Wednesday, April 27, 2011

20110427 1824 FCPO EOD Daily Chart Study.

FCPO closed : 3277, changed : -53 points, volume : lower.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : weakening, buyer reducing position.
Support : 3270, 3250, 3200, 3150 level.
Resistance : 3300, 3350, 3420, 3450 level.
Comment :
FCPO closed recorded losses with improving volume participation while soy oil overnight closed little lower and currently trading weaker. Most commodities traded in small price movement as investors avoiding having large position ahead of U.S. Federal Reserve Chairman Ben Bernanke news conference.
Daily chart formed a down bar candle positioned below Bollinger band level after market opened little lower, moved downwards slowly to closed right at the the low of the day.  
Chart reading suggesting a side way range bound little downside biased market development possibly testing lower support level with Federal Reserve holding the wild card.
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.

20110427 1724 FKLI EOD Daily Chart Study.

FKLI closed : 1526.5 changed : -4.5 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : recovering, buyer and seller rolling over to next month.
Support : 1515, 1500, 1485, 1470 level.
Resistance : 1530, 1540, 1550, 1565 level.
Comment :
FKLI closed recorded loss with slightly lower volume transacted partially due to roll over activities doing 3 points discount compare to cash market that closed recorded small gain while regional markets traded mixed ahead of crucial U.S. federal reserve meeting.
Daily chart formed a down doji bar candle closed below middle Bollinger band level after market gap up, tested higher near resistance level and retreated lower surrendered all gains before closed rebounding slightly to closed off the low of the day.
Technical reading still suggesting a side way range bound market development testing support and resistance level.
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.

20110427 1632 Global Market & Commodities Related News.

Dollar near 3-year lows on Fed view, stocks rise
HONG KONG, April 27 (Reuters) - The U.S. dollar plumbed a near 3-year low against other major currencies on Wednesday before a Federal Reserve decision that is expected to reinforce an ultra-easy policy stance and drive more capital to buoyant emerging Asian stock markets.   
"Focus will be on the inaugural press conference and whether Bernanke is shifting along the dove-hawk scale," said Michael Sneyd, analyst at Societe Generale.

U.S. wheat extends losses, corn dips on Fed uncertainty
SINGAPORE, April 27 (Reuters) - U.S. wheat futures lost more ground on Wednesday, dropping almost 1 percent, while corn fell half a percent, ending a three-day rising streak on uncertainty ahead of a Federal Reserve news conference later in the day.
"There is uncertainty before the Fed press conference which is likely to affect the entire commodities complex," said Ker Chung Yang, an analyst at Phillip Futures in Singapore.

Russian wheat exports loom, may pressure prices
SINGAPORE, April 26 (Reuters) - Russia is likely to resume wheat exports later this year which will add to the global surplus of the grain, putting pressure on international prices, a U.S.-based agriculture consultant said on Tuesday.
Russia, typically the world's third largest wheat exporter, banned overseas grain sales last year after a devastating drought ravaged the Black Sea region, pushing wheat prices  higher on the benchmark Chicago Board of Trade.

Brazil cocoa arrivals up 12 pct from year ago
BRASILIA, April 26 (Reuters) - Deliveries of cocoa to warehouses from the main growing regions in Brazil were up 12 percent from a year ago, with just one week left before the 2010/11 season ends, Bahia Commercial Association data showed on Tuesday.
Cocoa deliveries have slowed to a trickle in the lull between the end of the main crop and the start of the forthcoming mid crop which should begin harvesting in May or June depending on the region.

Morocco ends soft wheat imports as local crop surges
MEKNES, Morocco, April 26 (Reuters) - The Moroccan government has wrapped up its soft wheat imports a month ahead of schedule and will rely on a local cereals harvest it expects to rise by 18 percent, its top farming official said on Tuesday.
Speaking on the sidelines of a farming conference in the central city of Meknes, Agriculture Minister Aziz Akhennouch also told Reuters the agriculture-reliant economy "could add a few points of extra growth", after the announcement of a cereals harvest forecast of 8.8 million tonnes this year.

Ivory Coast cocoa trade, banking poised to restart
ABIDJAN, April 26 (Reuters) - Ivory Coast's cocoa and banking sectors are set to resume operations within days, officials said on Tuesday, signalling big steps toward restoring normality in the conflict-torn West African state.
A violent post-election power struggle paralyzed the economy of the world's top cocoa grower for months, leaving Ivorians to scramble for daily survival in the midst of heavy combat and sending shockwaves through global cocoa markets.

Crude futures fall ahead of Fed meet; dollar supports
SINGAPORE, April 27 (Reuters) - Crude futures fell on Wednesday as investors waited for details of the U.S. Federal Reserve's assessment of the economy and its monetary policy stance, while a weak dollar provided support.
"Investors are being very cautious ahead of the Fed meeting and prices are drawing support from a weak dollar," said Serene Lim, an analyst at ANZ. "Oil will continue to trade in this range till the outcome of the Fed meeting is known at least."

Obama adviser: Oil subsidies could go to trim deficit
WASHINGTON, April 26 (Reuters) - White House economic adviser Gene Sperling on Tuesday said subsidies to the oil and gas industry could be used for deficit reduction, and he said high fuel prices were not derailing U.S. economic recovery.
Sperling's comments were part of a broad push by the Obama administration to show it is tackling high gasoline prices that are weighing on consumers and threatening President Barack Obama's chances of re-election in 2012.

Obama urges oil producers to increase output
WASHINGTON, April 26 (Reuters) - President Barack Obama on Tuesday urged world oil producers to lift crude output, as he sought to deflect public anger over high gasoline prices that has hurt his popularity among voters.
U.S. motor fuel prices have become a heated political issue after pushing toward $4 a gallon. Gasoline futures hit 33-month highs on Tuesday.

Obama urges repeal of oil, gas tax breaks
WASHINGTON, April 26 (Reuters) - President Barack Obama, acknowledging high gasoline prices could sap the U.S. economy, on Tuesday urged Congress to end tax breaks for oil and gas companies and called on Republicans to back his plan.
But Republicans said the plan would "raise taxes and increase the price at the pump," indicating they opposed such action.

U.S. steelmakers see improved second quarter
NEW YORK, April 26 (Reuters) - Two major U.S. steelmakers reported contrasting quarterly results on Tuesday, but both gave positive outlooks for the industry as improving economic conditions boost demand and prices.
U.S. Steel Corp  stock fell 4 percent to close at $49.72 as it reported a wider-than-expected loss in the first quarter, while AK Steel's  shares rose 6.3 percent to $16.96 as its results beat Wall Street estimates.

Silver's versatility to help sustain rally
SINGAPORE, April 26 (Reuters) - Silver's near record high has done little to deter investors' interest in the metal, while demand from the industrial sector should ensure the rally isn't a temporary phenomenon.
A rush to buy physical silver this week, as prices came within cents of a record fix of $49.48 an ounce seen in 1980, shows that the metal's bright outlook could offset fears about a possible surplus this year.

LME copper eases, shrugs off weak dlr but Fed worries
SINGAPORE, April 27 (Reuters) - London copper extended losses on Wednesday, under pressure from a softer technical outlook, uncertainty ahead of a Federal Reserve news conference and weak data on the Japanese economy.
"I think the price direction of copper at the moment is driven by risk aversion in the market, which supports precious metals but compresses base metals and other riskier assets," Chen Xin Yi, Associate vice president at Barclays Capital said.

Japan March copper exports fall 16 pct yr/yr
TOKYO, April 27 (Reuters) - - Japan's refined copper exports fell 16 percent in March from a year earlier to 50,258 tonnes for a sixth straight month of year-on-year declines, although the pace was slowing, Ministry of Finance data showed on Wednesday.
Demand for copper, used in utensils, construction materials and computer chips, is often seen as a gauge of economic activity.  

Indonesia's Timah says tin output may rise 5 pct this year
PANGKAL PINANG, Indonesia, April 26 (Reuters) - Production at Indonesia's state-owned Timah , the world's largest integrated tin miner, may rise 5 percent this year as the firm prepares to use a new dredging boat, the CEO said on Tuesday.
Timah said its current production forecast was 40,000 to 50,000 tonnes, Chief Executive Wachid Usman said at a tin conference.

Gold inches up, silver rebounds as Fed decision looms
SINGAPORE, April 27 (Reuters) - - Silver rebounded on Wednesday from sharp falls in the previous session and gold inched upwards as investors cautiously awaited the conclusion of the U.S. Federal Reserve's policy meeting while feeble sentiment in the dollar lent support.
"The market is a bit mixed ahead of the Fed meeting, which will influence the move of the dollar and precious metals," said Peter Fung, head of dealing at Wing Fung Precious Metals based in Hong Kong. 

20110427 1134 Global Market & Commodities Related News.

GLOBAL MARKETS: Dollar hits 3-year low before Fed, Asia stocks up
HONG KONG, April 27 (Reuters) - The U.S. dollar plumbed a near 3-year low against other major currencies on Wednesday before a Federal Reserve decision where it is expected to reinforce its ultra-easy policy stance while stocks in Asia's developed markets rose, tracking a strong close on Wall Street.
"Focus will be on the inaugural press conference and whether Bernanke is shifting along the dove-hawk scale," said Michael Sneyd, analyst at Societe Generale.

OIL: Brent edges up eyeing Fed meeting, weak dollar
NEW YORK, April 26 (Reuters) - Brent crude edged up in volatile trading while U.S. crude ended little changed on Tuesday as investors eyed a U.S. Federal Reserve two-day policy meeting for any signal of a change in monetary policy.
"This week, it will be all about the Fed meeting. Volume and volatility will come back after the meeting," said Olivier Jakob of Petromatrix in Switzerland.

U.S. crude stocks seen up on higher imports
BANGALORE/NEW YORK, April 26 (Reuters) - U.S. crude oil stockpiles are expected to have risen last week, with crude imports exceeding demand from refineries, an expanded Reuters poll ahead of weekly inventory reports showed on Tuesday.
The increase follows an unexpected drawdown the week before, which was the first decline in domestic crude stocks in seven weeks, according to the poll of 13 analysts.

Obama urges oil producers to increase output
WASHINGTON, April 26 (Reuters) - President Barack Obama on Tuesday urged world oil producers to lift crude output, as he sought to deflect public anger over high gasoline prices that has hurt his popularity among voters.
U.S. motor fuel prices have become a heated political issue after pushing toward $4 a gallon. Gasoline futures hit 33-month highs on Tuesday.

NATURAL GAS: Natural gas ends down slightly on profit taking
NEW YORK, April 26 (Reuters) - U.S. natural gas futures ended slightly lower on Tuesday, lightly pressured by milder Northeast and Midwest weather this week and profit taking ahead of the May contract expiration on Wednesday.
"We came off a little ahead of (options and futures) expiration. Injections (into storage) are starting to pick up, and it's been hot in Texas, but the current 15-day (forecast) doesn't look as hot," a Texas-based trader said, noting recent heat in the South has boosted cooling demand.

EURO COAL: June ARA trades at $127/T, China prices rise
LONDON, April 26 (Reuters) - Prompt European delivered physical coal values fell by around $2.00 a tonne on Tuesday in illiquid trading.
"The dollar's coming under pressure again, which can only help prices but fundamentally not a lot has changed in the past week," one European trader said.

COMMODITIES: Silver, wheat tumble, but most markets await Fed
NEW YORK, April 26 (Reuters) - Silver and wheat tumbled on Tuesday after rallying a day ago but most commodities saw small price moves as investors avoided big bets ahead of a news conference by U.S. Federal Reserve Chairman Ben Bernanke.
"I think there's plenty of nervousness in the market and any upside activity is going to be tempered," said Sterling Smith, who follows a wide range of commodities for Country Hedging Inc. in St. Paul, Minnesota.

20110427 1025 Global Economic Related News.

Singapore: Production surges on drug, electronics output
Singapore’s industrial output grew at the fastest pace in four months as manufacturers produced more pharmaceuticals and computer parts, bolstering an economic expansion that has allowed the central bank to tighten policy. Manufacturing which accounts for about a quarter of the economy, climbed 22% in March from a year earlier after a revised 4.7% increase in February, the economic development board said. (Starbiz)

China: Denies raising capital requirement
China has denied tightening capital rules for its five biggest banks following media reports that it had lifted the capital requirement above a minimum mark. The denial came after Bloomberg said China had increased the capital adequacy ratio for its top banks to as high as 11.8% for the year, above an initial minimum level of 11.5% to guard against risks in the banking sector. (Starbiz)

S. Korea: Growth accelerates in 1Q11, adding price pressure. Gross domestic product rose 1.4% QoQ from the previous quarter, when it advanced 0.5% QoQ, the Bank of Korea said. The economy grew 4.2% YoY in 1Q11. (Source: Bloomberg)

Euro: Debt reaches record 85.1% of GDP as crisis festers
Euro-area debt reached a record in 2010, making it harder for the bloc’s better-off countries to bear the costs of the fiscal crisis triggered by Greece. Debt rose in all 16 countries that were using the euro last year, lifting the bloc’s average to 85.1% of gross domestic product from 79.3% in 2009, the European Union’s statistics office in Luxembourg said today. Greece’s deficit topped expectations and debt ballooned to 142.8% of GDP, the highest in the euro’s 12-year history. Ireland’s debt surged the most, by 30.6% pts to 96.2% of GDP. (Bloomberg)

US: Home prices decrease, approach recession low
Residential real-estate prices dropped in the 12 months to February by the most in more than a year, putting the market on the verge of eclipsing the nadir reached during the U.S. recession. The S&P/Case-Shiller index of property values in 20 cities fell 3.3% from February 2010, the biggest year-over-year decline since November 2009, the group said today in New York. At 139.27, the gauge was just shy of the six-year low of 139.26 in April 2009, two months before the economic slump ended. Values will probably keep falling as foreclosures swell the supply of unsold homes, which means the construction industry will take time to recover. Another report showed consumer confidence climbed more than forecast this month, making it more likely that spending will keep growing as the economic expansion creates jobs and stock prices advance. (Bloomberg)

U.S: Consumer confidence in April increases more than forecast. The Conference Board's confidence index rose to 65.4 from a revised 63.8 reading in March, figures from the New York-based private research group showed. (Source: Bloomberg)

20110427 1024 Malaysia Corporate Related News.

 KLCI chart reading : side way range bound.

Cash call for email project
Tricubes Bhd is going to make a cash call to fund the controversial myemail project that will require a RM50m investment over 10 years. The Edge Financial Daily learnt that Tricubes will propose a rights issue to raise between RM5m and RM10m from existing shareholders. The much publicized project has to date attracted RM5.3m from Malaysian Venture Capital Management Bhd (Mavcap) for its initial investment. The funding from Mavcap will be used towards infrastructure cost, marketing and creating awareness. (Financial Daily)

CIMB Niaga assets surge 30%
CIMB Group’s Indonesian subsidiary PT Bank CIMB Niaga’s total net assets as at 31 March 2011, were up 30% to Rp149.05trn (RM51.6bn) from Rp114.59trn in the same period last year. CIMB said in a statement yesterday the increase would strengthen its position as the fifth largest bank in Indonesia by assets. The bank also reported that its consolidated net profit for the period jumped to Rp727.53bn from Rp524.18bn in the same period last year, representing an increase of 39%. (Financial Daily)

Kencana wins RM208m Kebabangan contract
Kencana Petroleum Bhd has secured a RM208m contract for the fabrication of a substructure for the Kebabangan northern hub development project off the coast of Sabah. Under the contract, Kencana HL Sdn Bhd is to undertake the construction engineering, procurement, fabrication, inspection testing and commissioning, loadouut and seafastening (EPC), according to an announcement to Bursa Malaysia yesterday.(Financial Daily)

Carlsberg to raise prices slightly
Carlsberg Brewery Malaysia Bhd is planning to slightly increase the price of its beer products in May. Managing director Soren Ravn said the company would increase prices by an average of less than 3% across its beer product range due to rising raw material and operating cost. “The increase in price is not huge, and is in line with inflation, and this reflects our higher input costs. In the next three to six months, we will appropriately hedge raw material prices”, Ravn said after the company’s AGM yesterday. (StarBiz)

Yeo Hiap Seng Q1 net profit up 35.7%
Yeo Hiap Seng (M) Bhd’s, net profit for its quarter ended 31 March 2011 was up 35.7% to RM7.6m y-o-y, supported by higher sales from Yeo’s core products. The company in a filing with Bursa Malaysia yesterday said it recorded a marginal increase in revenue to RM151.6m for the quarter under review from RM151.2m previously.(StarBiz)

YHS: To consolidate plants. Yeo Hiap Seng (M) Bhd (YHS) will consolidate its factories in Shah Alam and Petaling Jaya to improve efficiencies and partially mitigate the effects of rising raw material prices. YHS also wants to introduce a new and less sweetened range of beverages to response to sugar price spikes. (Source: The Edge Financial Daily) 

AirAsia Q1 traffic up 19.3%
AirAsia Bhd, South-East Asia’s biggest budge carrier, said it carried 19.3% more passengers in the first quarter of 2011 compared with a year earlier. Its load factor rose to 81% in the January to March period from 75% in the previous corresponding period, AirAsia said in an e-mailed statement yesterday. (StarBiz)

Proton Edar foresees delivery delay of cars
Proton Edar SB expects a delay in the delivery of Proton cars to buyers due to the snowball effect of the double disasters of earthquake and tsunami that hit Japan last month. Its general manage for marketing, Sidik Abdul Hamid, however, was not at liberty to disclose the actual timeframe of delay, saying that it all depends on the delivery timing of certain raw materials and parts from Japan. (Malaysan Reseve)

Proton: Banks on Saga and Persona. Proton Holdings Bhd is banking on Saga and Persona to drive up sales this year as it seeks to topple rival Perusahaan Otomobil Kedua Sdn Bhd (Perodua) as the biggest carmaker in the country. Proton hopes to sell 85,000 units of Saga and 40,000 units of Persona while the total sales was targeted at close to 170,000 units this year. (Source: The Sun)

Construction: Chinese companies may bid for MRT job. Chinese Premier Wen Jiabaos visit is expected to pave the way for them to participate in the RM40b MRT project as they have the financial muscle to go up against the Gamuda/MMC Corp joint venture and China is home to some of the most advanced railway systems in the world. (Source: The Edge Financial Daily)

Infrastructure: Sarawak to build 500km roads by end-2012. Under the National Key Result Area (NKRA) for a three-year period beginning last year, Manyin said Sarawak was allocated RM2b to build roads. Sarawak managed to complete 240km of new roads last year. (Source: The Edge)

20110427 1018 Global Market Related News.

 DJIA chart reading : upside biased with possible pullback correction.

Hang Seng chart reading : correction range bound little upside biased.

U.S. Stocks Extend Gains After Consumer Confidence Data Tops Estimates (Source: Bloomberg)
U.S. stocks extended gains after a gauge of consumer confidence exceeded economists’ forecasts, building on an earlier rally triggered by higher-than-estimated earnings. The Standard & Poor’s 500 Index rose 0.5 percent to 1,341.54 at 10:03 a.m. in New York. The Dow Jones Industrial Average advanced 52.07 points, or 0.4 percent, to 12,531.95 . The Conference Board’s confidence index rose to 65.4 from a revised 63.8 reading in March, figures from the New York-based private research group showed today. The median forecast of economists surveyed by Bloomberg News called projected an advance to 64.5.

Asian Stocks Rise as U.S. Consumer Confidence Gains; Canon Jumps (Source: Bloomberg)
Asian stocks rose, with the regional benchmark index heading for its highest close in almost two months, after a report showed U.S. consumer confidence increased, boosting the outlook for Asian exporters. Samsung Electronics Co., Asia’s largest maker of chips, flat screens and mobile phones, gained 3 percent in Seoul. Canon Inc., the world’s biggest maker of cameras, climbed 5.4 percent in Tokyo. Origin Energy Ltd., Australia’s No. 1 energy retailer, increased 4.3 percent in Sydney after it and partner ConocoPhillips signed an agreement last week to supply liquefied natural gas to China Petrochemical Corp. Australia resumed trading today following holidays.

Treasuries Snap Three-Day Gain Before Durable Goods Data, Five-Year Sale (Source: Bloomberg)
Treasuries snapped a three-day gain before data that may show durable goods orders rose and as the government prepares to sell $35 billion in five-year notes. Federal Reserve Chairman Ben S. Bernanke is scheduled to speak to reporters at the conclusion of a policy meeting today as the end of the central bank’s second round of bond buying, known as quantitative easing or QE2, approaches in June. The Fed has kept demand for government bonds “deceptively” high, Pacific Investment Management Co., which runs the world’s biggest bond fund, said in a report.

Geithner Says U.S. Needs ‘Credible Strategy’ for Reducing Budget Deficits (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner said the U.S. needs a “credible strategy” to reduce its budget deficits over time, without moving too quickly and choking off economic recovery. “You have to commit to bring the budget deficit down to a level that will put our overall debt burden on a declining path as a share of the economy,” Geithner said today in remarks at the Council on Foreign Relations in New York. The Obama administration wants to move onto that path by about 2015, he said.

Consumer Confidence in U.S. Increases More Than Estimated Amid Job Gains (Source: Bloomberg)
Confidence among U.S. consumers increased more than forecast in April, signaling the improving labor market is helping Americans weather rising fuel costs. The Conference Board’s confidence index rose to 65.4 from a revised 63.8 reading in March, figures from the New York-based private research group showed today. The median forecast of economists surveyed by Bloomberg News called projected an advance to 64.5.

Geithner Says U.S. Will Never Weaken Dollar to Gain an Advantage in Trade (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner today reaffirmed the U.S. commitment to a “strong dollar” and said the country won’t weaken the currency to gain an advantage over its trading partners. “Our policy has been and will always be, as long as at least I’m in this job, that a strong dollar is in our interest as a country,” Geithner said in remarks at the Council on Foreign Relations in New York. “We will never embrace a strategy of trying to weaken our currency to try to gain economic advantage.”

Home Prices in 20 U.S. Cities Drop Most in More Than Year on Foreclosures (Source: Bloomberg)
Residential real-estate prices dropped in the 12 months to February by the most in more than a year, putting the market on the verge of eclipsing the nadir reached during the U.S. recession.

Dollar Declines to Lowest Versus Euro Since December 2009 on Rate Outlook (Source: Bloomberg)
The dollar fell to its lowest level against the euro since December 2009 on speculation the Federal Reserve will keep interest rates low. The U.S. currency dropped to as low as $1.4702 per euro before trading at $1.4681 as of 7:26 a.m. in Tokyo.

Dollar Falls to 16-Month Low Against Euro Amid Fed Speculation (Source: Bloomberg)
The dollar fell to a 16-month low versus the euro on speculation the Federal Reserve will consider further easing measures to support the U.S. economy after its bond-buying program expires in June. The euro advanced for a fourth day against the yen before a report that economists say will show the region’s industrial orders increased, adding to evidence that the European Central Bank may raise interest rates. The Australian dollar climbed to a record before a government report forecast to show inflation quickened in the first quarter.

S&P 500 Index Rises to Highest Level Since June 2008 on Improving Earnings (Source: Bloomberg)
U.S. stocks rose, sending the Standard & Poor’s 500 Index to its highest level since June 2008, as earnings at companies from 3M Co. (MMM) to United Parcel Service Inc. (UPS) and Ford Motor Co. (F) topped analysts’ estimates. 3M, the maker of products including Scotch tape, rose 1.9 percent. UPS, the world’s largest package-delivery company and considered a proxy for economic growth, added 0.9 percent after also raising its earnings forecast. Ford, the second-largest U.S. automaker, gained 0.8 percent after reporting a 22 percent jump in profit as vehicle prices increased. Delta Air Lines Inc. (DAL) soared 11 percent as the second-biggest carrier reported a smaller loss than analysts estimated amid higher fares.

US new home sales rebound, market still seen weak
WASHINGTON, April 25 (Reuters) - Sales of new U.S. homes rose in March and the number of new properties on the market was its lowest since the 1960s, but
further gains will be hampered by the broader property glut.
Single-family home sales rose 11.1 percent to a seasonally adjusted annual rate of 300,000, the Commerce Department said on Monday, up from a near record low
pace of 270,000 in February when harsh winter weather hit the economy.

China unveils new wanted, not-wanted industry list
BEIJING, April 25 (Reuters) - China's economic planning agency on Monday published a new list of industries that it would encourage, restrict or ban, a
blueprint that could have a far-reaching impact on investment activity China over the coming years.
The list will serve as a guideline for Chinese regulators in making policies on tax, bank credit, land and trade, and will also be a reference for Beijing to
decide which foreign investors are welcomed.

China Said to Raise Biggest Banks’ Capital Adequacy Targets (Source: Bloomberg)
China’s banking regulator set capital targets for the nation’s five biggest lenders above the minimum 11.5 percent ratio amid concern that credit risks may rise, three people with knowledge of the matter said. Industrial & Commercial Bank of China (601398) Ltd., the world’s largest lender, and three rivals were told last month to maintain capital adequacy ratios of at least 11.8 percent in 2011, one of the people said, declining to be identified as the plan isn’t public. Agricultural Bank of China Ltd. (1288), the nation’s fourth biggest, should target 11.7 percent, two of them said.

Japanese Stocks Rise on U.S. Confidence, Quake Recovery Outlook (Source: Bloomberg)
The Nikkei 225 Stock Average rose for the first time in four days after U.S. consumer confidence gained and Japan’s government said 90 percent of the country’s earthquake-stricken factories will resume production by July. Advantest Corp., the world’s biggest maker of tools used to test memory chips, climbed 1.6 percent. Canon Inc., which has lost 13 percent this year, jumped after Nomura Holdings Inc. said the company’s mid-term growth prospects are “positive.” Kao Corp., Japan’s biggest maker of household products, advanced 1.9 percent after the company forecast a 13 percent gain in profit this fiscal year.

Japan’s Retail Sales Slump Most in 13 Years After Earthquake (Source: Bloomberg)
Japan’s retail sales tumbled the most in 13 years last month as the nation’s record earthquake shut stores and discouraged households from spending money.

South Korea’s Growth Accelerates, Adding Price Pressure (Source: Bloomberg)
South Korea’s economic growth accelerated in the first quarter on exports, bolstering the case for the central bank to raise interest rates to damp inflation.

Euro-Area Governments' Debt Reaches Record 85.1% of GDP as Crisis Festers (Source: Bloomberg)
Euro-area debt reached a record in 2010, making it harder for the bloc’s better-off countries to bear the costs of the fiscal crisis triggered by Greece. Debt rose in all 16 countries that were using the euro last year, lifting the bloc’s average to 85.1 percent of gross domestic product from 79.3 percent in 2009, the European Union’s statistics office in Luxembourg said today.

Greek Deficit Tops Forecasts as Merkel Aide Says Debt Must Be Restructured (Source: Bloomberg)
Greece’s budget deficit exceeded goverment estimates and the euro area’s overall debt reached a record, narrowing Europe’s options for putting an end to the fiscal crisis. Greece’s shortfall was 10.5 percent of gross domestic product in 2010, higher than a 9.4 percent estimate made by the Greek government in February, official European Union figures showed today.

Greek 2010 Budget Gap Wider Than Estimated as Euro-Area Debt Hits Record (Source: Bloomberg)
Greece’s 2010 budget gap was more than a percentage point wider than the government estimated after a review by Europe’s statistics agency, the latest blow to the nation’s finances as it seeks to avoid a debt restructuring. Last year’s shortfall was 10.5 percent of gross domestic product, compared with 15.4 percent of GDP in 2009, Eurostat said in a statement today from Luxembourg. In February, the Greek government had said it met its revised target for a 9.4 percent deficit in 2010.

Bollard May Keep New Zealand Rate at Record Low to Revive Growth (Source: Bloomberg)
New Zealand will probably keep interest rates at a record low until at least the second half of the year to spur an economic recovery from the nation’s deadliest earthquake in 80 years.

Auto production faces bigger hit after Japan quake
TOKYO, April 25 (Reuters) - Toyota Motor Co  may slip to No. 3 in the automaker production rankings behind General Motors  and Volkswagen  due to Japan's
earthquake and nuclear crisis, which slashed local output by almost two-thirds in March alone.
A shortage of parts in the wake of the March 11 earthquake and tsunami has savaged Japan's auto sector supply chain, while damage to a major nuclear plant
has disrupted power supplies.

FOREX-Euro hits 16-mo high; no respite in sight for dollar
NEW YORK, April 26 (Reuters) - The euro hit a 16-month high against the dollar on Tuesday, with no respite in sight seen for the greenback if the U.S.
Federal Reserve keeps monetary policy accommodative.
The Federal Open Market Committee, the Fed's policy making arm, starts its two-day meeting on Tuesday. The post-meeting news conference by Fed Chairman Ben
Bernanke on Wednesday -- the first regularly scheduled news briefing by a Fed chief in the U.S. central bank's 97-year history -- will be closely watched to see how the Fed plans to exit from its ultra-loose policy.

Euro up before Fed, silver slide ripples out
The euro jumped ahead of a U.S. Federal Reserve meeting expected to give no hint of looming policy tightening while silver tumbled after soaring to near record highs, dragging gold and oil with it. The eurorose to a 16-month high against an under-pressure dollar, climbing around half a percent to $1.4653, with expectations the Fed will keep policy loose likely to see it hover near recent peaks.   

20110427 1015 Global Commodities Related News.

Corn (Source: CME)
US corn futures finish mixed, with deferred contracts slipping on profit-taking after climbing recently on worries about planting delays. Weather conditions continue to look unfavorable for planting, as the Midwest is expected to remain cool and wet. The USDA on Monday confirmed planting was behind schedule. "Even though the news was kind of bullish overnight, you don't go up every day," says Jack Scoville of Price Futures Group. CBOT July corn rises 4 1/4c to $7.72 3/4 a bushel; December corn, which represents the crop that is being sown for harvest next fall, lost 5 3/4c to $6.75 3/4.

Wheat (Source: CME)
US wheat futures finish lower on profit-taking as markets pull back after climbing more than 3% yesterday. Prices retreated even though forecasts show dry weather will continue to stress winter wheat in southern US Plains and precipitation will delay planting of spring wheat in northern Plains. USDA yesterday lowered its crop rating for winter wheat and confirmed planting progress was lagging. CBOT July wheat falls 14 1/4c to $8.47 a bushel; KCBT July drops 10 1/4c to $9.60 3/4; MGE July loses 7 3/4c to $9.81 1/2.

Oats (Source: CME)
Oat futures ended lower, succumbing to profit taking pressure following recent advances. However, losses were limited by the ongoing threat of wet, cold weather in the northern plains and Canada causing planting delays. Oats for July delivery dropped 1.8% to $4.00 a bushel.

Rice (Source: CME)
US rice futures finish lower, giving back some recent gains. It seems as though worries about rains delaying planting in the US, which supported the market recently, have "run out steam," says Jack Scoville at Price Futures Group. Planting was 46% complete as of Sunday, below the average of 53% for that time of year, according to government data. CBOT July rice slides 14 1/2c to $14.66 1/2 per hundredweight.

U.S. corn planting seen 13 pct done, behind schedule
CHICAGO, April 25 (Reuters) - Damp soil and cold weather around the U.S. Midwest have likely put farmers well behind their ideal corn planting schedule and left them hoping for a quick warm-up as the deadline for optimal seeding approaches.
The U.S. Agriculture Department's weekly crop progress report on Monday afternoon is expected to show that farmers had planted 13 percent of their anticipated corn acreage as of April 24, based on an average of estimates given by nine analysts.

China To Limit Corn Use In Biofuel, Other Non-Feed Projects (Source: CME)
China will limit alcohol, biofuel and other non-animal-feed projects that use grain and edible oils as raw materials in an effort to secure grain supplies, China's top economic planner said. Corn is used to make non-feed products ranging from ethanol to starch and sweeteners, which consume about one-third of China's corn output. This consumption diverts supply from animal feed millers in the world's most populous country, raising the prospect of corn shortages, as consumption is expected to grow much faster than output. The government will also limit corn starch projects with processing capacity of less than 300,000 metric tons a year, and eliminate those projects with annual capacity of less than 100,000 tons, the National Development & Reform Commission said in industrial guidelines published on its website.
Beijing has failed to halt an unprecedented expansion of corn processing industries, whose combined annual capacity has risen to almost 70 million tons in the marketing year ending Sept.30, Shang Qiangmin, director of the state-backed China National Grain & Oil Information Center, told an industry forum last week. These industries are expected to consume about 50 million tons of corn in the current marketing year, or about 29% of total corn output in the 2010 calendar year, the CNGOIC said. Beijing recently ordered banks to stop lending to corn purchasers, and it has cancelled tax breaks for corn processors to limit their expansion. The NDRC said China will also limit soybean-crushing projects outside of major producing areas, which include the northeastern provinces of Heilongjiang and Jilin and the Inner Mongolia Autonomous Region.
Soybean crushers' capacity utilization rates averaged about 50% last year, analysts said. Total soybean crushing capacity is expected to exceed 100 million tons this year, Luan Richeng, president of Chinatex Corp., the nation's third-largest soybean crusher in terms of capacity, said last week.

India 2010-11 Basmati Exports Rebound Despite First Half Fall (Source: CME)
India's basmati rice exports likely rose by up to 15% in the fiscal year which ended March 31 after recovering from a fall in the initial six months, the head of the state-run farm exports body said. "Basmati exports were in negative territory until October...[but] the basmati trade has been very active in the last three months," Asit Tripathy, chairman of the Agricultural and Processed Food Products Export Development Authority, said. India, the world's largest basmati supplier, exported 2 million metric tons in the 2009-10 fiscal year. "Considering that we had nearly 30% growth in [basmati] volume in the 2009-10 fiscal year, this time it was expected that the growth would plateau in the sense that it was a huge base," Tripathy said. "Even so, there seems to be growth." India is the world's top producer and exporter of aromatic, premium basmati rice, and neighboring Pakistan is its main rival.
Tripathy said that basmati exports were able to maintain their growth due to increased domestic production of a variety called Pusa 1121 and brisk demand from traditional buyers in the Middle East as well as new markets such as the U.S. and Europe. India allows basmati shipments with a floor price of $900 a ton, while the export of non-basmati rice is banned. The country produced 4.0 million to 4.5 million tons of basmati rice in 2009-10. The harvest is likely to be 4.5 million-5 million tons in the year through June. Tripathy added also that the state-run agency would intervene if there are prolonged payment problems with Iran, one of the key buyers of Indian basmati. "Up to now, we have not intervened. But if the exporters are facing a problem in getting payments from Iran, then that's a legitimate concern, and we will address that," Tripathy said, without elaborating.
Indian traders say they have been finding it difficult to receive payments for exports after India's central bank in December stopped Iran-related payments going through a regional clearing house that the U.S. says Tehran is using to evade international sanctions. Tripathy said that the export growth of all farm products, led by basmati rice, likely crossed INR400 billion in 2010-11, from INR360 billion in the previous year. Exports of groundnuts, beverages, buffalo meat and processed food items were all showing buoyant growth. He said that contract farming of everything from fruits to vegetables has picked up across several regions, improving the quality and supply chain for exports.

Russian wheat exports loom, may pressure prices
SINGAPORE, April 26 (Reuters) - Russia is likely to resume wheat exports later this year which will add to the global surplus of the grain, putting pressure on international prices, a U.S.-based agriculture consultant said on Tuesday.
Russia, typically the world's third largest wheat exporter, banned overseas grain sales last year after a devastating drought ravaged the Black Sea region, pushing wheat prices  higher on the benchmark Chicago Board of Trade.
Although it is difficult to quantify the volumes that are expected to hit the market from Russia, the nation will take small steps in easing export curbs, said Emily French, managing director of ConsiliAgra, a U.S.-based consultancy and brokerage.

Poor Black Sea Wheat Exports To Keep Markets Tight In 2011-12-Rabobank (Source: CME)
World wheat markets are expected to stay tight this season as Russia and Ukraine are unlikely to fill a predicted shortfall in supplies in other key growers, Rabobank said. Exports from Black Sea producers, which also include Kazakhstan, are expected to total 22 million metric tons in 2011-12, said the bank, up 9 million tons on year but still down 15 million tons from the high of 2008-09. Yet this rise in exports is unlikely to make up for the impact of poor weather in the U.S. and Europe. Rabobank predicts wheat production in major exporting countries will rebound more than 30 million tons in 2011-12, hampering the rebuilding of world inventories and keeping the combined stock-to-use ratio in exporting countries around 16%. World markets soared to near-record highs this year after a ban on grain exports from Russia last summer sparked a price rally.
High prices look set to continue, "supported by ongoing weather concerns and only a muted recovery in exportable surpluses from the Black Sea region," said the bank. Russia, the Black Sea region's largest exporter, is forecast to produce its second-smallest crop since 2007-08 at 51.5 million tons due to poor plantings. That would be 10 million more than last year but down 20% on 2008-09. Fear of rising food prices and the need to rebuild inventories after drought slashed the harvest last year mean the Kremlin is likely to keep a ban on grain exports in place until the fourth quarter of the year, said Rabobank, limiting exports to 5 million tons in 2011-12--13.5 million tons lower than 2009-10. Ukraine, therefore is likely to be the region's largest exporter, with production expected to rise more than 25% on year to 21 million tons and pushing exports to their second-highest level in 25 years at 11 million tons.
Still, with "already tight world grain inventory levels," Rabobank said "this on-going production uncertainty will continue to support wheat prices until new crop supplies are assured."

China's Cheap Vegetables Problem (Source: CME)
When China suffers inflation, food prices are always a significant part of the problem. But the conundrum China's leaders face with this latest round of inflation is somewhat bizarre: While the country's consumer price index is running at a near three-year high, vegetables are so cheap that tons and tons of them are being left to rot away in the fields. Of course, vegetables are still expensive in the cities, and only in the cities, and that's exactly where the problem is. According to the official Xinhua News Agency (in Chinese), fat, juicy Chinese cabbages are selling at one yuan per 500 grams in city markets -- ten times the price the cabbage growers can fetch in the countryside. Why, with urbanites paying such princely sums, are farmers leaving their cabbages on the ground? Because middlemen, transportation companies and the government itself are pocketing the bulk of the price differential.
Logistics-induced costs accounts for two thirds of the total cost for vegetables nationwide, Zhou Wangjun, vice director of the National Development and Reform Commission's price section, is quoted by Xinhua saying. It turns out the problem isn't limited to produce. Referring to official statistics, Xinhua also said logistics-related costs constitute as much as 21.3% of China's gross domestic product, compared with just around 10% in developed countries. In a rather baffling example, Xinhua said it costs between 6 and 8 yuan to move one kilogram of goods via land transport from Shanghai to Guizhou, a province in the southwest, while it costs only 1.5 yuan to fly the same amount from Shanghai to New York. According to estimates by Wang Tongsan (in Chinese), a researcher at the Chinese Academy of Social Sciences, 82% of the world's toll-charging highways are in China, with road tolls accounting for as much as 50%-70% of logistics costs nationwide.
In the current climate, the logistics squeeze has had dire effects on more than just urban grocery budgets. Earlier this month, according to a report in the China Economic Times (in Chinese), the recent plunge in vegetable prices triggered the decision of a farmer in Shandong province to end his own life. Transport-related charges, some of which are a result of arbitrary decisions by local governments, also were at the heart of a trucker strike that gummed up Shanghai's large container handling ports last week. The strikes fizzled out yesterday as authorities pledged to cut some of the fees and offered new relief to the truckers. Economic officials and central bankers in Beijing have repeatedly stressed the importance of managing inflation expectations in the country's fight against rising consumer prices, but the vegetable price dilemma is a stark reminder that taming the China's inflation tiger won't be so easy.

Food Costs Seen Reaching a Record High This Year as Inflation Accelerates (Source: Bloomberg)
Global food prices may rise 4.4 percent to a record by the end of the year, driven by demand for meat, oilseeds and grains used to make ethanol, adding to costs that mean inflation is accelerating from the U.S. to China. The United Nations’ Food Price Index may climb to 240 points from 229.84 last month, said William Adams, a fund manager at Zurich-based Resilience AG, which has $22.2 million of assets. Global corn stockpiles are shrinking the most in seven years, inventories of nine edible oils will drop to the lowest since 1974 and U.S. beef stocks will be the smallest since 1999, the U.S. Department of Agriculture estimates.

Arabicas drift from near 34-year high, sugar dips
ICE arabica coffee futures eased in early trade, after touching a 34-year high on April 20, while sugar eased in a range, pressured by ample supplies from Brazil and Thailand. Arabica coffee futures on ICE eased, having touched a 34-year peak above the psychological $3 a lb level on April 20, with losses limited by tight supplies of mild washed arabicas.

India may consider more sugar exports-official
NEW DELHI, April 26 (Reuters) - India may consider additional unrestricted sugar exports after receiving final output figures for the current season from October, Food Secretary B.C. Gupta said on Tuesday.
"Let the final output come, we will review it," Gupta told reporters responding to a query on whether the government will allow more sugar exports.

China "imported enough sugar to ensure 2011 supply"
BEIJING, April 25 (Reuters) - China's 2010/2011 sugar output is expected to slip this year to 10.5 million tonnes, down from 10.74 million tonnes last year, but the government has already stocked enough imports to cover any deficit, an industry website quoted government officials as saying on Monday.
"We have already imported quite a volume to replenish reserves, far more than needed to cover the deficit in producing areas, and also enough to ensure the supply for the current year," said Liu Xiaonan from the National Development and Reform Commission, the government's top economic planning body.

Vietnam to cut coffee area but keep output stable by 2020
HANOI, April 24 (Reuters) - Vietnam, the world's second-largest coffee producer after Brazil, planned to cut its total coffee acreage by 13.5 percent to 480,000 hectares (1.19 million acres) while keeping output stable by the end of this decade, state-run media reported. The area would be trimmed from 555,000 hectares, while Vietnam will aim to produce about 1.1 million tonnes, or 18.33 million 60-kg bags, of coffee a year, similar to the output of the 2010/2011 crop, the official Vietnam News Agency said.

Japan rolled copper output logs biggest drop in 17 months
TOKYO, April 26 (Reuters) - Japan's output of rolled copper product slid 3.7 percent in March from the same month last year, its biggest fall in 17 months,
after the devastating March 11 earthquake and tsunami disrupted supply chains at automakers -- big consumers of copper parts.
Seasonally adjusted output totaled 68,620 tonnes in March, down 2 percent from February, preliminary data from the Japan Copper and Brass Association showed
on Tuesday.

US brass mill imports, exports fall in Feb yr/yr
NEW YORK, April 25 (Reuters) - U.S. imports of brass mill products declined by 2.2 percent in February compared with February 2010, and exports slid 13.3
percent from the year ago period, an industry group said on Monday.
Imports of all brass mill products into the United States in February fell to 33,583,095 lbs from 34,333,993 lbs in the year-ago period, the Copper and Brass
Fabricators Council said in its monthly report.

Zinc market has 52,000 T surplus Jan-Feb'11- ILZSG
LONDON, April 26 (Reuters) - The global zinc market was in surplus by 52,000 tonnes in the first two months of 2011, a monthly bulletin from Lisbon-based
International Lead and Zinc Study Group (ILZSG) showed.
Global refined zinc use was 2.037 million tonnes, compared with 1.880 million in January-February 2010.

Lead market has 17,000 T surplus Jan-Feb - ILZSG
LONDON, April 26 (Reuters) - The global lead market was in surplus by 17,000 tonnes in the first two months of the year, a monthly bulletin from the
Lisbon-based International Lead and Zinc Study Group (ILZSG) showed.
Global refined lead use was 1.591 million tonnes, up from 1.423 million in January to February 2010.

Indonesia's Timah says tin output may rise 5 pct this year
PANGKAL PINANG, Indonesia, April 26 (Reuters) - Production at Indonesia's state-owned Timah , the world's largest integrated tin miner, may rise 5 percent
this year as the firm prepares to use a new dredging boat, the CEO said on Tuesday.
Timah said its current production forecast was 40,000 to 50,000 tonnes, Chief Executive Wachid Usman said at a tin conference.

China raises 2011 minor metals output quotas
BEIJING, April 25 (Reuters) - China has set 2011 mining quotas for several minor metals, the Ministry of Industry and
Information Technology said on Monday, increasing the permitted output of tungsten, tin, antimony, molybdenum and rare earths.
The quotas limit output of tungsten ores to 87,000 tonnes, tin ores to 73,000 tonnes, antimony ores to 105,000 tonnes, molybdenum ores to 200,000 tonnes. The
limits refer to metal content of the ores for tin and antimony, or 65 percent tungsten trioxide and 45 percent molybdenum content.

METALS-Copper falls on China data, rising inventories
LONDON, April 26 (Reuters) - Copper fell on Tuesday as investors returned from the Easter long weekend digested data showing a plunge in China's imports of
refined copper and rising inventories of the metal used in construction and power.
Three-month copper on the London Metal Exchange  was  $9,491 a tonne in official rings from $9,700 when the market closed on Thursday before the long weekend
started on Friday. The metal has fallen around 7 percent from a record high $10,190 hit in February.

PRECIOUS-Gold, silver retreat from records, eyes on Fed
LONDON, April 26 (Reuters) - Silver and gold tumbled on Tuesday as investors sold on uncertainty about the direction of monetary policy in the United States,
but a softer dollar helped support prices and sentiment.
Spot silver  ceded nearly 5 percent to $44.61 an ounce after touching $49.31 an ounce on Monday, within reach of $49.48 hit in January 1980

Oil Trades Near One-Week Low on Demand Concern as U.S. Home Prices Slide (Source: Bloomberg)
Oil traded near the lowest in almost a week on speculation fuel demand in the world’s biggest crude-consuming nation may falter after U.S. residential real- estate prices dropped the most in more than a year. Futures slipped today as the S&P/Case-Shiller index of property values in 20 cities fell 3.3 percent from February 2010, outweighing a gain in the Conference Board’s confidence index. An industry-funded report showed crude supplies increased the most in four weeks and U.S. Treasury Secretary Timothy Geithner said oil prices are an obstacle to economic growth.

Crude falls more than $1 on uncertainty ahead of Fed meet
SINGAPORE, April 26 (Reuters) - U.S. crude futures fell more than $1 as investors reduced risk ahead of a meeting of the U.S. Federal Reserve and after Saudi Aramco's chief executive said the kingdom was not comfortable with current oil prices. "We are not comfortable with oil prices where they are today...I am concerned about the impact it could have on the global economy," Khalid al-Falih, Aramco's chief executive, told an industry gathering in Seoul.    

20110427 1012 Soy Oil & Palm Oil Related News.

Soy Oil chart reading : side way range bound.

Soybeans (Source: CME)
US soybean futures finish lower, pressured by concerns about Chinese demand and the potential for higher soybean acres arising from delayed corn plantings. The market is worried about China's future growth, with talk of the country looking to cool inflation seen as a threat to US export demand, says Dave Marshall, an independent marketing advisor. China, the leading importer of US and global soybeans, has slowed its purchasing amid high port inventories and comfortable supplies at crushing plants. Further pressure was derived from freshly harvested South American supplies and cool, wet Midwest conditions poising a threat to early corn seedings. CBOT July soy settles down 7 1/4c at $13.89 1/4 per bushel.

Soybean Meal/Oil (Source: CME)
Soy-product futures end lower, backpedaling in unison with declines in soybean futures. Soymeal drew additional pressure from slowing demand, while soyoil was also hurt by weakness in world vegoil markets, analysts said. CBOT July soymeal finished down $1.50 at $364.40/short ton and July soyoil dropped 0.20c to 58.62c/pound.

US Soybean,Soymeal Exports To SE Asia In Containers Rise -Exec (Source: CME)
Shipments of U.S. soybeans and soymeal in containers to Southeast Asia are on the rise, as importers increasingly prefer to source cargoes in small volumes and reduce costs, a senior industry executive said. A major shift in import trends in the region is taking place, with containers increasingly favored over bulk shipments, American Soybean Association-International Marketing Regional Director John A. Lindblom said on the sidelines of a grains conference. He said close to 800,000 tons, or 35% of U.S. soybeans exports to Southeast Asia last year, were in containers. Around 19%--or 450,000 tons--of U.S. soymeal exports to the region were also in containers. Lindblom said figures for this year are yet to be compiled, but the trend will likely continue. Lindblom said that trade in containers has also helped importers establish direct contact with suppliers in the U.S., circumventing major grains trading companies.
He said importers believe another advantage of container shipments is that grain retains relatively higher quality if it doesn't have to pass through large elevators used to load bulk shipments. With large volumes of clothing, furniture, shoes and electronic goods being exported from Indonesia, Vietnam and Malaysia to the U.S., "many of these container boxes are returning to the region with soybeans and soymeal," he said. He said importers are also shifting their preferences towards container shipments as they don't have to tie up large amounts of capital for bulk cargoes of several thousand tons. Last year, close to 30% of U.S. soybean exports to Indonesia were in containers, he said. Indonesia is the largest buyer of U.S. soybeans in Southeast Asia. The U.S. has close to a 90% share of Indonesia's soybean import market.

Palm oil dips on rising production outlook, export data
Malaysian palm oil futures eased, as concerns about a higher production cycle, falling comparative oils and export numbers from the previous session weighed on prices. “On the cash side it is very quiet," said one trader. "The market is softer ... palm has been trading higher based on outside market (like) Dalian, CBOT and crude.

Argentina says 2010/11 soy harvest advancing fast
BUENOS AIRES, April 25 (Reuters) - Argentina's soy harvest advanced at a fast pace over the week through Thursday, despite rains that sometimes slow down bringing in the crop, the Agriculture Ministry said on Monday in its weekly report.
Argentina's Agriculture Ministry last week increased its 2010/11 soy harvest forecast to 50.4 million tonnes from 50 million tonnes as rains improved yields.

Brazil soy crop 91 pct harvested - Celeres
SAO PAULO, April 25 (Reuters) - Harvesting of Brazil's record 70.56-million-tonne soybean crop picked up last week helped by dry weather in most producing areas, grains analysts Celeres said on Monday.
In its latest weekly report, Celeres said that 91 percent of the new crop has been gathered, up from 85 percent the week prior but still lagging the 94 percent harvested at this time in 2010.

Canada farmers aim to boost canola area
WINNIPEG, Manitoba, April 21 (Reuters) - Canadian farmers intend to plant record-large acreage to canola for the fifth straight year, as well as more wheat and oats, grain traders and analysts said, but planting delays cast a shadow of uncertainty over prospects in the western crop belt.
Farmers will try to boost canola plantings by 10 percent to 18.5 million acres, according to the average of estimates gathered in a trade survey by Reuters ahead of Statistics Canada's first farmer survey of 2011 planting intentions, due on Tuesday.