Monday, March 14, 2011

20110314 1836 FCPO EOD Daily Chart Study.

FCPO closed : 3335, changed : -29 points, volume : higher.
Bollinger band reading : downside biased with possible pullback.
MACD Histrogram : falling, seller building position.
Support : 3300, 3270, 3200, 3150 level.
Resistance : 3350, 3420, 3450, 3470 level.
Comment :
FCPO closed recorded small loss with increasing volume traded ahead of tomorrow ITS & SGS export data while crude oil and soy oil continue to trade lower in unison with most commodities weaker prices.
Daily chart formed a doji bar candle with longer lower shadow positioned right at lower Bollinger band level after market opened gap down, tested higher and sell down lower breaking below 3300 level followed by profit taking activities lifted price upwards to closed at the opened price.
Technical reading suggesting a downside biased market development with possible pullback correction. 
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.

20110314 1754 FKLI EOD Daily Chart Study.

FKLI closed : 1491 changed : -1.5 point,  volume : lower.
Bollinger band reading : downside biased.
MACD Histrogram : weakening, seller testing market
Support : 1485, 1470, 1458, 1445 level.
Resistance : 1500, 1515, 1530, 1540 level.
Comment :
FKLI closed recorded marginal loss with lower volume participation doing 4 points discount compare to cash market after while regional markets ended mixed as impact of the Japan on going earthquake damage still taking place(with top concern on nuclear power plant explosion and radioactive leakage) plus middle east turmoil condition still persist.
Daily chart formed an up doji bar candle with long upper and lower shadows positioned near lower Bollinger band level after market opened gap down, traded lower and recovered upward registering gains but fear on potential risk due to unsettle Japanese and middle east condition leaded market to surrender all gains to record small loss during the last trading hour.
The chart reading turned into suggesting a downside biased market development with MACD indicator about to have a negative cross over but having said that market seems supported well today.
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.

20110314 1006 Local & Global Economic Related News.

Malaysia: Bank Negara will raise SRR to 2% from April
Bank Negara will increase the statutory reserve requirement (SRR), or the amount that banks keep with the central bank, to 2% from 1%, effective 1 April. However, Bank Negara maintained the overnight policy rate at 2.75% at the monetary policy committee meeting, which hinted a “possible upward pressure on prices in the latter part of the year''. The higher SRR is estimated would mop up about RM6bn to RM7bn from the banking system, which is currently flush with excess liquidity to the tune of RM250bn. (Bloomberg)

Japan: Readies “massive” liquidity in response to quake
The Bank of Japan may inject more short-term cash into the banking system after the nation’s most powerful earthquake on record, while keeping its asset- purchase plans unchanged as officials gauge the longer-term effect on the world’s third-largest economy. Governor Masaaki Shirakawa told reporters he’s ready to unleash “massive” liquidity starting now, as the BOJ seeks to assure financial stability. (Bloomberg)

US: Manufacturing keeps fueling expansion
US industrial production probably rose in Feb for a third month in the last four, indicating manufacturing remains a stalwart of the expansion, economists said before a report this week. Output at factories, mines and utilities climbed 0.6% after a 0.1% decrease in January, according to the median forecast in a survey ahead of Federal Reserve figures on 17 March. (Bloomberg)

US: Retail sales increase most in four months
US retail sales increased in February by the most in four months as Americans took advantage of more seasonable weather to buy cars, clothes and electronics. Purchases climbed 1% after a revised 0.7% rise in January that was more than double the previous estimate, Commerce Department figures showed. (Bloomberg)

U.S: Household wealth climbed by USD2.1tr in the fourth quarter of 2010 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 USD56.8tr after rising at a 9.1% rate in the previous three months, the Washington based Federal Reserve said in its Flow of Funds report. (Source: Bloomberg)

U.S: Inventories rose more than forecast in January as companies tried to keep pace with the biggest gain in sales in almost a year. The 0.9% increase in stockpiles followed a revised 1.1% gain in December that was bigger than initially estimated, the Commerce Department said in Washington. Sales jumped 2% in January, the most since
March 2010. (Source: Bloomberg)

U.K: Producer prices rose for a fifth month in February, boosted by gasoline and food, pushing the annual rate of inflation at factory gates to the highest since October 2008. Output prices increased 0.5% from January, when they rose 1.1%, the Office for National Statistics said in London. On the year, the pace of price growth accelerated to 5.3% from 5%.(Source: Bloomberg)

Germany: Inflation accelerated to the fastest pace in more than two years in February after energy prices surged. The inflation rate, calculated using a harmonized European Union method, increased to 2.2% from 2% in January, the Federal Statistics Office in Wiesbaden said. That's the highest since October 2008. From January, consumer prices rose 0.6%.(Source: Bloomberg)

Spain: Underlying inflation accelerated in February to the most in more than two years, highlighting price pressure as the European Central Bank prepares to raise interest rates. Core consumer prices, which exclude energy and fresh food, gained 1.8% from a year earlier, the fastest pace since January 2009, after a 1.6% increase the previous month, the National Statistics Institute in Madrid said. (Source: Bloomberg)

Spain: Moody's Investors Service cut the ratings of four Spanish regional administrations, including three of the most indebted, on concern that they will struggle to rein in deficits. Moody's cut Castilla-La Mancha to A2, Catalunya to A3, Murcia to A1 and Valencia to A2. (Source: Bloomberg)

China: Consumer prices rose at an annual 4.9% pace in February and output increased 14% in the first two months of 2011, the statistics bureau said in Beijing. Producer prices jumped 7.2% last month, the most since September 2008. (Source: Bloomberg)

India: Industrial output grew more than analysts expected in January, supporting economic growth and giving the central bank scope to increase interest rates and fight inflation. Output at factories, utilities and mines rose 3.7% from a year earlier after a revised 2.5% gain in December, the government said in a statement in New Delhi. (Source: Bloomberg)           

20110314 1005 Malaysia Corporate Related News.

Sime Darby sells stake in PTTE
Sime Darby Bhd has signed a share sale and purchase agreement with PT Roro Chasis Sejahtera (PTRCS) and PT T Energy (PTTE) for the disposal of its entire 70% equity interest in PTTE. The deal was sealed via its subsidiary, Sime Darby Industrial SB, and upon completion of the disposal, PTTE will cease to be Sime Darby's subsidiary. Its entire stake comprising 700 shares of USD100 each will be sold for RM250,000 and the settlement of an inter-company balance of RM3.15m by PTRCS on behalf of PTTE. PTTE is principally a main distributor of commodities and imports machinery and equipment for pressured natural gas stations. (StarBiz)

Vincent Tan offers 65 sen for remaining BRetail shares
Berjaya Group main shareholder, tycoon Tan Sri Vincent Tan, is offering 65 sen cash each for all Berjaya Retail Berhad (BRetail) shares and irredeemable convertible preference shares (ICPS) held by minorities including persons acting in concert in an exercise meant to delist the company. The offer price is a 30% premium to its listing price of 50 sen that investors paid when the counter was listed last August and a 52.9% premium to its last closing price of 42.5 sen.(Malaysian Reserve)

P.I.E. invests RM50m in expansion drive
P.I.E. Industrial Bhd is investing about RM50m this year to expand its production capabilities in line with the growing demand for high-end medical, telecommunication, and computer markets. P.I.E. managing director Alvin Mui told the media that the group, a business unit under Foxconn, had recently obtained the ISO 13485 certification, enabling it to manufacture more complex electronic parts used in surgical equipment. P.I.E. would also use the investment to start a new converter business division to provide milling, die cut, and silk-screening manufacturing services for the trendy consumer electronics, telecommunication, and computer markets, Mui said. The new initiatives would start in the second half of this year, Mui added. (StarBiz)

Cost of LRT extension won’t exceed RM7bn
The cost of extending the Kelana Jaya and Ampang light rail transit (LRT) lines is not expected to exceed the allocated RM7bn and the two lines are scheduled to be opened to the public by mid-2014. “We are confident that the RM7bn will not be exceeded,” Syarikat Prasarana Bhd (Prasarana) group director of project development division Zulkifli Mohd Yusoff said, adding that the new lines would be ready for testing and commissioning by early 2014 and open for public use by the middle of 2014. Zulkifli, who was speaking at a media briefing last Friday said currently, RM2bn of the RM7bn needed for the project had already been raised via Islamic bonds and the remaining RM5bn would also be raised via bonds next year and beyond. Physical work on the lines would likely commence by the end of this month, pending the approval of work permits.(StarBiz)

Kulim: JCorp to sell Kulim? Tan Sri Muhammad Ali Hashim, former president and CEO of JCorp, claims that JCorp is planning to sell its subsidiary Kulim (M) Bhd. (Source: The Star)

Cypark: RE project to reach full capacity by 2013. Cypark Resources Bhds RM94.3m pilot Renewable Energy (RE) Park project in Pajam, Nilai may be running in full capacity of 10MW by 2013 although implementation is dependent on other factors. (Source: The Edge Financial Daily)

Berjaya Retail: To be privatised, Tan offers 65 sen per share. Tan Sri Vincent Tan Chee Yioun has proposed to privatise Berjaya Retail Bhd (BRetail) through Premier Merchandise Sdn Bhd. Tan is making a general offer for all BRetail shares and irredeemable convertible preference shares (ICPS) he does not own for 65 sen in cash per share. (Source: The Star)

LBS: Targets foreign buyers for D'Island. Property developer LBS Bina Group Bhd expects to attract a sizeable number of foreign buyers to its lucrative high-end project in Puchong, Selangor. The group wants to attract Chinese and Indian buyers particularly to its RM2.9b jewel project called the D'Island Residence, which is slated for April launch. (Source: Business Times)

FDI: Silicon firms to invest in Score. The Sarawak Corridor of Renewable Energy (Score) can expect major foreign direct investments (FDIs) in five silicon-related industries if agreements on the Bakun power tariffs could be reached soon. Multinational companies from the United States and Japan were in advanced negotiations with Mida, Sarawak government and Bintulu Development Authority (BDA) on setting up plants in Samalaju Industrial Park, Bintulu Division within Score. (Source: The Star)

20110314 1001 Global Market Related News.

Gold up 1 pct on Japan quake, Tokyo premiums jump
SINGAPORE, March 14 (Reuters) - Bullion rose as much as 1 percent on Monday as Japan battled to prevent a nuclear catastrophe after a massive earthquake and tsunami, sending premiums for gold bars to their highest level since February in Tokyo. 
"Some investors expect some of the Japanese insurance companies to start selling their dollar assets to raise money. Perhaps gold could be boosted as an alternative currency itself," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

Stocks weaken after Japan quake, oil slides
HONG KONG, March 14 (Reuters) - Early losses for Asian shares deepened on Monday after Japan's massive earthquake sent investors scurrying to safe haven assets while the yen weakened on intervention fears.
"There are some investors buying on dips but overall sentiment is still cautious especially with the nuclear developments so we might see more volatility this week," said Cheung referring to efforts by Japanese officials to stem a broader fallout from the damaged reactors.

Oil : Brent crude falls to below $113 on Japan pessimism, Mideast
SINGAPORE, March 14 (Reuters) - Brent crude fell by as much as 1.2 percent to below $113 on investor pessimism that economic growth will slow in the wake of Japan's earthquake and tsunami, while easing unrest in the Middle East threw the focus back onto ample oil supplies.
"If you discount what has happened in the Middle East, events in Japan are negative for growth," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney.

COMMODITIES: Loss of Japan demand to pressure oil,me
LONDON, March 13 (Reuters) - Energy markets will come under pressure on Monday as analysts agree Japan will need more energy to replace lost nuclear generation but doubt its crippled infrastructure can quickly ramp up imports.
"Short-term oil prices will decline because Japan is one of the world's largest oil importers and the Japanese economy will be severely and negatively impacted," said Andrew Moorfield, head of oil and gas division at Lloyds banking group.

GLOBAL MARKETS: Shares slide after Japan quake, oil retreats
HONG KONG, March 14 (Reuters) - Shares in Asia's developed markets fell on Monday and oil nursed losses after a massive earthquake in Japan sent investors scurrying to safe haven assets and raised concerns of falling demand for commodities.
Japanese stocks were down more than five percent in early trade while the yen  rose in volatile trade as the country battled to prevent a nuclear catastrophe after the earthquake and tsunami feared to have killed more than 10,000 people.

US retail sales up, rising gasoline clouds outlook
WASHINGTON, March 11 (Reuters) - U.S. retail sales posted their largest gain in four months in February, but a slump in consumer confidence in early March on rising gasoline prices pointed to slower consumer spending ahead.
Sales rose 1.0 percent for the eighth straight month of gains as shoppers stepped up purchases of autos, clothes and other goods even as they spent more for gasoline, the Commerce Department said on Friday.

US Grains Council: Japan Quake Will Likely Impact Grain Trade (Source: CME)
The massive earthquake and tsunami that struck Japan will likely impact grain trade with the country, a significant importer of agricultural goods, the U.S. Grains Council said. The disaster "may have caused significant damage to many of Japan's agricultural facilities and production areas," according to the council, which promotes U.S. agricultural exports. The tsunami, in particular, hit ports in northern Japan and affected feed mills and livestock operations, the group said. "It is too early to tell what effect this will have on Japan's agricultural sector, but it could be of significance," said Tommy Hamamoto, the councils' director in Japan.
Japan is the world's top buyer of corn and projected to account for 17% of total global corn imports in the marketing year that ends Aug. 31. It is the largest international customer for U.S. pork based on total sales, spending nearly $1.65 billion on imports in 2010 and accounting for more than 34% of total U.S. export sales, according to data from the U.S. Department of Agriculture and U.S. Meat Export Federation. Corn and lean hog futures fell sharply Friday as most farm products sold off on fears the disaster would slow demand from the key buyer. Further selling came from traders looking to just exit commodity markets because of the overall uncertainty that follows a natural disaster.

China Beidahuang Planning Large Farmland Buys Overseas (Source: CME)
China's Beidahuang Land Cultivation Group, one of the country's leading vehicles for the purchase of foreign agricultural properties, will buy 200,000 hectares of farmland overseas this year, with Latin America and South East Asia as the target areas, Chairman Sui Fengfu said. The move is a sign that Chinese agribusinesses, which haven't been as aggressive as metal and mining companies in offshore purchases, are responding to the government's call to move faster on overseas expansion at a time when Beijing is trying to ensure sufficiency in agricultural product supply. The group is the corporate vehicle for China's northeastern Heilongjiang provincial government land reclamation agency. It is one of China's largest farming businesses and also owns soyoil manufacturer Jiusan Oil & Fat Co. "We're planning 3 million mu of projects this year," Sui said on the sidelines of the National People's Congress, China's legislature. The mu is a Chinese measurement equal to about 0.0667 hectares.
Beidahuang is planning to purchase agricultural tracts such as edible oil plantations and grain acreage in a wide range of overseas locations, including Brazil, Argentina and the Philippines, Sui said. In December, the agriculture minister called on agricultural companies to pursue overseas expansion as China faces limited natural resources at home. "The time is ripe for the country's agricultural companies to embark on a 'go outward strategy'," Han Changfu said, calling it a ripe moment in globalization. However, it isn't the first time Beidahuang has embarked on a strategy to buy farmland. Early last year, the company said it closed deals to acquire thousands of hectares in Argentina and Cuba to produce rice, soybeans, wheat, rapeseed and black beans in exchange for Chinese investment in logistics and irrigation. While other large Chinese agribusinesses have mostly kept their focus domestic, regional rivals have raced to make inroads overseas to meet rising food demand.
In a deal completed in December, Singapore-based Wilmar International Ltd., the world's largest palm oil trader, beat China's Bright Food Group Co. to buy CSR Ltd.'s sugar unit, Australia's biggest refiner, for A$1.75 billion ($1.5 billion). Singapore-based Noble Group Ltd., agribusiness giant Bunge Ltd. and U.S.-based Cargill Inc. also completed major global deals last year for farm-related commodities.

Cargill Exec: Food Prices Not Yet Inflation Problem (sOURCE: CME)
The surge in global food prices isn't causing trouble for U.S. consumers, though it is too early to tell whether agricultural markets have peaked, a senior executive from commodities giant Cargill said. Emery Koenig, senior vice president of the Minneapolis-based company, said in an interview that producers have responded to the recent price spike to record highs, but that it is unclear whether the ramp-up in food supplies will continue. With oil prices back up above $100 a barrel, the outlook for food markets will depend in large part on events in the Middle East and expectations for U.S. crops, with the planting season set to begin in a little over a month, he said. "There are a lot of things of things at play," said Koenig. "We would not want to predict whether we've seen the top or we've still got further price appreciation to go through."
Global food prices set another new high in February, and the United Nations' Food and Agriculture Organization warned last week that rising oil prices could have the same magnifying effect that occurred during the commodity crisis three years ago. But so far the global food-price gains haven't left a big impact on kitchen tables around the country. Koenig said some price increases are being passed on to U.S. consumers, but it hasn't been "problematic." Food items that make up part of the consumer-price index registered their biggest gain in over two years in January, rising 0.5%. But the food component of CPI is up just 1.8% over the past year. More importantly for the Federal Reserve, the core index that strips out volatile food and energy costs is only 1% higher on the year, well below the central bank's informal target of just below 2%.
Despite the uncertainty caused by unrest in the Middle East--which was fueled to some extent by the pain inflicted by higher food prices--the response of governments so far has improved since the last spike, when some food producers restricted exports. Koenig said there has been "nothing out of the ordinary" in terms of export bans. But he said if governments start stockpiling food supplies out of concern of another pickup in prices, that would exacerbate the problem. Last year, Russia imposed a ban on wheat exports that is expected to remain in force until July, and Koenig said whether those restrictions are lifted will likely depend on how the crops turn out this year. Meanwhile, except for Libya, Egypt and other countries in the Middle East haven't altered their agricultural purchases much despite troubles in the region, he said.
Koenig, who was visiting Washington to participate in a gathering of senior officials from members of the Asia-Pacific Economic Cooperation forum, said the group of 21 economies can play a big role in ensuring food security needs around the world. The U.S. is hosting the APEC meetings this year, and Cargill is a member of the APEC 2011 USA Host Committee that advances the agenda of U.S. businesses. "I think APEC can help provide a much more healthy format going forward, a format for us to be having a dialog and establish polices that will have very import and solid long-term impact as opposed to anything in the short run," he said. APEC is seeking to address food security by promoting agricultural productivity and technologies as well as encouraging trade in agriculture goods by lowering export restrictions.
On Wednesday, U.S. Secretary of State Hillary Clinton said one way that APEC should combat poverty is to prevent food price spikes "by ensuring that none of our economies impose export restrictions on food."

US trade gap widens on imports, jobless claims up
WASHINGTON, March 10 (Reuters) - The U.S. trade deficit widened much more than expected in January as higher oil prices and surging imports of capital goods and cars overpowered record exports in a signal of strengthening domestic demand.
The trade gap grew by 15.1 percent to $46.3 billion from $40.3 billion in December, the Commerce Department said on Thursday. Analysts had expected a deficit of $41.5 billion.

China inflation tops f'casts, more tightening seen
BEIJING, March 11 (Reuters) - Chinese inflation topped expectations in February at 4.9 percent and looks set to climb further in coming months, adding to pressure for another dose of monetary tightening.
But data published on Friday also offered tentative signs that the government was making some headway in taming price rises without inflicting undue harm on growth in the world's second-largest economy.

Huge tsunami slams Japan, sweeps across Pacific
TOKYO, March 11 (Reuters) - The biggest earthquake to hit Japan since records began 140 years ago struck the northeast coast on Friday, triggering a 10-metre tsunami that swept away everything in its path, including houses, ships, cars and farm buildings on fire.
The Red Cross in Geneva said the wall of water was higher than some Pacific islands and a tsunami warning was issued for the whole of the Pacific basin, except for the United States and Canada, but Hawaii ordered the evacuation of coastal areas.

Time to get active in commodities -Investec
LONDON, March 10 (Reuters) - Investors banking on an across-the-board rise in commodity prices this year are setting themselves up for a fall and they should instead be actively managing for winners, Investec Asset Management said.
After several years of commodity prices moving largely as one, Investec's co-chief investment officer Mimi Ferrini looks favourably on active strategies that are bullish on natural gas and crude oil, while playing the interaction between the asset class and related equities, like gold mining companies.

PRECIOUS-Gold slips alongside oil, Japan quake supports
LONDON, March 11 (Reuters) - Gold slipped alongside oil on Friday but was supported after a major earthquake struck Japan and investors fretted about unrest in the Middle East.
It is on track for its biggest weekly decline since early January, down about $30 since hitting a lifetime high of $1,444.40 a troy ounce on Monday.

FOREX-Yen recovers, but seen volatile after Japan quake
LONDON, March 11 (Reuters) - The yen recovered after a major earthquake in Japan drove it to a two-week low against the dollar early on Friday, although it could stay choppy on near-term worries about the impact on a struggling Japanese economy.
Worries about growth saw investors cut exposure to risk and led many to sell high-yielding currencies and buy the 'safe-haven' yen, with talk of repatriation flows that could follow to pay for damage repairs also offering some support to the Japanese currency.

US wheat dips, on track for biggest weekly loss in 2 yrs
SINGAPORE, March 11 (Reuters) - U.S. wheat futures slid around half a percent falling for a fifth straight day to trade near three-month lows as bearish government estimates on stocks and concerns over economic growth continued to pressure the market.  "The wheat market has suffered significantly at the hand of bearish USDA report," said Luke Matthews, a commodity strategist at the Commonwealth Bank of Australia.

Pakistan flood caused 16 pct drop in rice exports - official
ISLAMABAD, March 11 (Reuters) - Pakistan's rice exports fell nearly 16 percent in the first eight months of the 2010/11 financial year because of last year's floods, a top industry official said on Friday.
"The shortfall in exports of non-basmati rice is mainly due to flood damage to the crop," Rice Exporters Association of Pakistan chairman, Irfan Ahmed Sheikh, told Reuters, referring to floods that began in late July last year and inflicted about $10 billion in losses.

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.

20110314 1000 Soy Oil & Palm Oil Related News.

CBOT grains falls 0.24 pct as Japan fears rattle commodities
SINGAPORE, March 14 (Reuters) - U.S. wheat, corn and soy futures fell by 0.24 percent on Monday as Japan's battle to avert a nuclear disaster at earthquake-damaged reactors unnerved investors, leading them to reduce exposure to commodities.
"Last year Japan took 15 million tonnes of corn from the United States. From the fundamentals side it's an issue for U.S. corn. It is bearish in the market in the short term but the question is: for how long the infrastructure is going to remain down?" Brett Cooper, senior manager of markets at FCStone Australia.

China 2011 soybean imports seen up 9.5 pct, exceed 60MT-report
BEIJING, March 13 (Reuters) - China's soybean imports may exceed 60 million tonnes this year, a jump of at least 9.5 percent from a year ago, and push up global prices, a senior agricultural official said in a report at the weekend.
China's strong demand, along with the willingness of farmers in the United States to grow more corn instead of soybeans due to ethanol fuel demand, will send soybean prices higher, Chen Xiwen, deputy head of the central government's rural work leading panel, told the official Guangzhou Daily.

Argentine soy stays in good shape due rains -gov't
BUENOS AIRES, March 11 (Reuters) - Most of Argentina's 2010/11 soybean crop is developing well due to ample soil moisture after plentiful rains in recent weeks, the Agriculture Ministry said on Friday in a weekly crop progress report.
Argentina is the world's No. 3 exporter of soybeans and the top supplier of soyoil and meal, and heavy rainfall since mid-January has brightened the outlook for the oilseed.

Soy product futures fall in unison with soybeans, succumbing to widespread commodity selling pressure. Markets are pressured by global economic concerns following a massive earthquake in Japan. Soymeal briefly climbed into positive territory, with traders citing the market was oversold. However, speculative selling overcame the buying to return prices into negative territory. Soymeal for May delivery falls $3.70, or 1%, to $350.00 per short ton at the CBOT. Soyoil for May delivery loses 1.03 cent, or 1.8%, to 55.90 cents a pound.  (Source: CME)

Palm off two-week lows; stock build view lingers
KUALA LUMPUR, March 11 (Reuters) - Malaysian palm oil bounced from a two-week low hit earlier today and is track for its worst weekly loss since end February as concerns lingered over slowing exports and higher output.   "Demand is slowing down on current high price. Technically market still trading downwards, it would not stay at the high for too long, it's just a short-covering on correction," said a trader in Kuala Lumpur.

India edible oil imports seen at 9 mln tonnes-attache
WASHINGTON, March 10 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in India:
"An increase in rapeseed-mustard planted area boosted 'rabi' (winter sown) oilseed planting to 8.5 million hectares.  Based on current trends, India's edible oil imports are forecast to reach 9 million tons in MY 2010/11. Oil meal exports are projected at 4.9 million tonnes."

Brazil soy views optimistic, expected to fall
SAO PAULO, March 10 (Reuters) - The Brazilian government's record soybean crop forecast rose again on Thursday, in line with many independent estimates, although the outlook will likely be revised down in the coming months due to rain damage in key growing areas.
Brazil's crop supply agency Conab said on Thursday the 2010/11 soybean crop was projected at a record 70.3 million tonnes, up from a forecast of 70.1 million tonnes released in February.

Argentine exchange holds soy, corn harvest outlook
BUENOS AIRES, March 10 (Reuters) - One of Argentina's biggest grains exchanges held its forecast for 2010/11 soy and corn production for a second week on Thursday as maturing crops showed high-yield potential.
Argentina, the world's third-biggest soy supplier, was affected by dry weather earlier this season, but heavy rains from mid-January onward have brightened the outlook for the harvest of the oilseed.

Rain causes losses to soy crop in Brazil No. 5 state
SAO PAULO, March 10 (Reuters) - Heavy rains in March caused losses to the soybean crop in Brazil's No. 5 producing state Mato Grosso do Sul, although preliminary estimates of losses were still sketchy.
Mato Grosso do Sul received over 300 millimeters (12 inches) in the first eight days of March, more than double the monthly average of rainfall that the state gets for all of March, independent weather forecaster Somar said Thursday.

India's Feb vegoil imports to fall on high global prices
NEW DELHI, March 11 (Reuters) -India's vegetable oil imports in February may have tumbled more than a quarter from January as buyers slowed imports due to high global prices and increased domestic oilseeds crushing, a Reuters survey showed on Friday.
India, the world's top vegetable oil buyer, buys mainly palm oils from Indonesia, Malaysia, and small quantities of soyoil from Argentina and Brazil.