in January by the most in 10 months, a sign the economy is resuming growth after a winter freeze dented the recovery. Factory output rose 1% MoM from December, when it shrank 0.1% MoM. The index of manufacturing rose to 92.9, the highest since October 2008. (Source: Bloomberg)

Spain: Government bond ratings were downgraded by Moody's Investors Service by one notch to Aa2 from Aa1. The outlook on the Aa2 ratings is negative, Moody's said. The main triggers for the downgrade include Moody's expectation that "the eventual cost of bank restructuring will exceed the government's current assumptions, leading to a further increase in the public debt ratio. (Source: Bloomberg)

Japan: Economy contracted more than the government initially estimated in the fourth quarter because of a downward revision to capital investment and consumer spending. GDP shrank at an annualized 1.3% rate in the three months ended Dec. 31, more than the 1.1% contraction reported last month, the Cabinet Office said. (Source: Bloomberg)

India: Exports rose at a faster pace last month, figures released by trade secretary Rahul Khullar showed, supporting economic growth and providing scope for the central bank to raise interest rates. Merchandise shipments surged 49.8% YoY to USD23.6b in February, Khullar, secretary in the Ministry of Commerce, told reporters in New Delhi. (Source: Bloomberg)

S. Korea: Bank of Korea raised interest rates for the second time this year after inflation exceeded its target ceiling for two consecutive months. Governor Kim Choong Soo boosted the benchmark seven-day repurchase rate to 3% from 2.75%, the central bank said in a statement in Seoul. (Source: Bloomberg)

Thailand: Consumer confidence fell for the first time in three months in February after oil and food prices surged. An index measuring sentiment dropped to 72.2 from 72.6 in January, the University of the Thai Chamber of Commerce said in a statement in Bangkok. (Source: Bloomberg)

Philippines: Export growth eased in January as electronics sales rose at a slower pace. Shipments abroad grew 11.8% YoY to USD4b after rising a revised 26.5% YoY in December, the National Statistics Office said in Manila. (Source: Bloomberg)

Australia: Employers unexpectedly cut workers in February for the first time in 18 months as floods and a cyclone disrupted hiring in the nation's northeast. The number of people employed fell by 10,100 from January, led by a drop in part-time jobs, the statistics bureau said in Sydney. The jobless rate held at 5%. (Source: Bloomberg)   

20110311 0933 Malaysia Corporate Related News.

Ahmad Zaki Resources wins RM145m job
Ahmad Zaki Resources (AZRB) has won a RM145.4m job to complete the remaining works of Lebuhraya Pantai Timur, Phase 2, in Terengganu. The job is expected to contribute positively to AZRB Group’s earnings and the net tangible assets for the financial years ending 2011 to 2012. (BT)

Alam Maritim unit bags RM10.95m contract
Alam Maritim Resources’ wholly owned subsidiary Alam Maritim (M) SB has clinched an extension of a spot charter contract to supply one unit straight supply vessels for RM10.95m. In a filing with Bursa Malaysia, Alam Maritim said the contract was for an extended period of one year only subject to seven days notification for termination. “The contract is expected to contribute positively to the earnings and net assets of Alam Maritim for the financial year ending 31 Dec 2011 and beyond,” it said. (StarBiz)

Delloyd Ventures looking at M&A
Delloyd Ventures is planning to expand its auto parts operations and is considering mergers and acquisitions (M&A) to capitalize on the improving automotive sector in the region. Its deputy CEO Leon Tee Wee Leng said Delloyd is in talks with other auto parts makers of similar size for a possible corporate exercise to fortify its position as a regional player in the industry. (Financial Daily)

Selangor Dredging arm buys London property
Selangor Dredging’s indirect 50-associate SDB Guernsey Ltd, has signed a deal with the trustees for The Kengsington High Street Syndicate in London to buy a piece of land and building for GBP9.83m (RM48.36m). The four-storey building is now leased to HSBC Bank Plc on a 15-year full repairing and insuring deal expiring in February 2020. The current annual rent is GBP410,000 (RM2.02m), Selangor Dredging said in a filing. (BT)

Kuwait’s Baraka to invest in mobile hub in Malaysia
Baraka Telecom SB, a unit of Reach Telecom Holding KSCC of Kuwait, will invest RM50m to set up a mobile virtual network enabler (MVNE) hub here. The MVNE will be launched on 17 March 17 to offer services to mobile virtual network operators (MVNOs) across Asia, Baraka Telecom said in a statement yesterday. (MVNO refers to a company that provides mobile phone services but does not have its own licensed frequency allocation of radio spectrum). It was reported recently that Maxis was on the final leg of negotiations with Baraka on a three-year MVNO agreement. (StarBiz)

KL Kepong: Drops plans to issue RM912m bonds. Kuala Lumpur Kepong Berhad (KLK) has dropped plans to issue USD300m (RM912m) bonds based on the company's current financial condition. KLK feels it no longer requires the planned RM912m, five-year unsecured guaranteed exchangeable bonds with an over-allotment option to increase the issue by RM304m. (Source: Bursa Malaysia)

Hong Leong Bank: Gets nod for RM912m bonds. Hong Leong Bank Berhad has been given approval by the Securities Commission to issue up to USD300m (RM912m) Senior Unsecured Bonds. The proceeds from the bond issuance will be used for working capital and general banking purposes. (Source: Bursa Malaysia)

Berjaya Land Berhad: To sell BVC India for RM15m. Berjaya Land Berhad is disposing of its 100% stake in Berjaya Vacation Club India Pte Ltd (BVC India) for RM15.1m cash. The proposed disposal would result in an exceptional gain of about RM11.1m for the current financial year ending April 30, Bland said, adding that the cash proceeds of RM15.1m would be used by the group for working capital (Source: Bursa Malaysia)

MAS: Hedge down on unclear economy. Malaysia Airlines drastically reduced its fuel hedging levels this year to 25% from 60% last year due to uncertainty in the economic recovery and higher fuel hedging entry cost. Malaysia Airlines fuel hedge levels are said to be in line with its benchmarked peers, with current hedge levels ranging from 17% to 35%. (Source: The Star)              

20110311 0858 Global Market Related News.

Gold ticks up on Middle East tension, econ worries
SINGAPORE, March 11 (Reuters) - Gold ticked up on Friday after reports of police firing on protesters in Saudi Arabia ignited fears of further Middle East unrest, but bullion was on track for its biggest weekly decline since late January, down more than $20 from a lifetime high hit at the start of the week.
"We are waiting for some escalation in the situation within Saudi. If protesters become more aggressive in some way, you might find see more buying but again, it's being pressured on one side by the dollar," said Darren Heathcote, head of trading at Investec Australia in Sydney.

Shares fall on economy and Saudi concerns
HONG KONG, March 11 (Reuters) - Asian shares dipped on Friday as spreading unrest in Saudi Arabia and weak economic data spurred some profit taking while the euro looked shaky after its biggest one-day fall versus the dollar in a month.
Key stock indexes in Japan, Australia and South Korea  fell nearly 1 percent. China's report that inflation in February remained around the 5 percent mark, suggesting tighter monetary policy may be needed, added to uncertainty.

Oil : Crude steady near $103, focus on Saudi 'Day of Rage' protests
SINGAPORE, March 11 (Reuters) - Oil was steady near $103 on Friday after its biggest one-day loss in a month, with investors watching for developments in Saudi Arabia after police clashed with protesters ahead of a planned "Day of Rage" against the monarchy.  
The clampdown was a sign that the Saudi government was serious about enforcing a ban on protests called for Friday by Internet activists emboldened by movements that toppled the leaders of Egypt and Tunisia before spreading to the Gulf.

COMMODITIES: Biggest fall since Nov on Spain, euro woes
NEW YORK, March 10 (Reuters) - A surging dollar jammed commodity markets into reverse on Thursday, after a downgrade of Spain's debt and fresh worries about the euro overshadowed the crisis in Libya that had driven oil and gold to peaks.
"It does not help that our financial markets are kind of taking it on the chin here today," said Jerod Leman, a broker with Wellington Commodities Corp. "The dollar is up a little bit, offering a little bit of resistance."

GLOBAL MARKETS: Stocks sink on China, Saudi unrest; euro weakens
NEW YORK, March 10 (Reuters) - World stocks and commodities sank on Thursday after an unexpected trade deficit in China fueled concerns about the global economy, while the euro fell after a downgrade of Spain's credit rating by Moody's.
"Saudi Arabia is the main supplier of oil around the world, so people are concerned," said Axel Merk, president and chief investment officer of Merk Investments in Palo Alto, California.

China Minister: China Grain Security, Supply 'Guaranteed' (Source: CME)
The stability and security of China's grain supply are "guaranteed," as the nation expects a larger overall grain harvest this year and grain reserves are sufficient, Agriculture Minister Han Changfu said. Concerns have been raised about the country's wheat supply this year due to a prolonged drought that affected production and a sharp drawdown of national and provincial reserves through a program of auctions designed to contain inflation. A combination of increasing prices in the international market, high domestic inflation expectations, rising production costs and strong demand has pushed grain prices higher, but further increases will be restrained, Han said on the sidelines of the annual legislative meetings of the National People's Congress. "Grain prices will rise moderately this year, I don't expect to see sharp rises," he said.
The central government sold a record volume of grain from reserves last year, accounting for about 15% of demand. The sales included 43.29 million metric tons of wheat, 27.45 million tons of corn and 13.43 million tons of rice. Corn prices in major producing areas have risen by around 5%-6% since the Lunar New Year holiday in early February, while wheat prices are up about 5%. "Recent increases in grain prices aren't the result of supply problems," Han said, but he admitted that "drought conditions have affected China's wheat production." Han said previously that the government would prevent unreasonable and dramatic price increases but would allow reasonable rises to ensure supply, amid citizen complaints over rapid food price increases and a lack of interest in planting among farmers due to low income.
"We can ensure a bumper harvest of wheat this year," he said, citing the effects of the government's drought-relief efforts and of the snow and rain that fell around the end of last month. The government is also controlling the use of corn in non-food and non-feed processing, he said, supporting the view expressed by Bao Kexin, general manager of China Grain Reserves Corp., who said the government should "resolutely" control the expansion of alcohol and starch industries that use corn in the manufacturing process. The country has a limited supply of farmland, and corn needs to be used to produce animal feed, Bao said. China consumed about 40 million tons of corn for production of starch and alcohol last year, accounting for about 25% of total output, industry analysts estimated.
China's grain output rose 2.9% to 546.4 million tons last year, marking the seventh consecutive year of growth.

Air Quality On Some Big Farms Worse Than Big Cities -Lobby Group (Source: CMe)
The air quality around some of the largest U.S. farms is poorer than that of the country's most polluted cities, an environmental watchdog said. The Environmental Integrity Project, or EIP, said workers on many large farms -- particularly those focused on poultry and livestock -- were exposed to concentrations of three pollutants that were "far above occupational safety guidelines." The lobby group said pollution levels at surveyed farms were high enough to suggest that those living near big livestock operations may be at risk, too. Estimated emission levels for some pollutants were higher at some test sites than amounts reported by large industrial plants. Industry officials challenged the findings from EIP, a nonpartisan, nonprofit organization formed by former Environmental Protection Agency staff to advocate for effective enforcement of environmental laws. The organization examined data collected by Purdue University under the direction of the government agency.
"Research professionals from Purdue University who are experts in this field of study are in charge of analyzing the data from the EPA study, and they say it will take quite some time to do so," said Richard Lobb, communications director for the National Chicken Council. "EIP's analysis is obviously a 'quick and dirty' job with predetermined conclusions that are negative to agriculture. We don't know what the proper scientific analysis will show, but it will be much more reliable than the accusations of a biased advocacy group." Tarah Heinzen, the report's author, called for the EPA to overturn a Bush Administration-era exemption from clean-air rules. The study said fine particle pollution was much higher than the federal 24-hour exposure limit on the worst days at six of 15 study sites, including five poultry operations and a dairy operation. Peak 24-hour exposures at three hen houses were more than three times higher than the EPA standard.

PRECIOUS-Gold retreats in line with oil, but Libya underpins
LONDON, March 10 (Reuters) - Gold retreated in Europe on Thursday as a drop in oil prices sparked some profit-taking, but worries over euro zone debt after a Moody's downgrade of Spain and ongoing unrest in Libya kept the metal firmly underpinned.
"It particularly seems to happen that when gold hits new highs, there is a chunk of profit taking, and it does lose momentum, but that doesn't mean we are not going to regain new highs," said Societe Generale analyst David Wilson.

FOREX-Spain downgrade knocks euro, more selling seen
LONDON, March 10 (Reuters) - The euro fell on Thursday after a cut to Spain's credit rating reminded investors that euro zone debt problems will continue to haunt the currency, keeping it vulnerable to more downward pressure in the coming weeks.
"If we start to move down towards $1.37 and $1.36, it will show that the move to $1.40 was clearly unsustainable," Yu said. "Fast money will pull out and we could move much lower."

U.S. wheat rises from 3-month low; corn, soy steady
SINGAPORE, March 10 (Reuters) - U.S. wheat futures rose 0.7 percent as bargain hunting lifted the market following three straight sessions of declines that pushed the market to lowest since early December in the last session.  "The performance of corn and soybean markets is likely to hinge on March supply and demand report due tonight," said Ker Chung Yang, investment analyst at Phillip Futures in Singapore.

Europe stocks, euro hit by Spain downgrade
PARIS, March 10 (Reuters) - European stocks and the euro retreated after Moody's downgraded Spain, reigniting worries over the euro zone debt crisis, while ongoing violence in Libya kept Brent crude hovering around $116. "For U.S. stocks, this has been just a pause in the two-year bull market so far, but the technical picture is much more fragile for European stocks because of the health of the euro zone. Same story for the euro currency: We switched to "sell" on the euro yesterday, and we wouldn't be surprised to see a retreat toward $1.35."

20110311 0858 Soy Oil & Palm Oil Related News,

Reuters Survey :
India Feb 2011 vegetable oil imports seen down 26% to 518,625 tonnes VS Jan 2011
India Feb 2011 palm oil imports seen down 29%, soy oil imports seen up 69% VS Jan 2011
India Mar 2011 vegetable oil imports could fall again.

(Reuters) Palm oil is heading for record highs in 2011 on expectations for costly crude oil to bolster biodiesel demand and offset better harvests, ratcheting up the pressure on nations battling inflation. Benchmark palm oil will average 3,300 ringgit, or $1,088, a tonne this year, market participants at a palm oil conference in Malaysia told Reuters. This almost 16 percent over the 2008 average of 2,853 ringgit, and much higher than the 2010 average of around 2,700 ringgit.

US soy product futures finish mixed, with soymeal edging higher in unison with soybeans. Soyoil futures settle lower, unable to sustain a midday bounce on spillover pressure from crude oil futures and lower projected use of soyoil in biodiesel production, analysts say. CBOT May soymeal rise 0.2% to $353.70 per short ton, and CBOT May soyoil slips 0.3% to 56.93c per pound. (Source: CME)

Argentina Exchange Holds Crop Forecasts On Stable Prospects (Source: CME)
With Argentina's soybean harvest set to kick off later this month, production prospects are steady, with high yields expected from most fields, the Buenos Aires Cereals Exchange said in its weekly crop report. While some of the soy crops need additional rainfall in some areas, the exchange held its soybean forecast at 48.8 million metric tons. Argentina leads the world in soymeal and soyoil exports and ranks third in soybean shipments.
Meanwhile, farmers are moving forward with the early corn harvest, with 5.4% brought in from the fields so far. Early yields have averaged a low 5.8 tons per hectare, but average yields are expected to climb as the harvest progresses, the exchange said. The exchange held its forecast for commercial corn production at 19.5 million tons, down from the record production predicted earlier in the season due to drought, but close to average output in recent seasons. Argentina is the world's second-largest corn exporter.

Palm oil hits 2-week low on slow demand, rising stocks
KUALA LUMPUR, March 10 (Reuters) - Malaysian crude palm oil futures tumbled to a two-week low as traders unwound positions on signs of slowing demand and expectations global stocks of vegetable oils would rise."Malaysian exports data looks dismal for the first 10 days of March and production should be starting to rise again. The falls in Chicago soyoil are not helping," said a trader with a foreign commodities brokerage.

Malaysia Feb palm stocks rise unexpectedly
KUALA LUMPUR, March 10 (Reuters) - Malaysia's February palm oil stocks rose to a 2-month high as production unexpectedly strengthened and imports climbed, outpacing weak exports and potentially fuelling a sell-off in prices.
The market had been expecting palm oil stocks to fall further in February when heavy rains and floods stalled harvesting in the world's No.2 producer of the vegetable.

China Jan-Feb soy imports up 6.1 pct on year-customs
BEIJING, March 10 (Reuters) - China, the world's top soy buyer, imported 7.45 million tonnes of the oilseed in the first two months of the year, up 6.1 percent from the year-ago period, official Customs figures showed on Thursday.
Imports in February were 2.32 million tonnes, Customs figures showed, down sharply from 5.14 million tonnes in January.

Argentine soy, corn crops healthy, rain expected
BUENOS AIRES, March 9 (Reuters) - Argentina's soy and corn crops have good soil moisture reserves despite scant rainfall over the last two weeks, and more rains are forecast for the weekend, a specialist in crop weather said on Wednesday.
Argentina is the world's No. 1 exporter of soyoil and soymeal and its No. 3 soybean supplier, as well as a major producer of both corn and wheat.

Indonesia's soybean imports to be flat this year-assoc
JAKARTA, March 9 (Reuters) - Indonesia soybean imports are expected to be flat at 1.7 million tonnes this year, on steady domestic demand and production, said the chairman of the National Soybean Board on Wednesday.
"There is no significant increase in domestic demand. Production is likely to be flat this year because we don't see any increase in planted areas," said Benny Kusbini.

Palm oil set for record on MidEast fears, biofuels
KUALA LUMPUR, March 9 (Reuters) - Palm oil is heading for record highs in 2011 on expectations for  costly crude oil to bolster biodiesel demand and offset better harvests, keeping up the pressure on countries battling inflation.
Going against the consensus of market players, however, some market participants see the high prices as unsustainable, set to peak in the next few months as the second-half dry season  boosts output, especially in top producer Indonesia, which expects an earlier end to rainy weather.