Monday, October 17, 2011

20111017 1809 FCPO EOD Daily Chart Study.

FCPO closed : 2876, changed : -34 points, volume : higher.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : rising, buyer taking exposure.
Support : 2850, 2800, 2770, 2750 level.
Resistance : 2900, 2920, 2950, 2970 level.
Comment :
FCPO closed recorded loss with better volume changed hand while last Friday soy oil closed recorded huge gains and currently retracing lower while crude oil price continue to surge higher.
Higher but slowing down export data reported by both cargo surveyors and Reuters reported Indonesia Sep 2011 palm oil export down by 20.7% resulted FCPO price to closed lower today.
Daily chart formed a wide range down bar candle with upper shadow closed near middle Bollinger band after market opened higher and tested higher near resistance level, snapping downward back to near last Friday closing price and trade range bound before last half an hour selling activities pressed price to close at the low of the day.
Technical reading still suggesting a side way range bound downside biased 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.

20111017 1735 FKLI EOD Daily Chart Study.

FKLI closed : 1470.5, changed : +24 points, volume : higher.
Bollinger band reading : little upside biased with possible pullback correction.
MACD Histrogram : rising, buyer in control.
Support : 1470, 1458, 1445, 1440 level.
Resistance : 1485, 1500, 1515, 1530 level.
Comment :
FKLI rallied closed recorded huge gains with improved volume traded doing 5 points premium compare to cash market that also closed higher. Last Friday U.S. markets closed recorded gains and today Asia markets traded mostly higher while European markets opened and currently trading in positive territory.
Improve U.S. retail sales, Group of 20 finance chiefs endorsed parts of a plan to halt the European region’s debt crisis resulted global markets to trade higher.
Daily chart formed a wide range up bar candle with upper shadow closed above upper Bollinger band level after market opened higher and surged upwards by more than 25 points within 10 minutes followed by retracement downward and traded range bound before resume climbing higher to closed near the high of the day.
Chart reading wise, market is likely to trade little upside biased with possible pullback correction testing support and resistance level after 6 consecutive days of recording gain.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistance or strength with quick cut loss and profit target.

20111017 1656 Regional Markets EOD Daily Chart Study.

 DJIA chart reading : side way range bound little upside biased.
 Hang Seng chart reading :  side way range bound.
KLCI chart reading : upside biased with possible pullback correction.

20111017 1614 Global Market & Commodities Related News.

Stocks, commodities up on hopes for Europe plan
SINGAPORE, Oct 17 (Reuters) - Asian shares rose  and the euro held near a one-month high amid hopes that a crucial week for the euro zone crisis will see policymakers finally come up with a plan to resolve the region's debt woes and recapitalise its banks.
"The market is growing more expectant of more aggressive measures from Europe aimed at solving its debt crisis," said Kim Young-june, a market analyst at SK Securities.

After lots of talk, US commodity crack-down nears
WASHINGTON, Oct 17 (Reuters) - U.S. regulators this week will finalize their toughest crackdown yet on volatile oil and metal markets, concluding nearly four years of fierce debate over whether limits on speculative trade can tame prices.
As Wall Street bemoans the measure as a sop to politicians who have vilified speculators for driving grain and oil prices to painful peaks since 2008, the Commodity Futures Trading Commission will push through a groundbreaking rule to restrict the number of commodity contracts a trader can hold.

US soy falls on seeding estimate; wheat, corn steady
SINGAPORE, Oct 17 (Reuters) - Chicago soybean futures slid 0.8 percent  as a forecast of higher acreage in the United States prompted investors to book profit, after last week's gains that were the highest in more than 2 years.
"Soybeans rose sharply last week and there could be some profit taking now as Chinese buyers are absent from the market," said Ker Chung Yang, a commodities analyst at Phillip Futures in Singapore.

Brazil 2011/12 soy crop could expand 5 pct
SAO PAULO, Oct 14 (Reuters) - World No. 2 soy producer and exporter Brazil could top this year's record harvest by 5 percent in the 2011/12 crop through higher yields and expanded planting, the head of grain crushing industry association Abiove told Reuters on Friday.
Carlo Lovatelli, president of Abiove, Brazil's Association of Vegetable Oil Industries, said he believed investments in the sector had risen, helped by higher prices for the oilseed and that this would help keep output on an upward trajectory.

Thai floods delay sugar crushing, unlikely to damage rubber
BANGKOK, Oct 17 (Reuters) - Thailand's worst flooding in five decades was expected to delay the 2011/12 cane-crushing season by a few weeks to late November but crop damage is likely to be limited, senior industry officials said on Monday.    
"The crushing season could start slightly late due to the flood. We could start crushing the 2011/12 sugar season by late November when we will be able to say how much cane has been damaged," said Prasert Tapaneeyangkul, secretary-general of the Office of Cane and Sugar Board (OCSB), which oversees the country's sugar sector.

Rains boost Argentine 2011/12 wheat outlook-gov't
BUENOS AIRES, Oct 14 (Reuters) - Heavy rain in Argentina this week helped improve most of the 2011/12 wheat crop, which was badly hurt by dryness last month, the Agriculture Ministry said on Friday.
The rain, however, came too late to avert yield losses in some wheat areas, the ministry said in its weekly report, adding that new showers in other areas will be needed to guarantee good plant development.

Informa trims U.S. 2012 corn plantings forecast
CHICAGO, Oct 14 (Reuters) - Analytical firm Informa Economics lowered its forecast of U.S. 2012 corn plantings to 93.1 million acres (37.7 million hectares) from its previous forecast of 94.3 million, trade sources said on Friday.
However, if realized, the forecast still would represent the most acres planted to corn since 2007 and the second-most since 1944.

Colombia 2012 secondary coffee crop at risk from rains
BOGOTA, Oct 14 (Reuters) - Some of Colombia's coffee provinces soaked up sunnier weather in a key flowering period,  but there are dark clouds on the horizon threatening the 2012 secondary crop with higher-than-normal rains, farmers said this week.
Key regions in the world's biggest producer of high-quality Arabica beans may get 30 percent more rainfall than average in the critical flowering months of October and November, retarding bean development and raising the risk of disease.

Brazil coffee belt in bloom, lingering rain helps
BRASILIA, Oct 14 (Reuters) - Coffee fields in parts of Brazil's southeastern coffee belt are awash with white blossoms, boding well for the 2012 crop with the protection of wet weather to avoid losing flowers at this critical phase.
The 2012 harvest is almost certain to be larger than last year's, occurring in an on-year in the biennial cycle but agronomists do not expect to be able to estimate its the size of the world's largest coffee crop until around December.

India sugar mills want quick export clearance
MUMBAI, Oct 14 (Reuters) - India's expected sugar surplus in the 2011/12 season could make room for exports of 4 million tonnes and the government should allow exports quickly so millers can take advantage of supply delays from flood-hit Thailand, a senior industry official said.
India competes with Thailand in shipping white sugar to Middle East and Asian countries.

Ukraine sows 85% winter grain despite poor weather
KIEV, Oct 14 (Reuters) - Ukrainian farms have sown 6.9 million hectares of winter grains for the 2012 harvest, or 85 percent of the expected area, even while cold weather has followed severe drought, the Agriculture Ministry said on Friday.
The ministry said in a report farms had sown 5.9 million hectares for winter wheat, or 90 percent of the total targeted area of 6.6 million hectares.

Nigeria cocoa grinder eyes Asia, Latam markets
LAGOS, Oct 14 (Reuters) - Nigerian cocoa grinder, FTN Cocoa Processors , has doubled its capacity to 20,000 tonnes ahead of its plans to explore Asian and Latin American markets after a slump in demand from Europe, its executive director said on Friday.
Akin Laoye told Reuters the expansion was initially planned to take advantage of growing demand from Western markets, but the economic slowdown prompted the company to look elsewhere.

Brent steady above $112 on Europe debt plan hopes
SINGAPORE, Oct 17 (Reuters) - Brent crude futures held steady above $112 , extending the previous session's sharp gains on hopes European policymakers would reach an agreement to tackle the euro zone's debt crisis and help stem a slowdown in oil demand growth.
"Oil markets have hit a bottom and sentiment is turning around to positive as the demand outlook improves," said Tetsu Emori, a fund manager at Astmax Co Ltd in Tokyo.

Copper edges down 0.2 pct; euro zone moves eyed
SHANGHAI, Oct 17 (Reuters) - Copper prices edged down on Monday, tracking Shanghai equities which also pared gains, while investor sentiment remained fragile over the euro zone debt crisis.
"Copper prices are moving sideways and are likely to do so for a while, as they are near their resistance levels of 56,000 yuan in Shanghai and $7,600 in London. In the absence of very positive news, prices are lacking in upward momentum," Jinrui Futures analyst Zhao Kai.

Rio Tinto retreats from aluminium, $8 bln of assets on block
MELBOURNE, Oct 17 (Reuters) - Global miner Rio Tinto  signalled a major retreat from its aluminium business on Monday, putting an estimated $8 billion worth of assets up for sale across six countries, only four years after buying aluminium giant Alcan for $38 billion.
Rio Tinto  said it planned to sell 13 assets, including smelters and alumina refineries, in a move immediately interpreted as a way of diverting yet more resources to iron ore, which now accounts for nearly 80 percent of group earnings.

Aluminium short-sellers? Not the villains this time
LONDON, Oct 14 (Reuters) - Short-selling, a popular target in volatile and rumour-riddled markets, has been blamed by aluminium producer Alcoa's  chief executive for a big fall in the price of the metal and with it the company's share price.
"They are betting against aluminum as a proxy for betting against the global economy," Klaus Kleinfeld said this week, warning of "very offensive short-selling going on by speculators".

S.Korea seeks 5,000 T aluminium ingot for Dec
SEOUL, Oct 17 (Reuters) - South Korea is seeking 5,000 tonnes of high-grade primary aluminium ingot registered with the London Metal Exchange (LME) via tenders closing at 2 p.m. (0500 GMT) on October 20, the state-run Public Procurement Service said.
The government procurement agency said on its web site ( that it would buy the metal of western origin with 99.7 percent purity.

Freeport Indonesia says pipe transporting copper concentrate cut
JAKARTA, Oct 17 (Reuters) - PT Freeport Indonesia, a unit of U.S. miner Freeport McMoRan , said on Monday a pipe transporting copper concentrate at its copper and gold mine in Papua island has been cut.The company's spokesman did not elaborate.
Freeport is facing a prolonged strike at its giant Grasberg mine, and three men were killed last week though it was not clear if the shooting was linked to that dispute or to a simmering independence movement in the remote region.

Fortescue quarterly iron ore shipments rise to 12.36 mln/t
SYDNEY, Oct 17 (Reuters) - Australia's Fortescue Metals Group  said it increased total iron ore shipments in the September quarter to 12.36 million tonnes, versus 10.26 million tonnes in the same period a year ago.
Fortescue, Australia's no. 3 iron ore miner after Rio Tinto   and BHP Billiton  , also said it expects to maintain an annualised production run rate of 55 million tonnes and produce between 13.5 million and 14 million tonnes in the current quarter.

Fortescue says European woes behind softer iron ore prices
SYDNEY, Oct 17 (Reuters) - The economic crisis in Europe has weakened global iron ore prices, though strong demand growth in China should help prop up market fundamentals, Australian miner Fortescue Metals Group  said on Monday.
"We're not deterred by some of the short-term softening in the market," Fortescue Chief Executive Nev Power told reporters.

Tokyo Steel cuts prices, sees further fall in Asia
TOKYO, Oct 17 (Reuters) - Tokyo Steel Manufacturing Co  on Monday said it would cut its steel prices by a bigger-than-expected 5.7 to 8.4 percent, citing a deterioration in Asia's steel market and a decline in raw materials costs.
Japan's biggest construction steel maker said it would slash its prices for November shipments by 5,000 yen ($64.63) per tonne across-the-board compared with October prices. It cut the price of H-beams to 74,000 yen, the same level as in September.

Base metal miners seen at bargain prices
TORONTO, Oct 14 (Reuters) - Tumbling metal prices and the specter of a fresh economic crisis have peeled layers of value off base metal producers, creating an opportunity to buy some of North America's top miners at bargain prices.
With the traditionally strong first quarter just a few weeks ahead, shares of Teck Resources , Freeport McMoRan  and other miners are already clawing back from lows touched last week, and analysts say now may be the time to jump back on the gravy train.

Chinese copper buyers see small Codelco premium cut for 2012
HONG KONG/LONDON, Oct 14 (Reuters) - Codelco is likely to reduce its 2012 physical copper premiums for Chinese buyers by at most 5 percent, a smaller cut than it gave European clients as demand in the world's biggest consumer of the metal is expected to remain strong, traders said on Friday.
Earlier this month, trading sources said Codelco, the world's top copper producer, had offered yearly premiums of $90 a tonne over the cash London Metal Exchange copper prices  to European buyers for 2012, a 9 percent cut from this year, as the spectre of recession looms over the region's economy.

Romania gold mine says finishing line in sight
BUCHAREST, Oct 14 (Reuters) - Europe's biggest project for an open-cast mine may be approaching the finish line, after more than a decade of opposition and delays, and could enter its final stage late next year, a mining company executive told Reuters.
The 14-year-old project in the Carpathian town of Rosia Montana entails plans to use cyanide to mine 314 tonnes of gold and 1,500 tonnes of silver and is fighting strident opposition from civic rights groups, ecologists and neighbouring Hungary.

Gold steady as investors await Europe deal
SINGAPORE, Oct 17 (Reuters) - Gold was steady , after posting its biggest weekly gain since early September, as investors await concrete steps to tackle the euro zone debt crisis that could come out of a European Union summit this weekend.
"Gold has not been showing its safe haven property in the past few weeks," said Ong Yi Ling, an analyst at Phillip Futures in Singapore.

METALS-Copper edges down 0.2 pct; euro zone moves eyed
SHANGHAI, Oct 17 (Reuters) - Copper prices edged down on Monday, tracking Shanghai equities which also pared gains, while investor sentiment remained fragile over the euro zone debt crisis.
Three-month copper on the London Metal Exchange  fell 0.2 percent to $7,533 a tonne by 0335 GMT, after rising 3.2 percent in the previous session.

PRECIOUS-Gold steady as investors await Europe deal
SINGAPORE, Oct 17 (Reuters) - Gold was steady on Monday, after posting its biggest weekly gain since early September, as investors await concrete steps to tackle the euro zone debt crisis that could come out of a European Union summit this weekend.
Finance ministers and central bank governors of the Group of 20 major economies said they expected the Oct. 23 summit to "decisively address the current challenges through a comprehensive plan".

FOREX-Euro rally takes a breather, more short-covering eyed
TOKYO, Oct 17 (Reuters) - The euro hovered near a one-month high on Monday after a G20 summit boosted hopes that the EU would decisively address the region's debt woes this week, with traders saying additional short-covering may allow the currency to eke out further gains.
The euro, down 0.2 percent at $1.3853  on light profit-taking, rallied 3.5 percent last week after the leaders of Germany and France pledged to unveil a new package for solving the two-year crisis when the EU summit convenes on Oct. 23, including an agreement on how to recapitalise banks.

20111017 1523 China’s Commodity Demand Rides Out External Headwinds Report by Reuters.

Dear All,
Here is the latest China’s Commodity Demand Rides Out External Headwinds Special Report by Reuters. Here's the link :  China’s Commodity Demand Rides Out External Headwinds Special Report by Reuters. Enjoy !

20111017 1214 Global Economic Related News.

U.S: Michigan consumer sentiment index unexpectedly falls in October as Americans' outlooks for the economy and their finances slumped to the lowest level since 1980. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment decreased to 57.5 this month from 59.4 in September. The gauge of consumer expectations for six months from now, which more closely projects the direction of consumer spending, dropped to 47, the lowest since May 1980. (Source: Bloomberg)

U.S: September retail sales increase by most in seven months. Purchases grew 1.1% MoM, exceeding the median forecast of economists. (Source: Bloomberg)

E.U: Inflation accelerated to the fastest in almost three years in September on soaring energy costs. The euro-area inflation rate jumped to 3% YoY last month from 2.5% YoY in August, the European Union's statistics office in Luxembourg said. (Source: Bloomberg)

China: Inflation exceeded 6% for a fourth month in September, limiting the government's ability to ease monetary policy as a weakening global recovery threatens growth in the world's second-largest economy. Consumer prices increased 6.1% YoY in September, led by a jump in food costs, the National Bureau of Statistics said. (Source: Bloomberg)

India: Inflation exceeded 9% for a 10th straight month in September, maintaining pressure on the central bank to extend its record interest-rate increases. The benchmark wholesale-price index rose 9.72% YoY after a 9.78% YoY jump in August, the commerce ministry said in New Delhi. (Source: Bloomberg)

20111017 1213 Malaysia Corporate Related News.

Bintulu Port Holdings: Set to benefit from construction of Samalaju Port. Company will be the sole logistics play to support the Samalaju Industrial Park and is set to benefit from the soon to be constructed RM1.2b Samalaju Port. It is estimated that beginning 2013, once the port is ready, there could be at least 5m tones of raw material to be required by 10 out of the 17 confirmed investors in the Samalaju Industrial Park. (Source: Malaysian Reserve)

Nestle: Price-rise report not verified. News that Nestle is considering a price hike for certain dairy products may have sent chills down local households but the company has clarified that the reported information is not verified. (Source: The Star)

F&N: PJ plant to raise dairy product output to cover Thai shortfall. F&N confirms that it would increase dairy product production at its Petaling Jaya plant by 20% in the interim to help cater to demand in Thailand. (Source: The Star)

Uzma Bhd: Fuels growth through technological upper hand. The Intergrated oil and gas provides is confident of winning more jobs as it is the only local firm with the technology and equipment to carry out enhanced oil recovery (EOR). (Source: Business Times)

Semiconductor: Manufacturer says a recession has hit the semiconductor industry. The inventory of global chip suppliers and a low book-to-bill ratio have reached an alarming level that will have severe worldwide repercussions and impact on chip producers and semiconductor equipment manufacturers in Malaysia. (Source: The Star)

Sunway REIT: Gets SC nod for RM3b debt note issuance. Sunway Real Estate Investment Trust (Sunway REIT) has received the Securities Commission's approval for the proposed medium term note programme of RM3.0b in nominal value. (The Edge Financial Daily)

Nagamas: To develop 2,500ha in Nanning. Nagamas International Bhd has been allocated about 2,500ha near Nanning, China, to be developed as a green residential and industrial park. Energy, Green Technology and Water Minister Datuk Seri Peter Chin said Nagamas would undertake the development of the park on a long-term basis under a RM300b contract. (Source: The Star)

TRC Synergy wins RM318m airport job in Brunei
TRC Synergy, through a joint tender bid, has secured a RM318m job to modernize the Brunei International Airport terminal. Its wholly-owned subsidiary, Trans Resources Corp SB, had received the letter of acceptance from the Brunei Economic Development Board for the contract known “Modernization of Brunei International Airport Terminal” jointly participated by TRC and Swee SB. (Malaysian Reserve)

Felda JV embarks on plant expansion
Batam-based palm oil refinery company PT Synergy Oil Nusantara, a JV between Felda Global Ventures Holdings SB, IFFCO and Tabung Haji Indo Plantations, is to expand its current plant capacity and export market by this year. Felda Global group president Datuk Sabri Ahmad said the company, a bulk oil facility primarily involved in refining and fractionation of palm oil, will soon add palm kernel refining and fractionation plant with an additional capacity of 140k tonnes to its current 525k tonnes per year. It is expected to be completed by the end of 2012. (Malaysian Reserve)

MRCB gets RM46.5m breakwater job extension
MRCB has secured a RM46.5m breakwater project in Pahang. It had last Thursday received a letter of award from the Department of Irrigation and Drainage to carry out the second phase of the breakwater project in Kuala Sungai Pahang. The job is expected to be completed by March 2013. (Malaysian Reserve)

SC gives nod for PNB takeover offer of SP Setia
Property developer SP Setia announced last Friday that the SC has approved PNB’s conditional takeover offer of the company. Maybank Investment Bank, which is acting for PNB, is required to inform the SC upon completion of the offer, said SP Setia in filing on Bursa Malaysia. (Malaysia Reserve)

Berjaya Corp cancels Bermaz flotation plan
Berjaya Corp has decided not to proceed with the proposed listing of its subsidiary, Bermaz Motor SB, on the Main Market of Bursa Malaysia. It told the exchange last Friday that the decision was taken after taking consideration MIMB’s Investment Bank’s views on the listing. (Malaysia Reserve)

20111017 1140 Global Market & Commodities Related News.

GLOBAL MARKETS-Stocks, euro rally on crisis hopes, U.S. data
NEW YORK, Oct 14 (Reuters) - Global stocks and the euro rallied on Friday over growing optimism that Europe is on track to resolve its festering sovereign debt crisis and after data showed a surprising surge in U.S. retail sales.
"Right now we are trading on hopes of a decisive policy response," said Jens Nordvig, head of G10 FX strategy at Nomura Securities in New York.

Asian Stocks Rise, Extend Biggest Weekly Gain Since March; Olympus Plunges
Asian stocks rose, extending the biggest weekly gain since March on the region’s benchmark index, after Group of 20 finance chiefs meeting in Paris endorsed parts of a plan to contain Europe’s debt crisis. BHP Billiton Ltd. (BHP), the world’s No. 1 mining company, advanced 2.2 percent in Sydney. National Australia Bank Ltd., the nation’s biggest business lender, climbed 2.3 percent. Esprit Holdings Ltd. (330), a clothier that gets 83 percent of its revenue in Europe, surged 7.8 percent in Hong Kong. Sony Corp. rose 4.6 percent after profit at its Sony Ericsson Mobile Communications AB venture beat analyst estimates. Olympus Corp. tumbled 22 percent after at least six brokerages cut their ratings on the optical-equipment maker after the sacking of its. The MSCI Asia Pacific Index advanced 1.7 percent to 118.79 as of 11:52 a.m. in Tokyo. Eight stocks rose for each that fell. The gauge climbed 3.4 percent last week after German Chancellor Angela Merkel and French President Nicolas Sarkozy pledged to deliver a plan to recapitalize Europe’s banks and address Greece’s debt crisis.

Japanese Stocks Rise Toward One-Month High as G-20 Eases Europe Concern
Japanese stocks climbed, with the Nikkei 225 (NKY) Stock Average heading for its highest close in a month, after Group of 20 finance chiefs meeting in Paris endorsed parts of a plan to contain Europe’s debt crisis. Sumitomo Mitsui Financial Group Inc., Japan’s second- largest lender by market value, gained 3.3 percent. Sony Corp. jumped 4.6 percent after earnings at its mobile phone unit beat analysts’ earnings estimates. Olympus Corp. slumped 22 percent after auditor PricewaterhouseCoopers called for an investigation into an acquisition. “Investors are recovering their risk appetite,” said Kenichi Hirano, general manager and strategist at Tachibana Securities Co. in Tokyo. “We could see that G-20 countries would cooperate with European countries in tackling the debt crisis, which helped concern over the European crisis recede.”

COMMODITIES-Biggest weekly gains in months; oil leads
NEW YORK, Oct 14 (Reuters) - Oil prices closed up 3 percent on Friday and metals and crop markets jumped too, driving commodities to their biggest weekly advance since December.
"This is all dollar-driven and I haven't seen anything else that would tell me otherwise," Peter Hillyard, head of metals sales in Europe for ANZ, said, referring to the gains in gold.

Malaysia eyes moves to reduce power disruption risk
PUTRAJAYA, Malaysia Oct 14 (Reuters) - Malaysia's government has set up a task force of oil companies and power producers to decide on a mix of alternative fuels and operational measures to reduce electricity disruption risks stemming from a gas supply shortage, a minister said on Friday.
The task force involves national oil firm Petronas, which supplied less gas to the power sector due to frequent maintenance shutdowns, and other oil majors, said Energy Minister Peter Chin.

Oil gains 3 pct on Europe hopes, US sales data
NEW YORK, Oct 14 (Reuters) - Oil prices rose 3 percent on Friday, posting a second straight weekly gain, on lift from stronger-than-expected U.S. retail sales and optimism about the prospect that European leaders can reach a deal to address the euro-zone debt crisis.
"Equities were up on the retail numbers and good Google  results and oil is very responsive to those numbers and we're seeing a reallocation of funds, with some shorts possibly moving back into long positions," said Richard Ilczyszyn senior market strategist at MF Global in Chicago.

Oil Rises a Second Day on Speculation U.S., Europe May Bolster Fuel Demand
Oil extended gains from the highest close in almost a month after investors increased bullish bets on crude and European leaders pledged to deliver a plan to keep their debt crisis from sapping demand for fuel. Futures rose as much as 1.1 percent, adding to last week’s 4.6 percent climb, after Group of 20 finance ministers and central banks set an Oct. 23 deadline for a plan to avoid a Greek default, bolster banks and curb contagion. Hedge funds and other money managers raised their net-long positions for crude for the first time in a month. China may say tomorrow its economy grew more than 9 percent last quarter. “It does look as if that extremely pessimistic view that the world was heading into recession, if not depression, is now changing and the overall investment view is what we’re looking at is a low-growth environment,” said Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty Ltd. in Sydney. “Confirmation of the growth story in China will be important.”

Iran crude reserves rise to 158 bln barrels-report
TEHRAN, Oct 16 (Reuters) - Iran's oil reserves stand at 158 billion barrels, the ISNA news agency reported on Sunday, signalling a slight rise in the Islamic Republic's estimate.
Last October Iran upped its reserves figure to 150.31 billion barrels from a previous estimate of 138 billion barrels in response to neighbour Iraq increasing its estimate.

Natural gas ends up 5 pct on cool weather outlook
NEW YORK, Oct 14 (Reuters) - U.S. natural gas futures rose nearly 5 percent on Friday and more than 6 percent for the week on short covering prompted by forecasts for cooler weather next week in consuming regions.
"Today experienced one heck of a good old fashioned short covering rally the likes of which we have not seen in the gas market for a very long time," said Energy Management Institute's Dominick Chirichella.

Euro Coal-Dec DES ARA trades at $117/T, down $6
LONDON, Oct 14 (Reuters) - Prompt physical coal prices fell again on Friday although few fresh trades were reported, but in contrast, oil and gas prices rose.
"Oil recovered and rose but coal dipped, lower demand in Europe is starting to be more felt in prices," one European trader said.

20111017 1019 Global Market Related News.

Asia Stocks Rise on Europe Optimism (Source: Bloomberg)
Asian stocks rose, extending the biggest weekly gain since March on the region’s benchmark index, after Group of 20 finance chiefs meeting in Paris endorsed parts of a plan to contain Europe’s debt crisis. BHP Billiton Ltd. (BHP), the world’s No. 1 mining company, advanced 1.9 percent in Sydney. National Australia Bank Ltd., the nation’s biggest business lender, climbed 1.8 percent. S-Oil Corp., South Korea’s third-largest crude refiner, surged 5.4 percent in Seoul. Sony Corp. rose 4.3 percent after profit at its Sony Ericsson Mobile Communications AB venture beat analyst estimates. Olympus Corp. tumbled 24 percent after at least six brokerages cut their ratings on the optical-equipment maker after the sacking of its.
The MSCI Asia Pacific Index advanced 1.3 percent to 118.27 as of 10:34 a.m. in Tokyo. Almost six stocks rose for each that fell. The gauge climbed 3.4 percent last week after German Chancellor Angela Merkel and French President Nicolas Sarkozy pledged to deliver a plan to recapitalize Europe’s banks and address Greece’s debt crisis.

S&P 500 Index Caps Best Weekly Gain Since July 2009 on Retail-Sales Data (Source: Bloomberg)
U.S. stocks rose, driving the Standard & Poor’s 500 Index to the largest weekly gain since July 2009, amid optimism over corporate earnings and steps by European leaders to support the region’s banks. Caterpillar Inc. (CAT), Walt Disney Co. (DIS) and DuPont Co. jumped at least 7.6 percent to lead the Dow Jones Industrial Average, which rallied a third straight week, the longest stretch since April, and erased its 2011 loss. Energy, raw-material and technology shares led gains by all 10 industries in the S&P 500 and added at least 7.5 percent. Apple Inc. (AAPL) closed at a record high and Google Inc. completed a nine-day streak of gains. The S&P 500 climbed 6 percent this week to 1,224.58, the highest level since Aug. 3. The measure has surged 11 percent since Oct. 3, when it closed within 1 percent of a bear market, or 20 percent plunge, from its high in April. The Dow rose 541.37 points, or 4.9 percent, to 11,644.49 this week.

European Stocks Gain for Third Week on Speculation Policy Makers Will Act (Source: Bloomberg)
European stocks rose for a third week, their longest winning streak since April, on speculation that policy makers will increase efforts to contain the debt crisis as company earnings and U.S. retail sales beat estimates. Carmakers and chemical companies led gains over the week, with Porsche AG and Syngenta AG (SYNN) climbing more than 6 percent. SAP AG, the largest maker of business-management software, and ASML Holding NV (ASML), Europe’s biggest chip-equipment maker, jumped after reporting better-than-estimated earnings. The Stoxx Europe 600 Index advanced 2.8 percent to 238.51 this past week. The gauge has still retreated 18 percent since this year’s high on Feb. 17 on concern that Greece will default, pushing borrowing costs higher for other indebted euro-area countries. The gauge traded at 9 times its companies’ estimated earnings on Sept. 22, the cheapest since March 2009, according to data compiled by Bloomberg. The Stoxx 600 last increased for three consecutive weeks more than six months ago.

U.K. Stocks Advance After IMF Capital Boost Talk; Miners Lead Gains (Source: Bloomberg)
U.K. stocks advanced, with the FTSE 100 Index (UKX) headed for its longest streak of weekly gains since April, after International Monetary Fund members discussed boosting its capital to help end Europe’s debt crisis. Fresnillo Plc (FRES), the world’s largest primary silver miner, and BP Plc (BP/), the U.K.’s second biggest oil producer by market value, advanced as metals and oil prices rose. The benchmark FTSE 100 Index climbed 62.98, or 1.2 percent, to 5,466.36 at the close in London. The gauge rose for the third week, its longest streak of weekly gains since April. Even then, the measure is 10 percent lower than this year’s peak on Feb. 8 amid concern that Europe’s sovereign-debt crisis will deepen. The FTSE All-Share Index added 1.1 percent and Ireland’s ISEQ increased 1.6 percent today.

Inflation Probably Eased in September (Source: Bloomberg)
The cost of living in the U.S. probably eased in September and the pace of factory production held steady, consistent with the Federal Reserve’s forecast of moderating inflation and slow growth, economists said reports will show this week. Consumer prices rose 0.3 percent, the smallest gain in three months, according to the median forecast of economists surveyed by Bloomberg News before Labor Department data on Oct. 19. Industrial output increased 0.2 percent for a second month in September, while sales of previously owned homes declined, other reports may show. Clothing retailer Gap Inc. (GPS) and supermarket chain Safeway Inc. (SWY) said they are limited in how much they can raise prices to make up for higher raw materials expenses as weak job and income gains squeeze consumers. Contained inflation expectations and labor costs gave Fed officials scope last month to pursue monetary policy geared at stoking the economic recovery.

Central Banks Selling Most U.S. Bonds Since 2007 No Rally Killer (Source: Bloomberg)
International central banks are selling the most Treasuries since the credit crisis began just as institutional investors load up on U.S. government bonds. The Federal Reserve said its holdings of U.S. government debt on behalf of central bankers and institutional investors outside America has plunged $76.5 billion in the last seven weeks, the most since August 2007. At the same time, bond mutual funds are adding Treasuries, banks have increased their holdings 45 percent in the past five years and the Fed has added $656 billion to its balance sheet this year.
Rather than a referendum on the U.S.’s $1.3 trillion budget deficit and rising debt burden, sales by foreign policy makers may have more to do with supporting their currencies after the Brazilian real weakened 9.8 percent and Taiwan’s dollar lost 5.2 percent against the U.S. dollar since June. With economists forecasting inflation slowing to 2.1 percent in 2012 from 3.1 percent this year and the Fed’s commitment to keeping interest rates near zero, investors say the demand that pushed government bond yields to record lows last month will be sustained.

U.S. 30-Year Bonds in Longest Weekly Losing Streak Since January on Europe (Source: Bloomberg)
U.S. 30-year bonds capped the longest weekly losing streak since January as concern eased that Europe is unable to curb its debt crisis and U.S. retail sales climbed, damping bets the country will fall into a recession. Treasuries are off to the worst monthly start this year just after completing the strongest quarter since 2008 as appetite for higher-yielding assets overtook demand for a refuge that was spurred by speculation the debt crisis was worsening and the U.S. economy was floundering. Federal Reserve Chairman Ben S. Bernanke will speak next week on the effects of the last recession on central bank policy. “Optimism in Europe and a better outlook in the U.S. have weighed on Treasuries this week,” said Michael Cloherty, head of U.S. rates strategy for fixed income and currencies in New York at Royal Bank of Canada, one of the 22 primary dealers that trade with the Fed. “You really must have a steady drumbeat of bad news to sustain lower yields, and we are not seeing that.”

U.S. Delays Its Global Currency Report at a ‘Delicate Time’ for China Ties (Source: Bloomberg)
The U.S. postponed a report on the exchange-rate policies of its trading partners, including China, until after global meetings scheduled for this month and next. The delay will “give us a chance to assess progress following several international meetings,” including this week’s Group of 20 finance ministers’ session in Paris, a G-20 summit in November and meetings involving Asia-Pacific finance ministers and leaders in November, the Treasury Department said in a statement yesterday, a day before the report was due. Treasury Secretary Timothy F. Geithner has been pushing China to allow its currency to strengthen, saying that would help support global growth, while avoiding actions that could cause friction with the world’s No. 2 economy and the second- largest U.S. trade partner.

U.S. Retail Sales Rise More-Than-Forecast 1.1%, Easing Recession Concern (Source: Bloomberg)
Retail sales rose in September by the most in seven months, showing American consumers are helping the world’s largest economy fend off a slump. Purchases grew 1.1 percent, exceeding the median forecast of economists surveyed by Bloomberg News, Commerce Department data showed today in Washington. Another report called into question whether gains in spending can be sustained as household confidence unexpectedly dropped this month. Retailers like Macy’s Inc. (M) and Kohl’s Corp. (KSS) are among those planning to boost hiring, betting demand will hold up into the November-December holidays, the biggest selling season of the year. Stocks surged globally after the sales figures beat estimates and countries in the Group of 20 began talks to try to mitigate the European debt crisis.

China Growth May Top 9% as Global Slump Poses Risk (Source: Bloomberg)
China’s economy probably grew more than 9 percent in the third quarter, indicating the nation remains an engine of global growth even as Europe grapples with the sovereign debt crisis and the U.S. recovery falters. Gross domestic product increased 9.3 percent from a year earlier, according to the median estimate of 22 economists in a Bloomberg News survey. That would be the ninth straight quarter of expansion above 9 percent and follow a 9.5 percent gain in the previous three months. The data are due in Beijing tomorrow. Weaker gains in exports and lending in September suggest that Premier Wen Jiabao may need to weigh more measures to support growth after the State Council this month announced aid for small businesses. In Paris, attending a Group of 20 finance ministers’ meeting, Brazil’s Finance Minister Guido Mantega said Oct. 15 that signs of a “slight” slowdown in China, the world’s biggest consumer of commodities, will become a concern if the trend continues.

Japanese Stocks Rise Toward One-Month High as G-20 Eases Europe Concern (Source: Bloomberg)
Japanese stocks climbed, with the Nikkei 225 (NKY) Stock Average heading for its highest close in a month, after Group of 20 finance chiefs meeting in Paris endorsed parts of a plan to contain Europe’s debt crisis. Sumitomo Mitsui Financial Group Inc., Japan’s second- largest lender by market value, gained 1.8 percent. Sony Corp. jumped 4.3 percent after earnings at its mobile phone unit beat analysts’ earnings estimates. Olympus Corp. slumped 24 percent after auditor PricewaterhouseCoopers called for an investigation into an acquisition. “Investors are recovering their risk appetite,” said Kenichi Hirano, general manager and strategist at Tachibana Securities Co. in Tokyo. “We could see that G-20 countries would cooperate with European countries in tackling the debt crisis, which helped concern over the European crisis recede.”

Singapore Exports Unexpectedly Decline (Source: Bloomberg)
Singapore’s exports unexpectedly fell in September as weakening expansion in the world’s biggest economies eroded demand for electronics and petrochemicals. Non-oil domestic exports fell 4.5 percent from a year earlier, after a revised 3.9 percent increase in August, the island’s trade promotion agency said in a statement today. The median of 11 estimates in a Bloomberg News survey was for a 3.5 percent gain. Singapore lowered its growth forecast for 2011 last week and said the island’s expansion may slow further next year as the European debt crisis and a faltering U.S. recovery damp demand for goods made in Asia. China’s exports rose the least in seven months in September, while South Korean shipments climbed at the slowest pace in three months.

Singapore Shows Asia Dilemma as Inflation Compounds Global Economy Risks (Source: Bloomberg)
Singapore’s decision to slow its currency’s advance rather than halt gains shows the dilemma facing Asian nations trying to tame inflation while protecting exporters from faltering economies in Europe and the U.S. The Monetary Authority of Singapore, which uses the island’s dollar to manage prices, said yesterday it will continue to allow the currency to advance even as the trade ministry cut its growth forecast for 2011 and the central bank said the expansion may slow further next year. The Singapore dollar rose as much as 0.8 percent as policy makers signaled they’ll maintain efforts to curb prices rising at the fastest pace in almost three years. China yesterday reported inflation exceeded 6 percent for a fourth month even as bank lending fell to the lowest level since 2009, limiting Premier Wen Jiabao’s scope to ease policy to support growth.

Bangkok Spared as Thailand Floods Ease (Source: Bloomberg)
Thailand’s capital Bangkok was spared from the nation’s worst floods in more than five decades after water levels receded in provinces north of the capital and barriers protecting the city of 9.7 million people held. The three-month-old disaster has killed more than 300 people and swamped 930 factories employing more than 100,000 workers, according to government data. Nations including the U.S. have pledged equipment, manpower and cash to help get aid to 10 provinces that are at critical risk, the government said. “The situation is still under control,” Prime Minister Yingluck Shinawatra said yesterday in Bangkok, adding that the government wants to “reiterate and assure” people that the capital won’t be flooded after defenses were strengthened. “The overall situation has improved in some areas,” she said.

G-20 Gives EU One Week to Fix Debt Crisis (Source: Bloomberg)
European leaders have one week to settle differences and flesh out a strategy to terminate their sovereign debt crisis as global finance chiefs warn failure to do so would endanger the world economy. Group of 20 finance ministers and central banks concluded weekend talks in Paris endorsing parts of the emerging plan to avoid a Greek default, bolster banks and curb contagion. They set an Oct. 23 summit of European leaders in Brussels as the deadline for it to be delivered. “The risk of a recession would be increased dramatically were the Europeans to fail to accomplish goals that they’ve set for themselves,” Canadian Finance Minister Jim Flaherty said after the G-20 meeting, which ended Oct. 15.

Europe Crisis Plan Wins Global Backing as G-20 Urges Action (Source: Bloomberg)
Europe’s revamped strategy to beat its two-year sovereign debt crisis won the backing of global finance chiefs, who urged the region’s leaders to deal “decisively” with the turmoil when they meet for emergency talks in a week’s time. European officials yesterday outlined the initiatives they’re considering at a meeting in Paris of finance ministers and central bankers from the Group of 20 economies. With the continent’s fiscal woes rattling financial markets and threatening the world economy, governments were urged to complete the plan at their Oct. 23 summit in Brussels and to tame the threat of contagion by maximizing the firepower of their 440 billion-euro ($611 billion) bailout fund. “The plan has the right elements,” U.S. Treasury Secretary Timothy F. Geithner told reporters in Paris. Bank of Canada Governor Mark Carney said that “some of what is being considered, if fully implemented, would be sufficient in our opinion.”

G-20 Set to Push European Leaders to Deliver Crisis Solution (Source: Bloomberg)
Group of 20 finance chiefs are pressing Europe’s leaders to deliver within the next few days a comprehensive plan that stamps out the region’s sovereign debt turmoil, according to an official from a G-20 nation. G-20 finance ministers and central bankers will say in a statement to be released after talks in Paris today that an Oct. 23 Brussels summit of leaders must quell the threat of contagion, the official said on condition of anonymity because the communique isn’t finished. They will also urge the euro-area to maximise the firepower of its 440 billion-euro ($611 billion) bailout fund, the person said. European governments are concentrating on a plan which would include writing down Greek bonds by as much as 50 percent and establishing a backstop for banks, people familiar with the discussions said yesterday. Worldwide stocks rose and the euro rallied the most against the dollar in more than two years this week on optimism officials are ramping up their crisis-fighting.

EU Said to Consider 50% Greek Writedown (Source: Bloomberg)
European officials are considering writedowns of as much as 50 percent on Greek bonds, a backstop for banks and continued central bank bond purchases as key planks in a revamped strategy to combat the debt crisis, people familiar with the discussions said. The Greek bond losses may be accompanied by a pledge to rule out debt restructurings in other countries that received bailouts, such as Portugal, to persuade investors that Europe has mastered the crisis, said the people, who declined to be identified because the negotiations will run for another week. In the works is a five-point plan foreseeing a solution for Greece, bolstering of the European Financial Stability Facility rescue fund, fresh capital for banks, a new push to boost competitiveness and consideration of European treaty amendments to tighten economic management.

Ambani Armed With $12.6 Billion to Buy Assets as Energy Valuations Slump (Source: Bloomberg)
Billionaire Mukesh Ambani’s Reliance Industries Ltd. (RIL) is poised to use its record cash for overseas acquisitions to take advantage of the cheapest valuations of oil and natural gas companies in three years as profit growth slows. “Reliance has a strong balance sheet and sustained earning base to pursue growth opportunities,” Chairman Ambani, 54, said Oct. 15 after the Indian refiner and explorer reported that a 16 percent rise in second-quarter profit and sale of assets to BP Plc (BP/) helped boost cash to 614.9 billion rupees ($12.6 billion). Reliance, PetroChina Co. and Cnooc Ltd. are among Asian companies likely to spend $150 billion over the next five years on assets to secure energy supplies for the region’s growing economies, according to Sanford C. Bernstein Co. Ambani has bought shale gas assets in the U.S. and is targeting acreages in Canada after a drop in gas output in India led to an 18 percent decline in his company’s shares in Mumbai trading this year.

Euro Approaches One-Month High as Europe Leaders Near Debt Plan Resolution (Source: Bloomberg)
The euro traded 0.2 percent from a one-month high after European Union Economic and Monetary Affairs Commissioner Olli Rehn said clarity on a plan to contain the region’s debt crisis will emerge in the “coming days.” The 17-nation currency held onto a gain that was the biggest on a weekly basis in more than two years against the dollar as Group of 20 finance chiefs and central bankers held out the possibility of handing more International Monetary Fund aid to Europe. Australia’s dollar was 0.2 percent from its highest level in almost four weeks before data tomorrow that economists predict will show China’s economy grew more than 9 percent for a ninth quarter in the period ended Sept. 30.
“We have hopes building around a European package, some easing in global recession fears, and if you get China data that’s a bit stronger it just feeds into that risk-on sentiment,” said Mike Burrowes, a currency strategist at Bank of New Zealand Ltd. in Wellington. “My bias for euro, kiwi, Aussie and the like is to buy dips, as we are getting closer to a package and that will see a stabilization in sentiment.”

20111017 1019 Global Commodities Related News.

Hedge Funds Add to Raw-Material Bets in Biggest Rally of 2011: Commodities (Source: Bloomberg)
Speculators boosted their wagers on higher commodity prices for the first time in five weeks as increasing confidence that the global economy will avoid another recession spurred the biggest rally of the year. Money managers boosted combined net-long positions across 18 U.S. futures and options by 0.2 percent to 656,691 contracts in the week ended Oct. 11, Commodity Futures Trading Commission data show. The Standard & Poor’s GSCI Index of 24 commodities rose 5.2 percent last week, the most since December and enough to take the gauge out of the bear market it entered last month. Hedge funds had cut their bets by 49 percent in the previous four weeks. The surge in prices mirrored the advance in global equities, while Treasuries declined for a third consecutive week, on mounting investor confidence. Leaders from the biggest economies began talks to tame Europe’s debt crisis and Slovakia provided the needed approval to enhance a euro region bailout fund. U.S. retail sales rose the most in seven months.

Corn (Source: CME)
Strong foreign demand helps US corn futures finish higher. Weekly export sales of 1.3M tons beat analysts' expectations, as buyers were attracted by the recent setback in prices. Traders continue to talk about the potential China may continue to buy after booking 900,000 tons this week. Those sales will be included in next week's weekly data. Yet, traders say selling keeps a lid on advances after USDA issued a larger-than-expected supply forecast earlier this week. CBOT December corn edges up 1 3/4c to $6.40/bushel.

Wheat (Source: CME)
US wheat futures close higher as weakness in the dollar supports prices. Strength in the crude oil and equities add to the positive tone for the grain markets as concerns ease about the global economy and uncertain demand for commodities. "Optimism for a resolution of the debt crisis in Europe is favorable for the wheat outlook," says Doane Advisory Services. CBOT December wheat gains 4 3/4c to $6.22 3/4 a bushel; KCBT December rises 6 1/2c to $7.07 1/2; MGEX December jumps 9 1/4c to $8.92 1/2.

Rice (Source: CME)
Rice futures close higher, rising with other grain markets amid weakness in the US dollar. That makes US commodities more attractive to foreign buyers, helping boost corn, wheat and soybean prices. Some traders remain concerned about demand reducing rice supplies as the USDA cut its US output estimate Wednesday. CBOT November rice jumps 22c to $16.62 1/2 per hundredweight.

US soy dips after 4-day rally, wheat rebounds
SINGAPORE, Oct 14 (Reuters) - Chicago soy fell half a percent on Friday, as the market took a breather following a four-day rally, but stayed on track for its biggest weekly gain in almost two years on dwindling stockpiles and firm cash prices.
"We are still bearish on wheat as there is a lot of competition in the market and I don't see any fresh news which can trigger a surge in prices," said Lynette Tan, a grains analyst at Phillip Futures in Singapore.

Ukraine grain exports at a record low - lobby
KIEV, Oct 14 (Reuters) - Ukraine's grain exports totalled 400,000 tonnes in the first 13 days of October or just a half of the export volume in the same period in September, Ukrainian Agrarian Confederation said on Friday.
"The absence of the final decision on cancelling grain export duty is the main reason for the small export," the confederation quoted its director Serhiy Stoyanov as saying.

Malaysia turns to South Asian rice as Thai floods delay cargoes -paper
KUALA LUMPUR, Oct 14 (Reuters) - Malaysia will source rice cargoes from India and Pakistan to meet its import needs after floods swamped farms and mills in Thailand, the world's largest exporter of the grain, the Star newspaper reported on Friday.
It quoted Deputy Agriculture Minister Johari Baharum as saying that while Malaysia has a stockpile of close to one million tonnes of rice that can last more than five months, it was awaiting a consignment from Bangkok where water levels were still rising.

Argentine wheat seen falling to 12.6 mln T-exchange
BUENOS AIRES, Oct 13 (Reuters) - Argentina's 2011/12 wheat harvest is expected to total at least 12.6 million tonnes, down from 15.8 million tonnes last season, the Buenos Aires Grains Exchange said on Thursday in its first estimate of the crop.
Dry weather has hurt this season's wheat crop, which is already being harvested in some northern areas. Argentina is a leading global wheat exporter as well as the No. 3 soybean exporter.

Scottish barley output seen up 17 pct in 2011
LONDON, Oct 13 (Reuters) - Scottish barley output was estimated to rise 17.0 percent year-on-year to 1.949 million tonnes in 2011, the Scottish Government said on Thursday.
This was caused by an increase in spring barley area of 21,000 hectares or 8.5 percent, alongside a 12.4 percent increase in spring barley yields, said the statement, the first estimate of the Scottish cereal and oilseed rape harvest in 2011.
EU clears 218,000 tonnes wheat exports this week
PARIS, Oct 13 (Reuters) - The European Union this week granted export licences for 218,000 tonnes of soft wheat, taking the total since the beginning of the 2011/12 (July-June) season to 4.1 million tonnes, official data showed on Thursday.
The total so far this season compared with 7.1 million tonnes of export licences cleared by the same stage in 2010/11.

Rains reduce drought area in Texas, but more needed
Oct 13 (Reuters) - Relief in the form of raindrops helped shrink the mass of drought-stricken areas in Texas over the last week, but much more rain is needed to turn back the historic dry spell, according to a national drought report issued Thursday.
Farmers rushed back into fields to seed winter wheat, and thirsty cattle enjoyed the respite from what has been months of little to no rain and hot temperatures.

Russian winter grain area seen below govt target
Oct 13 (Reuters) - Russia will sow 17.5 million hectares with winter grains for the 2012 crop, which is below the official target of 17.99 million tonnes, but still above 17 million forecast by the country's main grain lobby, a top weather forecaster said on Thursday.
"Unbelievably, heavy rains in September have complicated the harvesting and sowing... but this year we will still sow notably more than last year," Roman Vilfand, director of the Hydrometcentre weather forecasting service told reporters.

Minor slowdowns in US Midwest harvest due to rains
CHICAGO, Oct 13 (Reuters) - Minor harvest slowdowns were expected over the next week to 10 days in the U.S. Midwest corn and soybean growing region due to light rainfall, an agricultural meteorologist said Thursday.
"The first wave of rain will be today and tomorrow and then again early next week, but overall still a pretty favorable harvest environment," said Drew Lerner, meteorologist for World Weather Inc.

Canada May Introduce Law To Dismantle Wheat Board (Source: CME)
Canada's Conservative government has issued notice it could introduce a law as early as Monday that strips the Canadian Wheat Board of its monopoly powers. News of the legislation's pending introduction was contained in the Canadian parliament's notice paper, released Thursday night. Under Canadian parliamentary tradition, the government needs to provide two working-days notice of its intention to bring forth legislation. Canada's Agriculture Minister, Gerry Ritz, is scheduled to deliver a speech on Monday in rural Alberta where he will outline why western Canadian grain farmers need more freedom in marketing their crops, according to a statement released by the agriculture department.
The Conservative Party, which won a majority mandate in last May's national vote, has made dismantling the agency a priority, with Prime Minister Stephen Harper saying last week that an overhaul toward a market-oriented approach was "long overdue." He also suggested legislation was in the offing and would be passed "very soon" -- an indication the government could try to limit debate in the legislature. The Wheat Board acts as a single buyer of wheat and barley crops in Canada. Those who oppose the board's monopoly say farmers could capture better returns by having the freedom to market their own crops. Supporters, meanwhile, say its control over western Canada's grains gives it considerable power in global commodity markets to ensure farmers there get the best prices. The government is moving ahead even though surveys conducted by the Wheat Board indicated a majority of farmers wanted the status quo maintained.
The left-leaning New Democratic Party, which holds the second-most seats in Canada's lower house, has vowed to launch a challenge against the legislation. But with the Conservatives holding a parliamentary majority, the New Democratic Party's options are limited and the legislation would be expected to pass.

Informa Cuts US 2012 Corn Outlook (Source: CME)
Private analytical firm Informa Economics cut its outlook for U.S. corn plantings in 2012 and increased its forecasts for plantings of soybeans and wheat, traders said. Informa, a closely watched crop forecaster, pegged corn plantings at 93.1 million acres, down from its September estimate of 94.3 million acres, traders said. The firm projected soybean plantings at 77 million acres, up from its September forecast of 75.8 million, and wheat plantings at 57 million, up from its September estimate of 56.6 million, they said. The firm attributed the shifts to "corn's decline in net revenue prospects as compared to those for soybeans over the past month." Corn futures have dropped 16% since the start of September, while soybeans have lost almost 13%. Corn for December delivery, the most actively traded contract, recently was down 2 1/4 cents, or 0.4%, at $6.36 a bushel at the Chicago Board of Trade. Soybeans for November delivery were up 6 cents, or 0.5%, at $12.63 a bushel.
If Informa's planting projections are realized, farmers in 2012 will harvest a record 14 billion bushels of corn, assuming they abandon a normal number of acres and produce trend-type yields, according to the firm. Farmers will harvest a record 3.4 billion bushels of soybeans and 2.3 billion bushels of wheat, assuming normal abandonment and trend-type yields, Informa said. The firm noted it had reduced its yield outlook for hard red winter wheat, the variety grown in the central and southern Plains, by 1.7% from last month to 45.4 bushels an acre due to unfavorable dryness. Farmers in the region are in the process of planting the crop, which is used to make bread and will be harvested next spring and summer. The U.S. Department of Agriculture this week estimated farmers in 2011 will harvest 12.433 billion bushels of corn, 3.06 billion bushels of soybeans and 2.008 billion bushels of wheat.
The department estimated farmers had planted 91.9 million acres of corn, 75 million acres of soybeans and 54.4 million acres of wheat for harvest in 2011. Informa also issued estimates for cotton, keeping its forecast for 2012 plantings steady at 12 million acres and saying output could reach 18.5 million 480-pound bales. Farmers planted 14.7 million acres of cotton for harvest in 2011 and produced 16.6 million 480-pound bales, according to the USDA.

East Asia Feedmills Buy Indian Corn (Source: CME)
East Asian buyers have snapped up as much as 500,000 metric tons of Indian corn in the last few weeks, mostly for shipment between November and January, several trading executives said. Aggressive purchases within weeks of the start of India's harvest help meet East Asian demand amid flooding in Thailand and tight U.S. supply, which is also more expensive. India's corn is among the world's cheapest. On a delivered basis, it may be $30-$40 cheaper than U.S. corn. Traders said the latest offers are $255-$258/ton, free on board. India's new crop corn has mostly traded in a $248-$285/ton, FOB, for shipment to Malaysia, Vietnam and Indonesia, while at least one cargo was sold to South Korea. Traders in India confirmed that sales of at least 350,000 tons of corn in bulk and close to 150,000 tons in containers have already been made, for shipment over the next few months.
Demand is strong and India may export 2.5 million-3.0 million tons of corn over the next one year, an executive with a global commodities trading company said. He said even old-crop corn from earlier sale contracts is still being shipped at $290-$310/ton, FOB. At least 150,000 tons of Indian new-crop corn was traded around $250/ton, FOB before prices rose due to heavy rains in the southern states of Karnataka and Andhra Pradesh. Recent offers for Indian corn, delivered at Kakinada port, were INR11,400-INR11,600/ton but if rains increase moisture and supply of export-quality corn tightens, local suppliers may push for higher prices, an exporter in Mumbai said. India doesn't make large-scale shipments like the U.S. of 55,000 tons or higher each but its supply is useful to control the cost of making animal feed in the region. The U.S. Department of Agriculture has revised lower the U.S. corn output forecast due to lower yields.
Production this marketing year is now expected around 316 million tons, slightly less from a year ago. U.S. corn exports are likely to fall 13% to 40.64 million tons, USDA said. Traders expect this to be offset partly by Ukraine, India and countries in central Europe. Non-U.S. corn trade will likely to rise by 25% to 53.5 million tons in 2011-12, USDA said.

EU Sees Tight European Grains Market (Source: CME)
The European grains market is expected to remain relatively tight during the 2011-12 crop year, due to earlier unfavorable harvesting conditions in the Baltic region that heavily impacted on yield and quality, the European Union said. Heavy rainfall that caused delays to harvesting in Germany and the Baltic-fringe countries over the summer, has prompted various analysts to revise down its expectations for European grains production. Total European harvested grains output for the 2011-12 crop year is anticipated at 277.4 million metric tons, down by 0.2% on the prior crop year. "By consequence, cereal markets tend to remain tight in the EU and a further reduction in stocks can be expected," the European Union said in its agricultural commodity outlook report for the 2011-12 crop year.

US Wheat Farmers In a Holding Pattern (Source: CME)
Harlan Klein, a wheat farmer in North Dakota, has just finished a disappointing harvest. But he is holding on tight to his crop and hasn't sold a single bushel. Instead, he is storing the roughly 300,000 bushels in bins, waiting for prices to rise. "We need to see a price improvement to start breaking some bushels loose," Mr. Klein said. It is a bet many farmers are making. Prices started to dip this summer after soaring in 2010 and this year, and many growers believe the decline is temporary because the harvest was smaller than expected. The result of their reluctance to sell is having ripple effects in the wheat market, where price moves of different varieties are diverging. Some farmers didn't sell wheat this fall unless they already had agreed to deals before the harvest, said Jim Peterson, marketing director for the North Dakota Wheat Commission. That is unusual, he said, because farmers typically sell some of the crop because they need cash or don't have enough room to store the entire harvest.
The U.S. Department of Agriculture tracks how much wheat is stored on farms on a quarterly basis, but doesn't break the figures down by type. The latest data are from Sept. 1, before the harvest of wheat planted in the spring was complete. The wheat just harvested by Mr. Klein and farmers across the Great Plains is known as hard, red spring wheat and is particularly of high quality and loaded with protein. It finds its way into high-end bread made by artisan bakeries and typically fetches a premium to other varieties. Because farmers are holding back, the futures prices for hard, red spring wheat traded on the MGEX in Minneapolis have declined less than that of other wheat contracts. Hard, red spring wheat is down 21% from its high in June. Soft, red winter wheat traded on the Chicago Board of Trade is down 31% since hitting a high in February. Hard, red spring wheat for December delivery fell 20.5 cents, or 2.3%, to $8.8325 a bushel on the MGEX on Thursday.
The result is that bakeries and millers likely will pay relatively higher prices this fall for the benefit of the high-quality wheat. Those costs are likely to be passed on to consumers, analysts said. The farmers' strategy comes with risk. The U.S. Department of Agriculture predicts that world output will rebound 5.1% this year, which typically would send prices down further. But after last year's price surge, farmers have money in the bank and plenty of storage capacity, so they are able to wait. They could hold onto the wheat until next year, when they would be forced to empty out their bins to make room for the new harvest.
Farmers had expected a bit more of a boost to prices after flooding and a hot, dry summer reduced the harvest. Mr. Klein's came in at half of last year's output. The Agriculture Department this week cut its output forecast for this fall's crop 15% from last month, to 405 million bushels, down 29% from last year. Farmers also have become accustomed to high prices because of recent harvests' low-quality crops. Farmers are saying, "'we're selling into a hole, so why do it?'" said Chad Henderson, an analyst with Prime Agricultural Consultants, a commodities brokerage in Wisconsin. Farmers who hold onto their wheat face some risks. They could decide to sell at the same time, potentially causing a glut and pressuring prices. And in the meantime, customers could go elsewhere. Flour millers can use other combinations of wheat or could look elsewhere in the world for wheat supplies, said Jay Sjerven, senior editor for Milling and Baking News, an industry newsletter.
Traditionally, countries like Japan and the Philippines have been big buyers of hard, red spring wheat. Canada is another big producer of the wheat and competes with the U.S. for export business. For now, flour millers are making do in the spot, or cash, market. Without much wheat available from the northern Plains, they are turning to the southern Plains, where the winter wheat crop has been of high quality.

Canada Building Stronger Ag Ties with Russia (Source: CME)
Agriculture trade ties between Canada and Russia have been strengthened, according to Canadian Agriculture Minister Gerry Ritz. "Our government is committed to strengthening ties with our Russian partners in creating trade and business opportunities" said Ritz, who is leading the trip along with 20 Canadian industry representatives. Ritz, speaking to the media on a teleconference call from Moscow, announced the continuation of the Canadian veterinary export certificates with Russia until Jan. 1, 2013. The extension allows key livestock products including poultry, meat and livestock to enter Russia. A deal between Canada Pork International and the Russian Meat Union was revealed as well by Ritz. The new deal would allow for better collaboration of technology and information to build better trade relations between Canada's pork and Russia's meat industries, he said. Canadian food exports to Russia 2010 were C$278 million. This included $185 million in pork, $24 million in beef and $22 million in soybeans.
When asked about whether legislation on dissolving the Canadian Wheat Board would be tabled next week in parliament, Ritz reiterated it would be tabled very soon.

Wheat Advances on Speculation Demand May Build Amid Rebounding Corn Prices (Source: Bloomberg)
Wheat rose in Chicago, heading for a first weekly climb in seven, on speculation demand for the grain to feed livestock will strengthen after corn prices rebounded. Corn is up 8.2 percent this month in Chicago trading as consumers increase purchases after prices fell 23 percent last month. Rising corn prices make wheat a more attractive source of feed for cattle, hogs and poultry. Wheat has gained 2.3 percent in October. “We’re seeing some commercial demand at these levels” for wheat, said Erin FitzPatrick, an analyst at Rabobank International in London. “Even though cheap Black Sea wheat is bearish, corn prices continue to give support to wheat.” Wheat for December delivery advanced 5.25 cents, or 0.8 percent, to $6.2325 a bushel by 12:09 p.m. London time on the Chicago Board of Trade. Prices are up 2.6 percent this week. Milling wheat for November delivery traded on NYSE Liffe in Paris rose 1 percent to 184.75 euros ($254.73) a metric ton.

Guatemala, El Salvador coffee exports rise in season
GUATEMALA CITY, Oct 13 (Reuters) - Coffee exports from Guatemala and El Salvador rose in the 2010/11 harvest compared to the previous season, as farmers took advantage of higher prices, the national coffee associations of both countries said on Thursday.
Exports from El Salvador soared to 1.73 million 60-kg bags in the 2010/11 crop year, which ended last month. That amount was 74 percent more than were shipped in the 2009/10 cycle, while Guatemala saw exports increase by 6 percent during the same period.

Colombian coffee output, exports fall in Sept
BOGOTA, Oct 13 (Reuters) - Colombia's coffee output fell for the sixth consecutive month in September, dropping 10.5 percent versus the same month last year to 459,000 60-kg bags, the coffee growers federation said on Thursday.
Exports from the world's No. 1 producer of high-quality Arabica beans decreased 11.4 percent to 467,000 sacks, according to the federation.

Pakistan to import up to 100,000 t sugar
ISLAMABAD, Oct 13 (Reuters) - Pakistan's government on Thursday decided to import 100,000 tonnes of sugar to beef up reserves, a government announcement said, but did not say when it would do so.    
The Economic Coordination Committee (ECC), the highest economic decision-making body, allowed the import following recommendations by the Ministry of Industries that oversees sugar's supply and demand.

Coal fundamentals to take a back seat in 2012
LONDON, Oct 13 (Reuters) - Coal supply is likely to be in surplus next year, even while Chinese demand rises, but these factors may have only a limited impact on prices, which have been barely twitching in a market hampered by a sharp drop in trading volumes.
When traders, utilities and miners gather in Madrid for the coal industry's biggest annual event next week, fundamentals of supply and demand may take a back seat to the search for lucrative market niches and the likelihood of disappointing bonuses.

Indonesia ponders coal export tax -industry groups
JAKARTA, Oct 13 (Reuters) - Indonesia, the world's top exporter of thermal coal, is considering an export tax on the power plant fuel, but implementation is unlikely and would face fierce opposition, industry groups said on Thursday.
Government talks involving the industry over an export tax for coal from Indonesia, which holds some of the world's richest mineral deposits, have been ongoing for several months, Supriatna Suhala, executive director of the Indonesian Coal Mining Association, told Reuters.

China's Jan-Sept coal imports at 120 mln T, up 1.9 pct
SHANGHAI, Oct 13 (Reuters) - China's coal imports for the first nine months of the year reached 120 million tonnes, up 1.9 percent from a year ago, figures from the General Administration of Customs of China showed.
With last month's data showing coal imports from January to August at 104.4 million tonnes, that would indicate import for the month of September was 15.6 million tonnes, down 5.97 percent from 16.59 million tonnes recorded in August and much lower than traders' expectations of some 20 million tonnes.

Mongolia's giant coal mine to start production on Dec 1
ULAN BATOR, Oct 13 (Reuters) - Mongolia will start producing coal from the eastern block of the giant Tavan Tolgoi coal deposit in the Gobi desert on Dec. 1, the head of one of the companies entrusted with its development told Reuters on Thursday.
"We have all the necessary rights to start production on December 1," said Wolfgang Peters, chairman of Germany's BBM Operta Group, which was awarded the contract to develop the eastern Tsankhi block of Tavan Tolgoi with Australia's Macmahon Holdings in August.

S.Africa exported 1.2 mln T coal to India in Sep
LONDON, Oct 13 (Reuters) - South African exported 1.2 million tonnes of coal to India in September, down from 1.8 million in August, out of a total 5 million tonnes shipped, exporters said.
China took 910,000 tonnes from South Africa, down from 1.l5 million in August.

Brent crude rises near $112 as China inflation cools
SINGAPORE, Oct 14 (Reuters) - Brent crude rose toward $112, heading for a second-straight weekly increase, on bets that China may loosen credit as inflation cools and boost fuel demand in the world's second largest oil consumer.
"If that helps consumer spending and prevents a slowdown in construction, it would be positive for global commodities," he added.

Russia quake halts Transneft oil shipments to China
MOSCOW, Oct 14 (Reuters) - Russian oil pipeline monopoly Transneft  said it halted oil shipments to China on the ESPO line following an earthquake in the Russian Far East on Friday but that the pipeline was not damaged and deliveries could restart on Friday.
"Transneft expects aftershocks, but theoretically shipments can be restarted today," a company spokesman said. The pipeline carries 300,000 barrels of oil to China per day.

Indonesia buys 2.4 mln bbls sweet crude for Dec
SINGAPORE, Oct 14 (Reuters) - Petral, the trading unit of Indonesian state-run energy firm Pertamina, bought 2.4 million barrels of sweet crude for December delivery in a tender, an increase of 17 percent over its average monthly spot purchase volume this year.
The purchase will help to soak up excess barrels in Asia caused by a rise in supply from new fields and an unexpected outage at Shell's refinery. Weaker naphtha margins have also curbed refiners' appetite for light sweet grades.

Last stand for Russia in China gas talks
MOSCOW, Oct 13 (Reuters) - Risks are rising that Russia could lose a long-term deal to sell gas worth hundreds of billions of dollars to China as Beijing's pursuit of an expanding range of rival sources of supply strengthens its hand in the long-running talks.
Russian negotiators, meanwhile, have shown no willingness to compromise, even though Gazprom , the state-controlled gas export monopoly, needs to sell a lot of gas to finance a push into east Siberia, where vast untapped fields lie waiting and pipelines must be built to carry gas to customers.

China Aviation seeks more fuel storage after recent buys
SINGAPORE, Oct 13 (Reuters) - China Aviation Oil , Asia's top jet fuel buyer, is scouting for more storage assets after two recent acquisitions as it seeks to cash in on growing air travel.
The company has identified three locations to own or to lease storage -- China, North Asia and the greater Singapore region -- Chief Executive Meng Fanqiu said in an interview. These places are either close to the company's main suppliers, customers or the region's central fuel pricing hub, he said.

Oil Rises a Second Day on Speculation U.S., Europe May Bolster Fuel Demand (Source: Bloomberg)
Oil extended gains from the highest close in almost a month in New York after European leaders promised to agree on a strategy for resolving their debt crisis and U.S. economic data eased concerns about a recession. Futures advanced as much as 1.1 percent, adding to last week’s 4.6 percent rise, after Group of 20 finance ministers and central banks concluded weekend talks in Paris and set Oct. 23 as a deadline for a plan to avoid a Greek default, bolster banks and curb contagion. U.S. retail sales rose more than forecast in September, the Commerce Department said Oct. 14. China may say tomorrow its economy grew more than 9 percent last quarter.
“It does look as if that extremely pessimistic view that the world was heading into recession, if not depression, is now changing and the overall investment view is what we’re looking at is a low-growth environment,” said Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty Ltd. in Sydney. “Confirmation of the growth story in China will be important.”

Iron Ore-Spot at 11-month low, Shanghai rebar falls for 5th week
SINGAPORE, Oct 14 (Reuters) - Spot iron ore prices fell to 11-month lows on thin demand from top buyer China, where steel futures dropped for a fifth straight week on Friday.  
Iron ore prices have lost around $10 a tonne so far this week as lower steel prices and tighter credit in China, as well as the uncertainty facing the global economy, convinced Chinese mills there was no immediate need to restock on the steel-making raw material.

Chinese mills seek to delay iron ore shipments, renegotiate contracts-trade
SINGAPORE, Oct 13 (Reuters) - Chinese steel mills are seeking to postpone shipments or renegotiate fourth-quarter iron ore contracts as spot prices fell to their lowest level since November 2010, traders said on Thursday.
Under supply contracts for the fourth quarter, miners are charging more than $175 a tonne for iron ore based on a pricing system that averages spot prices over a previous three-month period.

China's Sept iron ore imports highest since January
SHANGHAI/SINGAPORE, Oct 13 (Reuters) - China imported 60.57 million tonnes of iron ore in September, the highest monthly volume since January, as mills stocked up ahead of a holiday, but the purchasing momentum of the world's top buyer may not be sustained as steel prices take a hit.
Last month's import volume was up 2.5 percent from August, putting iron ore imports over the first three quarters of the year at 508 million tonnes, 11 percent more compared with the same period last year, data from China's customs authority showed on Thursday.

Chinese mills offered better Q4 iron ore pricing options-sources
SHANGHAI, Oct 14 (Reuters) - A number of Chinese steel mills have been given the option to buy iron ore for the fourth-quarter based on October to December spot rates, instead of a common industry practice to buy on prices based on previous months.
Three mill sources briefed on the change told Reuters that miners, such as Vale SA , have offered Chinese mills' the option to pay for fourth quarter supplies based on more current rates, following the recent tumble in ore prices.

No recent iron ore shipment to China cancelled-BHP
PARIS, Oct 13 (Reuters) - Global miner BHP Billiton  has not had any iron ore shipment to China cancelled or renegotiated in the last few weeks, the company's Chief Executive Ferrous and Coal said on Thursday.
Concern had risen in markets that Chinese steel mills were seeking to postpone shipments or renegotiate fourth-quarter iron ore contracts as spot prices fell to their lowest since November 2010, traders said.

Gold Traders Most Bullish Since July After Plunge (Source: Bloomberg)
Gold’s biggest slump in three years means traders and analysts are now the most bullish in three months, speculating that Europe’s debt crisis, slowing growth and a bear market in equities will drive demand for bullion. Twenty-two of 25 people surveyed by Bloomberg expect the metal to rise next week, the highest proportion since mid-July. Prices rebounded 9.2 percent since reaching a two-month low at the end of September and investors are adding to their holdings in gold-backed exchange-traded products for the first time in a month, according to data compiled by Bloomberg. Traders also expect gains in copper, sugar, corn and soybeans, surveys show.
Gold slumped as much as 20 percent since reaching a record $1,923.70 an ounce on Sept. 6 as investors sold the metal to cover losses in other markets. As much as $4.2 trillion was erased from the value of global equities in the past month on mounting concern that economies will tip back into recession and European lawmakers will fail to prevent sovereign defaults. The last time traders and analysts were this bullish, bullion surged 21 percent to an all-time high within eight weeks.

Baltic index rises 1.3 percent
LONDON, Oct 13 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, rose on Thursday having hit its highest in over 10 months the previous day helped by strong cargo demand.  
Brokers said growing vessel supply, which was outpacing commodity demand, was set to cap dry bulk freight rate gains in the coming months with economic uncertainty adding to headwinds.

Asia Dry Bulk-Cape rates to test 2011 highs on China demand
SINGAPORE, Oct 13 (Reuters) - Rates for capesize dry bulk carriers on key Asian freight routes are expected to test 2011 highs over the next week on strong Chinese imports of iron ore from Australia and Brazil.
For smaller panamax and supramax vessels, rates in the intra-Asia market are seen steady with ample tonnage offsetting a resurgence in freight demand, shipbrokers said on Thursday.

20111017 1017 Soy Oil & Palm Oil Related News.

ITS CPO export up 11.9% to 725,456 tonnes for the period of 1~15 Oct 2011.
SGS CPO export up 10.2% to 719,575 tonnes for the period of 1~15 Oct 2011.

Reuters : Indonesia's Sep 2011 Palm Oil exports down 20.7% at 938,558 tonnes vs 1,183,095 tonnes in Aug 2011 - Industry Source.

Soybeans (Source: CME)
US soybean futures rallied near a three-week high, fueled by optimistic price outlooks amid fundamentally supportive supply estimates. Traders extended the market's recovery from harvest lows, continuing to digest fundamentally favorable crop data from government forecasters, analysts say. Solid demand, with firm cash basis levels amid slow farmer sales of newly harvested inventories, attracted buyers. Meanwhile, the longer outlook is supportive as well, with analysts expecting soy to outperform corn prices in coming months to secure sufficient 2012 acreage or achieve demand destruction in the face of lower supplies. CBOT Nov soy end up 13c at $12.70/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures end higher, with soyoil finishing at three-week highs. Soyoil advances were fueled by a NOPA soybean crush report revealing smaller-than-expected soyoil inventories in September, analysts say. Tight supply outlook buoyed prices, with traders also encouraged by strong apparent demand for soyoil used in biodiesel production and spillover support from sharply higher crude oil futures, analyst add. CBOT Dec soyoil end up 1.10c or 2.1% at 53.54c/lb; Dec soymeal finished up 90c or 0.3% at $327.60/short ton.

Palm oil gains 1 percent, buoyed by exports
JAKARTA, Oct 14 (Reuters) - Malaysian palm oil futures climbed to a near two-week high on Friday, supported by positive export expectations and other edible oils, although gains were capped by the uncertain economic outlook.
"Little direction but slightly higher," said a Kuala Lumpur-based trader. "Tomorrow's exports should be slightly higher than last month, and then you have the Dalian up.

India Sept vegoil imports up 11.6 pct m/m
NEW DELHI, Oct 14 (Reuters) - Festive demand and lower global prices drove up India's monthly vegetable oil imports by more than 11 percent to 912,341 tonnes in September, a leading trade body said on Friday, higher than the average forecast in a Reuters poll.  
But the imports in September were 5 percent lower compared with the year-ago period, said the Mumbai-based Solvent Extractors' Association of India in a statement.

China Sept soy imports down 11 pct on year at 4.13 mln T-customs
BEIJING, Oct 13 (Reuters) - China, the world's top soy buyer, imported 4.13 million tonnes of soybeans in September, down 11 percent from the year-ago period, and traders expected imports to pick up for the rest of the year as crushing margins improve.
September imports bought China's total imports in the first nine months of the year to 37.71 million tonnes, a fall of 6.1 percent from a year-ago period, according to figures released on Thursday by the General Administration of Customs of China.