Malaysia: Economy can grow more than 6% in 2010
The Malaysian economy is expected to achieve better than 6% GDP growth for the full year, despite a slight moderation in the global economy in the second half of the year. Prime Minister Datuk Seri Najib Tun Razak said the advanced economies were experiencing moderating growth, which in turn could have some impact on the local economy in the second half of the year. (StarBiz)
Malaysia: Central bank won’t allow offshore ringgit trade soon
Malaysia isn’t likely to let its currency to be fully traded overseas anytime soon, central bank Governor Zeti Akhtar Aziz said, downplaying the imminence of such a move. “We’re not going to rush to have full internationalization; it could be in phases,” she said. "Offshore ringgit trading won’t be allowed in the near term, unless we achieve all the preconditions and international markets stabilize and return to more normal conditions.” (Bloomberg)
Indonesia: Bans maids from coming to Malaysia
Indonesia's Labour and Transmigration Minister Muhaimin Iskandar announced that prospective maids from the country would be banned from leaving for Malaysia until the Indonesian government could ensure their safety. He said the move was in response to the case where an Indonesian maid was allegedly abused by her employer in Penang on Sept 13. (BT)
China: Sees need to rebalance economy, Zoellick says
World Bank President Robert Zoellick said Chinese officials understand the need to rebalance their economy toward more domestic consumption, and that allowing the currency to appreciate is not the only tool for it. “They recognize this is an issue, in part for their own interest,” Zoellick said "A stronger yuan is appropriate, but the question is how they accomplish it, how you press them and also what the US has to do.”(Bloomberg)
China: Yuan highest since 1993 after US criticism
The yuan climbed to the strongest level since 1993 after President Barack Obama criticised China for not letting its currency strengthen. China's leaders haven't done "everything they said would be done" to allow appreciation, Obama said. Yuan forwards gained for a fourth day as the dollar weakened against Asian currencies and the euro. (StarBiz)
UK: Posts largest August deficit since at least 1993
Britain posted the largest budget deficit for any August since records began in 1993 as debt costs soared, underscoring the pressure on Chancellor of the Exchequer George Osborne to rein in record levels of borrowing. Net borrowing was 15.3 billion pounds (USD23.7bn), compared with 13.5 billion pounds a year earlier, the Office for National Statistics said in London. (Bloomberg)
US: Housing starts increase, permits lag
Housing starts in the US increased more than forecast in August, outstripping a gain in building permits that signals residential construction will stay close to record lows. Builders began work on 598,000 homes at an annual rate, up 10.5% and the most since April, the Commerce Department said in Washington. (Bloomberg)
US: Economic slump ended in June '09
The worst US recession since the Great Depression ended in June 2009, the National Bureau of Economic Research said, as a slowdown in economic growth raises the possibility of another slump. "We are still expanding, but disappointingly slowly. It's still too early to tote up the cost, given that we are still far from recovered from its effects." (StarBiz)
Wednesday, September 22, 2010
20100922 1158 Malaysia Corporate News.
Hock Seng Lee wins RM99m road job
Hock Seng Lee has won a contract worth RM98.7m from AF Construction SB to build the Gedong-Simunjan Road in Samarahan, Sarawak. The scope of works includes earthworks, road, drainage, bridges and other related works. The project is expected to be completed by March 2013 and contribute positively to the company’s earnings up to financial year 2013. (BT)
Genting’s UK casino price up on lower net debt
Genting Malaysia’s acquisition price of a casino business in the UK from Genting Singapore plc would be increased to £351.5m from £340m. The revised acquisition cost was due to the lower net debt position of £74.4m as at 20 June compared with the net debt amount of £85.9m as at 31 May. In accordance with the terms of the sales and purchase agreement, the purchase consideration will be revised by the net debt difference from £340.0m to £351.5m to reflect the reduction in net debt. Genting Malaysia had on 20 Sept obtained approval from the British Gambling Commission for the proposed acquisition. (Starbiz)
HELP in talks with Singapore group
HELP International Corp announced that it is in talks with a Singapore-based education provider to offer joint programmes there. The education service provider said the venture could involve an investment by HELP in the Singapore entity. The company also said it is considering various fund raising options for its business expansion, without stating if that included a secondary listing in the island republic. (MalaysianReserve)
MISC unit MHB expected to be listed at RM3.80 a share
MISC is expected to list subsidiary Malaysian Marine and Heavy Engineering (MHB) on the main market of Bursa Malaysia by the end of next month at an indicative price of RM3.80 per share. MISC shareholders, had approved the proposed initial public offering (IPO), which includes an increase in authorised share capital, a share split, a dividend and bonus issue, an offer for sale and a public issue as part of the listing exercise. According to the MISC circular to its shareholders, the IPO is expected to raise up to RM2.1bn, with MHB's market capitalisation being RM6.08bn upon listing. From the total gross proceeds, about RM995m - which is from the public issue - will directly go to MHB's coffers. MISC, meanwhile, expects to receive up to RM1.16bn from the strategic investor allocation and proposed share sale to institutional investors. Last month, MISC - the shipping arm of Petroliam Nasional (Petronas) - had agreed to sell up to 9.9% of the enlarged issued and paid-up capital of MHB to French oil and gas engineering group Technip under the IPO. MISC intends to utilise more than four-fifths of the proceeds for capital expenditure to buy new petroleum tankers, while the remaining for working capital and other expenses. (BT)
Berjaya Food releases IPO prospectus exposure
Tan Sri Vincent Tan’s plan to list Berjaya Food (B-Food) took another step forward when its prospectus exposure was published on the Securities Commission website yesterday. According to the prospectus exposure, the vendor is offering 35.84m shares of 50 sen each, or 25.35% stake in B-Food, via its initial public offering (IPO) exercise. The tranche consisted of 3.53m shares to be offered to the Malaysian public, 3.53m shares to the bumiputra public, 9.73m shares for private placement to selected investors, and 14.13m to bumiputra investors approved by the Ministry of International Trade and Industry. (FinancialDaily)
CIMB seeks 6-month extension for Thai listing
CIMB Group Holdings is seeking a six-month time extension to complete its proposed dual listing on the Stock Exchange of Thailand. Malaysia’s second largest lender said it has sent its request to the Securities Commission without giving reason for the extension request. (MalaysianReserve)
AirAsia: May fan price war in Japan skies. AirAsia, the first international budget carrier to fly to Tokyo's Haneda airport, plans to kick off service with USD58 (USD1 = RM3.10) flights between Tokyo and Kuala Lumpur and said it could expand to three more Japanese airports. In a move that could pour fuel on increasing price competition over Japan's skies, the 5,000 yen (100 yen = RM3.62, RM181) flights are on offer from December until July next year, after which prices will start at 10,000 yen (RM362), with premium lie-flat seats costing 48,000 yen (RM1737.6). (Source: Business Times)
Airlines: Sharp rebound by global airlines seen. The International Air Transport Association (IATA) has almost tripled its global airline profit forecast for 2010, but warns that this could be the last time it does it. "2010 is as good as it gets. We look to be at the peak of the cycle, and 2011 looks to be a tougher year, for the simple reason of the big economic picture." "Governments are running out of cash for pump priming. Unemployment remains high and business confidence is weakening. And we expect the 3.2% gross domestic product growth of 2010 to drop to 2.6% in 2011," IATA director-general and CEO Giovanni Bisignani said. (Source: Business Times)
Autos: Syed Hafiz is Naza Kia's new COO. Naza Kia Sdn Bhd, the local distributor of Kia Motor vehicles, has appointed Datuk Syed Abdul Hafiz Syed Abu Bakar, former MD of Perusahaan Otomobil Kedua Sdn Bhd (Perodua), as its new COO. Syed Hafiz will assume the position on October 1 2010, replacing Datuk Syed Hisham Syed Wazir who left Naza Kia at the end of last month to join UMW Holdings Bhd as its president and CEO. (Source: Business Times)
Plantation: Premium Renewable to build RM124m plant. Premium Renewable Energy (Malaysia) Sdn Bhd will spend USD40m (RM124m) to build a rapid thermal process (RTP) bio-oil plant near Lahad Datu, Sabah in 2011. Dubbed as first of its kind in Malaysia, the plant will use oil palm biomass as feedstock in partnership with one of the country's largest plantation companies. (Source: Business Times)
Proton: Lotus to unveil 4 new models next week. Lotus Group International Ltd, a wholly owned subsidiary of Proton Holdings Bhd, will unveil 4 new sports car models at the 2010 Paris Motor Show next week, 2 of which are relaunched models called Lotus Elite and the Esprit, said industry sources. (Source: The Edge Financial Daily)
Regulatory: AOB accepted into International Forum of Independent Audit Regulators. The Audit Oversight Board (AOB) has been admitted as a member of the International Forum of Independent Audit Regulators (IFIAR), making Malaysia only the second country from Asean to be admitted. Securities Commision said AOB's entry is important to promote investor confidence in Malaysia's capital market. (Source: The Star)
Hock Seng Lee has won a contract worth RM98.7m from AF Construction SB to build the Gedong-Simunjan Road in Samarahan, Sarawak. The scope of works includes earthworks, road, drainage, bridges and other related works. The project is expected to be completed by March 2013 and contribute positively to the company’s earnings up to financial year 2013. (BT)
Genting’s UK casino price up on lower net debt
Genting Malaysia’s acquisition price of a casino business in the UK from Genting Singapore plc would be increased to £351.5m from £340m. The revised acquisition cost was due to the lower net debt position of £74.4m as at 20 June compared with the net debt amount of £85.9m as at 31 May. In accordance with the terms of the sales and purchase agreement, the purchase consideration will be revised by the net debt difference from £340.0m to £351.5m to reflect the reduction in net debt. Genting Malaysia had on 20 Sept obtained approval from the British Gambling Commission for the proposed acquisition. (Starbiz)
HELP in talks with Singapore group
HELP International Corp announced that it is in talks with a Singapore-based education provider to offer joint programmes there. The education service provider said the venture could involve an investment by HELP in the Singapore entity. The company also said it is considering various fund raising options for its business expansion, without stating if that included a secondary listing in the island republic. (MalaysianReserve)
MISC unit MHB expected to be listed at RM3.80 a share
MISC is expected to list subsidiary Malaysian Marine and Heavy Engineering (MHB) on the main market of Bursa Malaysia by the end of next month at an indicative price of RM3.80 per share. MISC shareholders, had approved the proposed initial public offering (IPO), which includes an increase in authorised share capital, a share split, a dividend and bonus issue, an offer for sale and a public issue as part of the listing exercise. According to the MISC circular to its shareholders, the IPO is expected to raise up to RM2.1bn, with MHB's market capitalisation being RM6.08bn upon listing. From the total gross proceeds, about RM995m - which is from the public issue - will directly go to MHB's coffers. MISC, meanwhile, expects to receive up to RM1.16bn from the strategic investor allocation and proposed share sale to institutional investors. Last month, MISC - the shipping arm of Petroliam Nasional (Petronas) - had agreed to sell up to 9.9% of the enlarged issued and paid-up capital of MHB to French oil and gas engineering group Technip under the IPO. MISC intends to utilise more than four-fifths of the proceeds for capital expenditure to buy new petroleum tankers, while the remaining for working capital and other expenses. (BT)
Berjaya Food releases IPO prospectus exposure
Tan Sri Vincent Tan’s plan to list Berjaya Food (B-Food) took another step forward when its prospectus exposure was published on the Securities Commission website yesterday. According to the prospectus exposure, the vendor is offering 35.84m shares of 50 sen each, or 25.35% stake in B-Food, via its initial public offering (IPO) exercise. The tranche consisted of 3.53m shares to be offered to the Malaysian public, 3.53m shares to the bumiputra public, 9.73m shares for private placement to selected investors, and 14.13m to bumiputra investors approved by the Ministry of International Trade and Industry. (FinancialDaily)
CIMB seeks 6-month extension for Thai listing
CIMB Group Holdings is seeking a six-month time extension to complete its proposed dual listing on the Stock Exchange of Thailand. Malaysia’s second largest lender said it has sent its request to the Securities Commission without giving reason for the extension request. (MalaysianReserve)
AirAsia: May fan price war in Japan skies. AirAsia, the first international budget carrier to fly to Tokyo's Haneda airport, plans to kick off service with USD58 (USD1 = RM3.10) flights between Tokyo and Kuala Lumpur and said it could expand to three more Japanese airports. In a move that could pour fuel on increasing price competition over Japan's skies, the 5,000 yen (100 yen = RM3.62, RM181) flights are on offer from December until July next year, after which prices will start at 10,000 yen (RM362), with premium lie-flat seats costing 48,000 yen (RM1737.6). (Source: Business Times)
Airlines: Sharp rebound by global airlines seen. The International Air Transport Association (IATA) has almost tripled its global airline profit forecast for 2010, but warns that this could be the last time it does it. "2010 is as good as it gets. We look to be at the peak of the cycle, and 2011 looks to be a tougher year, for the simple reason of the big economic picture." "Governments are running out of cash for pump priming. Unemployment remains high and business confidence is weakening. And we expect the 3.2% gross domestic product growth of 2010 to drop to 2.6% in 2011," IATA director-general and CEO Giovanni Bisignani said. (Source: Business Times)
Autos: Syed Hafiz is Naza Kia's new COO. Naza Kia Sdn Bhd, the local distributor of Kia Motor vehicles, has appointed Datuk Syed Abdul Hafiz Syed Abu Bakar, former MD of Perusahaan Otomobil Kedua Sdn Bhd (Perodua), as its new COO. Syed Hafiz will assume the position on October 1 2010, replacing Datuk Syed Hisham Syed Wazir who left Naza Kia at the end of last month to join UMW Holdings Bhd as its president and CEO. (Source: Business Times)
Plantation: Premium Renewable to build RM124m plant. Premium Renewable Energy (Malaysia) Sdn Bhd will spend USD40m (RM124m) to build a rapid thermal process (RTP) bio-oil plant near Lahad Datu, Sabah in 2011. Dubbed as first of its kind in Malaysia, the plant will use oil palm biomass as feedstock in partnership with one of the country's largest plantation companies. (Source: Business Times)
Proton: Lotus to unveil 4 new models next week. Lotus Group International Ltd, a wholly owned subsidiary of Proton Holdings Bhd, will unveil 4 new sports car models at the 2010 Paris Motor Show next week, 2 of which are relaunched models called Lotus Elite and the Esprit, said industry sources. (Source: The Edge Financial Daily)
Regulatory: AOB accepted into International Forum of Independent Audit Regulators. The Audit Oversight Board (AOB) has been admitted as a member of the International Forum of Independent Audit Regulators (IFIAR), making Malaysia only the second country from Asean to be admitted. Securities Commision said AOB's entry is important to promote investor confidence in Malaysia's capital market. (Source: The Star)
20100922 1153 Global Market News.
OIL: Crude slips on surprise inventory gains
SINGAPORE, Sept 22 (Reuters) - Oil fell on Wednesday for a sixth session in seven after an industry report showed surprise gains in U.S. inventories, while the Federal Reserve stopped short of laying out a timetable for more economic stimulus.
The outlook for oil demand remained sluggish after the U.S. central bank's policy-setting panel opened the door wider to pumping hundreds of billions of new dollars into the economy, although it made no policy shift at the end of a Tuesday meeting, keeping overnight interest rates near zero.
COMMODITY MARKETS: Some markets see profit taking after Fed
NEW YORK, Sept 21 (Reuters) - Investors took profits in some commodities on Tuesday, selling oil, copper and grains futures after the U.S. Federal Reserve left near-term monetary policy unchanged as expected.
"I think the gold bulls really got what they wanted from this Fed policy statement," said Bill O'Neill, partner at LOGIC Advisors in Upper Saddle River, New Jersey.
GLOBAL MARKETS: Dollar, US yields fall on Fed easing view
HONG KONG, Sept 22 (Reuters) - The U.S. dollar and Treasury yields fell on Wednesday in the wake of the Federal Reserve's move closer to buying more bonds to support the economy, a prospect that kept gold near record highs.
"We continue to expect that a sizable asset purchase program will be implemented in coming months," economists at Goldman Sachs said in a note.
Dollar weak as Fed in view; euro bond sales ok
LONDON, Sept 21 (Reuters) - World stocks ticked upwards and the dollar fell broadly as investors braced for a Federal Reserve meeting that may discuss whether the fragile U.S. economy needs a fresh infusion of cash.
"The statement might be quite dovish, which could intensify speculation of more QE later in the year," said Niels Christensen, currency strategist at Nordea in Copenhagen.
SINGAPORE, Sept 22 (Reuters) - Oil fell on Wednesday for a sixth session in seven after an industry report showed surprise gains in U.S. inventories, while the Federal Reserve stopped short of laying out a timetable for more economic stimulus.
The outlook for oil demand remained sluggish after the U.S. central bank's policy-setting panel opened the door wider to pumping hundreds of billions of new dollars into the economy, although it made no policy shift at the end of a Tuesday meeting, keeping overnight interest rates near zero.
COMMODITY MARKETS: Some markets see profit taking after Fed
NEW YORK, Sept 21 (Reuters) - Investors took profits in some commodities on Tuesday, selling oil, copper and grains futures after the U.S. Federal Reserve left near-term monetary policy unchanged as expected.
"I think the gold bulls really got what they wanted from this Fed policy statement," said Bill O'Neill, partner at LOGIC Advisors in Upper Saddle River, New Jersey.
GLOBAL MARKETS: Dollar, US yields fall on Fed easing view
HONG KONG, Sept 22 (Reuters) - The U.S. dollar and Treasury yields fell on Wednesday in the wake of the Federal Reserve's move closer to buying more bonds to support the economy, a prospect that kept gold near record highs.
"We continue to expect that a sizable asset purchase program will be implemented in coming months," economists at Goldman Sachs said in a note.
Dollar weak as Fed in view; euro bond sales ok
LONDON, Sept 21 (Reuters) - World stocks ticked upwards and the dollar fell broadly as investors braced for a Federal Reserve meeting that may discuss whether the fragile U.S. economy needs a fresh infusion of cash.
"The statement might be quite dovish, which could intensify speculation of more QE later in the year," said Niels Christensen, currency strategist at Nordea in Copenhagen.
20100922 1149 Soy Oil & Palm Oil Related News.
Soy-product futures ended lower, retreating in step with soybeans in the absence of fresh news to promote buying interest, analysts said. Soyoil futures managed to grab some product-share value on spreads due to ongoing concerns about tighter global vegoil supplies, analysts said. December soyoil settled 0.23 cent, or 0.5%, lower at 42.82 cents per pound. Speculative December soymeal ended $2.80, or 0.9%, lower at $307.40 per short ton.(Source:CME)
Malaysia Hopes To Boost Palm Oil Yields With Mandatory Replanting (Source:CME)
Malaysia hopes to boost palm oil yields, which have remained stagnant the past 20 years, through mandatory replanting programs, an industry executive said Tuesday at a government briefing. Replanting activities are currently carried out on a voluntary basis. "Upstream plantations have a backlog of 365,000 hectares of palm trees that are over 25 years old and need to be replanted," Genting Plantations Bhd. Vice President Chew Jit Seng said. "This has brought down productivity." Chew said the mandatory replanting plan may target smallholders owning lands with palm trees over 25 years old and yielding less than 13 metric tons of palm oil per hectare as well as plantation firms that get less than 16 tons per hectare. The government hopes to boost yearly national yields to 26 tons a hectare from the current 21 tons and increase oil extraction rates to 23% from 20.5%.
Plans to boost productivity, the move to high-value oleochemicals and more downstream business would cost a total of MYR125 billion over the next 10 years, with 97.7% of the funding coming from the private sector. The plan is part of the ambitious goal of a government think-tank called Performance Management and Delivery Unit or Pemandu to catapult the middle-income nation to high-income status within a decade. Pemandu said plans for 131 private sector-led projects in 11 key industries would triple Malaysia's gross national income to MYR1.7 trillion in 2020 from MYR660 billion in 2009.
China Frost Won't Affect Corn, Soybeans -State Think Tank
Early frost in China's grain-producing areas isn't expected to affect output of soybeans or corn, the state-backed China National Grain and Oils Information Center said Tuesday. China's grain harvest is closely watched, as it affects global grain flows, the level of state grain reserves and the government's goal of 95% grain self-sufficiency. "A third of this year's soybean harvest has already been collected, and all of it is already mature, so even if there's frost, it won't affect the harvest," a researcher with the semi-official think tank said. The frost isn't expected to heavily affect corn production, he said, adding that this year's output projections for corn were the "best in five years."
The researcher, who didn't wish to be named, attributed weekend reports of early frost affecting the crops to "market speculation by external sources." China's soybean crop is expected to be entirely harvested by the end of September, he said, adding that this was a slightly earlier harvest than normal. The harvest is usually completed by mid-October. Corn is slightly more vulnerable as its harvest season extends into November. However, analysts project the upcoming corn harvest to rise about 5% on year to 165 million metric tons. Last week, the center maintained its forecast for the soybean harvest at 14.8 million tons, down 1.3% from last year's 15 million tons.
Ease on technicals; weather concerns linger
KUALA LUMPUR, Sept 21 (Reuters) - Most vegetable oil prices dipped as traders booked some profits after concerns of dry weather in the Americas and frost in China and Canada drove markets up the previous day.
"Traders are booking profits ahead of the Mid-Autumn festival, but losses were limited by U.S. soyoil's strength," said a Shanghai-based oil analyst with a local brokerage.
Analyst cuts Ukraine '10 rapeseed crop forecast
KIEV, Sept 21 (Reuters) - UkrAgroConsult agriculture consultancy on Tuesday revised down its forecast for Ukraine's 2010 rapeseed harvest to 1.45 million tonnes from the previous outlook of 1.50 million.
The consultancy said in a report it had cut the harvested area to 870,000 hectares from 915,000 hectares a month earlier.
India monsoon may not withdraw this week:climate centre head
NEW DELHI, Sept 21 (Reuters) - India's monsoon may not start withdrawing this week, a top forecaster said on Tuesday, raising the risk of floods in some areas and further delays to soybean and cotton harvesting.
"The monsoon withdrawal appears unlikely this week," D. Sivananda Pai, director at the Pune-based National Climate Centre, which is part of the India Meteorological Department, told Reuters.
Malaysia Hopes To Boost Palm Oil Yields With Mandatory Replanting (Source:CME)
Malaysia hopes to boost palm oil yields, which have remained stagnant the past 20 years, through mandatory replanting programs, an industry executive said Tuesday at a government briefing. Replanting activities are currently carried out on a voluntary basis. "Upstream plantations have a backlog of 365,000 hectares of palm trees that are over 25 years old and need to be replanted," Genting Plantations Bhd. Vice President Chew Jit Seng said. "This has brought down productivity." Chew said the mandatory replanting plan may target smallholders owning lands with palm trees over 25 years old and yielding less than 13 metric tons of palm oil per hectare as well as plantation firms that get less than 16 tons per hectare. The government hopes to boost yearly national yields to 26 tons a hectare from the current 21 tons and increase oil extraction rates to 23% from 20.5%.
Plans to boost productivity, the move to high-value oleochemicals and more downstream business would cost a total of MYR125 billion over the next 10 years, with 97.7% of the funding coming from the private sector. The plan is part of the ambitious goal of a government think-tank called Performance Management and Delivery Unit or Pemandu to catapult the middle-income nation to high-income status within a decade. Pemandu said plans for 131 private sector-led projects in 11 key industries would triple Malaysia's gross national income to MYR1.7 trillion in 2020 from MYR660 billion in 2009.
China Frost Won't Affect Corn, Soybeans -State Think Tank
Early frost in China's grain-producing areas isn't expected to affect output of soybeans or corn, the state-backed China National Grain and Oils Information Center said Tuesday. China's grain harvest is closely watched, as it affects global grain flows, the level of state grain reserves and the government's goal of 95% grain self-sufficiency. "A third of this year's soybean harvest has already been collected, and all of it is already mature, so even if there's frost, it won't affect the harvest," a researcher with the semi-official think tank said. The frost isn't expected to heavily affect corn production, he said, adding that this year's output projections for corn were the "best in five years."
The researcher, who didn't wish to be named, attributed weekend reports of early frost affecting the crops to "market speculation by external sources." China's soybean crop is expected to be entirely harvested by the end of September, he said, adding that this was a slightly earlier harvest than normal. The harvest is usually completed by mid-October. Corn is slightly more vulnerable as its harvest season extends into November. However, analysts project the upcoming corn harvest to rise about 5% on year to 165 million metric tons. Last week, the center maintained its forecast for the soybean harvest at 14.8 million tons, down 1.3% from last year's 15 million tons.
Ease on technicals; weather concerns linger
KUALA LUMPUR, Sept 21 (Reuters) - Most vegetable oil prices dipped as traders booked some profits after concerns of dry weather in the Americas and frost in China and Canada drove markets up the previous day.
"Traders are booking profits ahead of the Mid-Autumn festival, but losses were limited by U.S. soyoil's strength," said a Shanghai-based oil analyst with a local brokerage.
Analyst cuts Ukraine '10 rapeseed crop forecast
KIEV, Sept 21 (Reuters) - UkrAgroConsult agriculture consultancy on Tuesday revised down its forecast for Ukraine's 2010 rapeseed harvest to 1.45 million tonnes from the previous outlook of 1.50 million.
The consultancy said in a report it had cut the harvested area to 870,000 hectares from 915,000 hectares a month earlier.
India monsoon may not withdraw this week:climate centre head
NEW DELHI, Sept 21 (Reuters) - India's monsoon may not start withdrawing this week, a top forecaster said on Tuesday, raising the risk of floods in some areas and further delays to soybean and cotton harvesting.
"The monsoon withdrawal appears unlikely this week," D. Sivananda Pai, director at the Pune-based National Climate Centre, which is part of the India Meteorological Department, told Reuters.
Tuesday, September 21, 2010
20100921 1824 FCPO EOD Daily Chart Study.
Bollinger band reading : side way range bound upside biased.
MACD Histrogram : turned downward again, buyer taking profit.
Support : 2670, 2650, 2620 level.
Resistant : 2700, 2720, 2750 level.
Comment :
FCPO eased lower surrendered partial of yesterday gain with less volume traded as buyer decided to lock in profit after yesterday huge gain. Daily chart wise, downward correction taking place formed a wide range down bar candle with the reading still calling a side way range bound upside biased market.
When to buy : buy at support/weakness/break up with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
20100921 1806 FKLI EOD Daily Chart Study.
Bollinger band reading : correction range bound, upside biased.
MACD Histrogram : weakening, buyer continue taking partial profit.
Support : 1470, 1458, 1445 level.
Resistant : 1500, 1530, 1550 level.
Comment :
Closed marginally higher FKLI traded range bound within a 10.5 point range market with slightly better but considered low volume transaction following a mixed regional market development. Daily chart formed the 2nd doji bar candle as buyer still very much in control of the market with partial profit taking activities. Outlook remain unchanged with a correction range bound upside biased market reading.
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.
20100921 1323 FKLI Mid Day Hourly Chart Study.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : turned upward, buyer still in control.
Support : 1470, 1458, 1445 level.
Resistant : 1500, 1530, 1550 level.
Comment :
Slow volume transaction FKLI opened 1 tick higher and surged upward testing upper Bollinger resistant level followed by profit taking activities hitting price to soften off the high. Daily chart show that market traded range bound bouncing within the Bollinger upper and lower band with the reading suggesting a range bound little upside biased market.
20100921 1301 FCPO Mid Day Hourly Chart Study.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : getting weaker, buyer book in profit.
Support : 2670, 2650, 2620 level.
Resistant : 2700, 2720, 2750 level.
Comment :
FCPO eased lower in thin volume traded after yesterday price surged despite a firmer soy oil futures price. Hourly chart shows that market is having correction after price spike up above upper Bollinger band level with the reading suggesting a correction range bound upside biased market testing support near middle Bollinger band level.
20100921 1015 Global Economics News.
Thailand: Exports rise as demand weathers Baht strength
Thailand’s exports rose for the 10th consecutive month in August as the Baht’s appreciation to a 13-year high failed to curb demand for the country’s automobile parts and electronics. Shipments increased 23.9% last month from a year earlier to USD16.5bn. Prime Minister Abhisit Vejjajiva’s government is considering measures to temper the Baht’s gains, which the Thai Chamber of Commerce said may affect overseas shipments in the fourth quarter. (Bloomberg)
Taiwan: Export orders increase more than estimated
Taiwan’s export orders rose faster than economists projected, signaling resilience to global economic risks and scope for higher borrowing costs. Orders, an indication of shipments in the next one to three months, increased 23.3% in August from a year earlier, after an 18.23% gain in July, the Ministry of Economic Affairs said. (Bloomberg)
US: Homebuilder confidence holds at one-year low
Confidence among US homebuilders in September unexpectedly held at the lowest level in more than a year, showing the housing market remains depressed following the expiration of a government tax credit. The National Association of Home Builders/Wells Fargo confidence index was unchanged at 13, matching the August reading as the lowest since March 2009, data showed. Index readings lower than 50 mean more respondents said conditions were poor. (Bloomberg)
US: Obama prods China on currency, praises economic team
President Barack Obama criticized China for its currency policy, praised his economic team and called predictions of a Republican takeover of the House of Representatives “premature.” China’s leaders haven’t done “everything they said would be done” to allow the nation’s currency to rise in value, Obama said, echoing the views expressed by administration officials and lawmakers at congressional hearings last week. (Bloomberg)
Thailand’s exports rose for the 10th consecutive month in August as the Baht’s appreciation to a 13-year high failed to curb demand for the country’s automobile parts and electronics. Shipments increased 23.9% last month from a year earlier to USD16.5bn. Prime Minister Abhisit Vejjajiva’s government is considering measures to temper the Baht’s gains, which the Thai Chamber of Commerce said may affect overseas shipments in the fourth quarter. (Bloomberg)
Taiwan: Export orders increase more than estimated
Taiwan’s export orders rose faster than economists projected, signaling resilience to global economic risks and scope for higher borrowing costs. Orders, an indication of shipments in the next one to three months, increased 23.3% in August from a year earlier, after an 18.23% gain in July, the Ministry of Economic Affairs said. (Bloomberg)
US: Homebuilder confidence holds at one-year low
Confidence among US homebuilders in September unexpectedly held at the lowest level in more than a year, showing the housing market remains depressed following the expiration of a government tax credit. The National Association of Home Builders/Wells Fargo confidence index was unchanged at 13, matching the August reading as the lowest since March 2009, data showed. Index readings lower than 50 mean more respondents said conditions were poor. (Bloomberg)
US: Obama prods China on currency, praises economic team
President Barack Obama criticized China for its currency policy, praised his economic team and called predictions of a Republican takeover of the House of Representatives “premature.” China’s leaders haven’t done “everything they said would be done” to allow the nation’s currency to rise in value, Obama said, echoing the views expressed by administration officials and lawmakers at congressional hearings last week. (Bloomberg)
20100921 1014 Malaysia Corporate News.
MAS orders Airbus freighters
Malaysia Airlines has placed a firm order with Airbus for two more A330-200F freighters, following the conversion of two existing options. The latest contract increases the airline's firm orders for freighter aircraft to four. The aircraft will be operated by its air freight arm, Malaysia Airlines Cargo SB (MASkargo) and will be powered by PW4000 engines from Pratt & Whitney. (BT)
PLUS and IDFC Projects win tender to build 127.6-km road In India
A consortium comprising PLUS Expressways and India's IDFC Projects Ltd has secured a tender to build a fourlane 127.6-km road which is the Jetpur-Somnath section of the National Highway-8D in Gujarat. The highway connects New Delhi with Mumbai, passing through state capitals and suburbs, which is popularly known as the Western Express Highway. The project to be executed on design, built, finance, operate and transfer basis is for a 30-year period from the date of the proposed execution of the relevant concession agreement, (Bernama)
KL, Singapore conclude KTM deal
Malaysia and Singapore have agreed to bring the outstanding issue on the development charges payable on Keretapi Tanah Melayu (KTM) land in the city state that will be jointly developed by both countries, to the international court for arbitration. Both countries also agreed to accept the arbitration award as final and binding. (Financial Daily)
End to Affin-BSN merger dispute
An out-of-court settlement is on the cards in the legal dispute arising out of the 2001 merger between BSN Commercial (M) and the former Perwira Affin Bank, which resulted in the creation of Affin Bank. This is the latest development in a lawsuit filed in 2007 by BSNC Corporation against Affin Bank and its owner Affin Holdings. Lawyers quoted in the court notes were saying that the BSNC had received a ’serious’ letter of offer from Affin to settle dispute (Financial Daily)
Sime Darby’s forensic group finds breaches in 4 projects
The forensic and legal consultants tasked to look into certain projects under Sime Darby's energy and utilities division have found evidence of breaches in four key projects. Projects involved are namely the Bulhanine and Maydan Mahzam project with Qatar Petroleum (QP project), the Maersk Oil Qatar project (MOQ project), the Bakun hydroelectric dam and a project known as the "Marine Project". It was reported previously that Sime Darby booked a loss of RM200m for the QP project, RM159m for the MOQ project and RM155m for building vessels for the project, and RM450m for the Bakun hydroelectric dam project. Sime Darby, in a statement to Bursa Malaysia yesterday, said based on the findings of the work group, it has resolved to initiate legal proceedings and, where appropriate, to lodge reports with relevant authorities. (BT)
Players allocated 2.6GHz spectrum
The majority of the nine cellular/wireless companies are believed to have been informed by the industry regulator that they have been allocated the 2.6GHz spectrum that is meant for 4G, which can be used after 1 Jan, 2013. The StarBiz report named four cellular firms – Celcom Axiata, DiGi.Com, Maxis Communications and U Mobile Sdn; four WiMAX players – Asiaspace Sdn, Packet One Network (M) Sdn, REDtone International and YTL Communications Sdn Bhd; and a new entrant, a company said to be linked to Tan Sri Syed Mohkhar Al-Bukhary. A source said it was a matter of time before the remaining one or two players get their letters. This time around the Government wants to award the spectrum to all the wireless/cellular players so that they can have the additional spectrum that gives them more speed and capacity. (StarBiz)
Malaysia Airlines has placed a firm order with Airbus for two more A330-200F freighters, following the conversion of two existing options. The latest contract increases the airline's firm orders for freighter aircraft to four. The aircraft will be operated by its air freight arm, Malaysia Airlines Cargo SB (MASkargo) and will be powered by PW4000 engines from Pratt & Whitney. (BT)
PLUS and IDFC Projects win tender to build 127.6-km road In India
A consortium comprising PLUS Expressways and India's IDFC Projects Ltd has secured a tender to build a fourlane 127.6-km road which is the Jetpur-Somnath section of the National Highway-8D in Gujarat. The highway connects New Delhi with Mumbai, passing through state capitals and suburbs, which is popularly known as the Western Express Highway. The project to be executed on design, built, finance, operate and transfer basis is for a 30-year period from the date of the proposed execution of the relevant concession agreement, (Bernama)
KL, Singapore conclude KTM deal
Malaysia and Singapore have agreed to bring the outstanding issue on the development charges payable on Keretapi Tanah Melayu (KTM) land in the city state that will be jointly developed by both countries, to the international court for arbitration. Both countries also agreed to accept the arbitration award as final and binding. (Financial Daily)
End to Affin-BSN merger dispute
An out-of-court settlement is on the cards in the legal dispute arising out of the 2001 merger between BSN Commercial (M) and the former Perwira Affin Bank, which resulted in the creation of Affin Bank. This is the latest development in a lawsuit filed in 2007 by BSNC Corporation against Affin Bank and its owner Affin Holdings. Lawyers quoted in the court notes were saying that the BSNC had received a ’serious’ letter of offer from Affin to settle dispute (Financial Daily)
Sime Darby’s forensic group finds breaches in 4 projects
The forensic and legal consultants tasked to look into certain projects under Sime Darby's energy and utilities division have found evidence of breaches in four key projects. Projects involved are namely the Bulhanine and Maydan Mahzam project with Qatar Petroleum (QP project), the Maersk Oil Qatar project (MOQ project), the Bakun hydroelectric dam and a project known as the "Marine Project". It was reported previously that Sime Darby booked a loss of RM200m for the QP project, RM159m for the MOQ project and RM155m for building vessels for the project, and RM450m for the Bakun hydroelectric dam project. Sime Darby, in a statement to Bursa Malaysia yesterday, said based on the findings of the work group, it has resolved to initiate legal proceedings and, where appropriate, to lodge reports with relevant authorities. (BT)
Players allocated 2.6GHz spectrum
The majority of the nine cellular/wireless companies are believed to have been informed by the industry regulator that they have been allocated the 2.6GHz spectrum that is meant for 4G, which can be used after 1 Jan, 2013. The StarBiz report named four cellular firms – Celcom Axiata, DiGi.Com, Maxis Communications and U Mobile Sdn; four WiMAX players – Asiaspace Sdn, Packet One Network (M) Sdn, REDtone International and YTL Communications Sdn Bhd; and a new entrant, a company said to be linked to Tan Sri Syed Mohkhar Al-Bukhary. A source said it was a matter of time before the remaining one or two players get their letters. This time around the Government wants to award the spectrum to all the wireless/cellular players so that they can have the additional spectrum that gives them more speed and capacity. (StarBiz)
20100921 1001 Global Market News.
PRECIOUS-Gold hits record as investors seek safety
LONDON, Sept 20 (Reuters) - Gold hit a record high for the fourth day in a row on Monday, boosted by growing expectations for U.S. interest rates to remain exceptionally low as the economy struggles, while silver came in range of 30-year peaks.
Data on Friday showed Americans were at their most pessimistic in over a year this month, as growing fears about job security and finances undermined U.S. consumer sentiment and painted a muted picture of price pressures.
FOREX-Dollar struggles before Fed meeting, AUD shines
LONDON, Sept 20 (Reuters) - The dollar slipped broadly on Monday on speculation the Federal Reserve may flag the need to inject more stimulus into the struggling U.S. economy when it announces its latest policy decision on Tuesday.
The U.S. currency traded in a thin range against the yen due to a market holiday in Japan and as investors were cautious of taking big yen positions after Japan's intervention last week.
Dlr slips, gold hits peak; Fed signals eyed
LONDON, Sept 20 (Reuters) - The dollar slipped and gold hit a record high as the possibility the Federal Reserve could signal further economic stimulus spurred demand for alternative assets.
"There is plenty of pressure on the Fed to put forward what they are going to do to stop the U.S. going into a double dip recession. It will be the main focus of the week and the market could go either way, we expect trading to be quite volatile," said Will Hedden, sales trader at IG Index.
LONDON, Sept 20 (Reuters) - Gold hit a record high for the fourth day in a row on Monday, boosted by growing expectations for U.S. interest rates to remain exceptionally low as the economy struggles, while silver came in range of 30-year peaks.
Data on Friday showed Americans were at their most pessimistic in over a year this month, as growing fears about job security and finances undermined U.S. consumer sentiment and painted a muted picture of price pressures.
FOREX-Dollar struggles before Fed meeting, AUD shines
LONDON, Sept 20 (Reuters) - The dollar slipped broadly on Monday on speculation the Federal Reserve may flag the need to inject more stimulus into the struggling U.S. economy when it announces its latest policy decision on Tuesday.
The U.S. currency traded in a thin range against the yen due to a market holiday in Japan and as investors were cautious of taking big yen positions after Japan's intervention last week.
Dlr slips, gold hits peak; Fed signals eyed
LONDON, Sept 20 (Reuters) - The dollar slipped and gold hit a record high as the possibility the Federal Reserve could signal further economic stimulus spurred demand for alternative assets.
"There is plenty of pressure on the Fed to put forward what they are going to do to stop the U.S. going into a double dip recession. It will be the main focus of the week and the market could go either way, we expect trading to be quite volatile," said Will Hedden, sales trader at IG Index.
20100921 0959 Soy OIl & Palm Oil Related News.
U.S. soy rises for 3rd day on Brazil weather concerns
SINGAPORE, Sept 21 (Reuters) - U.S. soy rose around half a percent, rising for a third straight session to trade around 1-year highs as concerns dry weather may hurt the upcoming soy plantings in Latin America continued to underpin the market.
"There is drought in Russia, frost in China and Canada, dry weather in Western Australia and unusually dry conditions in South America."
OIL: Crude retreats ahead of Fed meeting
SINGAPORE, Sept 21 (Reuters) - Oil fell on Tuesday, resuming last week's trend and erasing part of the previous session's 1.6 percent gain, on lingering worries about the U.S. economy ahead of a U.S. Federal Reserve meeting later in the day.
Prices of U.S. crude on Monday tracked equities higher, but the gains came in thin trade, with the total number of contracts trading hands about 25 percent below the average volume over the last 30 days, according to Reuters data.
COMMODITY MARKETS: Markets end mixed after early rally
NEW YORK, Sept 20 (Reuters) - Commodities closed mixed on Monday after many markets rallied sharply in early trade, with a key sector index closing flat, dragged down off eight-month highs by losses in corn, coffee and other markets late in the session.
"At this point I don't think we are going to hear about the need. We may hear the Fed say they are ready, if necessary, but I don't think that they want to imply that things are getting worse," said Frank Lesh, broker and futures analyst with FuturePath Trading in Chicago.
GLOBAL MARKETS: Stocks rise on S&P 500 rally. dollar slips
NEW YORK, Sept 20 (Reuters) - World stocks jumped as the U.S. benchmark S&P 500 index broke above a key level on Monday, lifted by optimism over corporate news, but the dollar slipped on fears the struggling U.S. economy needs further stimulus.
"We've been waiting for this level to be penetrated, and breaching it makes it hard to be too negative right now," said Frank Gretz, market analyst and technician at Shields & Co in New York.
Soy product futures climbed in step with soybeans. Soyoil futures were the upside leader of the products, rising on borrowed strength from soybeans, crude oil and strong gains in world vegoil markets amid the threat of lower world vegoil supplies, analysts said. December soyoil settled 0.75 cents or 1.8% higher at 43.05 cents per pound. Speculative funds were estimated buyers of 3,000 lots in soyoil. December soymeal ended $1.70 or 0.6% higher at $310.20 per short ton. Speculative funds were estimated buyers of 1,000 lots in soymeal.(Source: CME)
Brazil's Soybean Sales Rise 1 Percentage Point - Celeres (Source: CME)
Brazil's sales for old and new soybeans crept ahead by 1 percentage point as of Friday, local agricultural consultancy Celeres said in a weekly report. For the upcoming 2010-11 crop, Celeres said in the report issued Monday that Brazil, the world's No. 2 soy producer after the U.S., had sold 15% of its crop as of Friday, up from 14% both in the previous week and at the same time a year earlier. Brazil's farmers often swap beans for other items such as seeds or fertilizers. For instance, farmers in Mato Grosso, Brazil's No. 1 soy-producing state, sold 22% of their 2010-11 soy as of Friday, versus 21% the week before and a year earlier, Celeres said. Mato Grosso's farmers are expected to begin planting their soybeans in mid-September. They typically harvest and sell their beans earlier than in other states. For the old 2009-10 soy crop, which ended harvesting in May, Brazil saw sales rise slightly to 88% as of Friday. This compared to 87% the week before and 93% at the same time a year earlier.
Farmers in Mato Grosso sold 98% of their soy as of Friday from 97% the week before and 98% a year earlier, Celeres said. Brazil is expected to have produced a record 68.5 million metric tons of soybeans for the 2009-10 crop season, compared with 57 million tons the previous crop year.
USDA Says 225,000 Tons Soybeans Sold To China in 2010-11 (Source:CME)
The U.S. Department of Agriculture on Thursday announced private export sales of 225,000 tons of soybeans to China, 165,000 tons of corn to South Korea and 110.000 tons of corn for delivery to unknown destinations in the 2010-11 marketing year. The soybean and corn marketing year both began Sept. 1. Often a U.S. exporter agrees to sell a commodity to an intermediary that has not yet settled the final foreign destination of the commodity. When that happens the U.S. exporter reports the sale to the USDA, which lists the destination as "unknown." U.S. exporters are required to report to the USDA sales of 100,000 tons or more of soybeans made in the same day to the same destination by 3 p.m. EDT the next business day.
Malaysia Sep. 1-20 Palm Oil Exports 906,688 Tons -Intertek(Source: CME)
Malaysia's palm oil exports during the Sept. 1-20 period rose 5% on month to 906,688 metric tons, cargo surveyor Intertek Agri Services said Monday. The European Union was the biggest buyer of Malaysian palm oil, followed by China and the Indian subcontinent; they purchased 212,345 tons, 211,782 tons and 179,192 tons, respectively. Intertek estimated exports at 863,289 tons during the Aug. 1-20 period.
Soy jumps 2 pct to 14-month top, corn at 2-yr high
SINGAPORE, Sept 20 (Reuters) - Chicago soy rose more than 2 percent to its highest since June 2009 on concerns that dry weather may hurt a soon to be planted crop in Brazil, while corn rallied to a new 2-year top amid strong demand and worries about U.S. yields.
"I think as far as headline stories go, it is weekend frost in Canada which is serious, but time will tell how much impact it will have on the tonnage," said Brett Cooper, a senior manager of markets at FCStone Australia.
Surge on weather anxieties; inflation eyed
KUALA LUMPUR, Sept 20 (Reuters) - Global vegetable oil markets surged as investors took positions on concerns a dry spell may curb grain output in the Americas.
"Compared to other vegetable oils, China palm oil is mainly dominated by funds and there's still room for the price to increase," said Zhang Juan Cong, an oil analyst with Dadi Futures in Zhejiang province.
China soyoil row hits Argentine crush margins
BUENOS AIRES, Sept 17 (Reuters) - China's boycott of Argentine soyoil means soy processors in Argentina are suffering negative crush margins and exporting more beans than usual, an industry group executive said on Friday.
The Asian country, the world's top soyoil importer, halted exports from No. 1 global exporter Argentina in April in retaliation for anti-dumping measures on some Chinese manufactured goods.
SINGAPORE, Sept 21 (Reuters) - U.S. soy rose around half a percent, rising for a third straight session to trade around 1-year highs as concerns dry weather may hurt the upcoming soy plantings in Latin America continued to underpin the market.
"There is drought in Russia, frost in China and Canada, dry weather in Western Australia and unusually dry conditions in South America."
OIL: Crude retreats ahead of Fed meeting
SINGAPORE, Sept 21 (Reuters) - Oil fell on Tuesday, resuming last week's trend and erasing part of the previous session's 1.6 percent gain, on lingering worries about the U.S. economy ahead of a U.S. Federal Reserve meeting later in the day.
Prices of U.S. crude on Monday tracked equities higher, but the gains came in thin trade, with the total number of contracts trading hands about 25 percent below the average volume over the last 30 days, according to Reuters data.
COMMODITY MARKETS: Markets end mixed after early rally
NEW YORK, Sept 20 (Reuters) - Commodities closed mixed on Monday after many markets rallied sharply in early trade, with a key sector index closing flat, dragged down off eight-month highs by losses in corn, coffee and other markets late in the session.
"At this point I don't think we are going to hear about the need. We may hear the Fed say they are ready, if necessary, but I don't think that they want to imply that things are getting worse," said Frank Lesh, broker and futures analyst with FuturePath Trading in Chicago.
GLOBAL MARKETS: Stocks rise on S&P 500 rally. dollar slips
NEW YORK, Sept 20 (Reuters) - World stocks jumped as the U.S. benchmark S&P 500 index broke above a key level on Monday, lifted by optimism over corporate news, but the dollar slipped on fears the struggling U.S. economy needs further stimulus.
"We've been waiting for this level to be penetrated, and breaching it makes it hard to be too negative right now," said Frank Gretz, market analyst and technician at Shields & Co in New York.
Soy product futures climbed in step with soybeans. Soyoil futures were the upside leader of the products, rising on borrowed strength from soybeans, crude oil and strong gains in world vegoil markets amid the threat of lower world vegoil supplies, analysts said. December soyoil settled 0.75 cents or 1.8% higher at 43.05 cents per pound. Speculative funds were estimated buyers of 3,000 lots in soyoil. December soymeal ended $1.70 or 0.6% higher at $310.20 per short ton. Speculative funds were estimated buyers of 1,000 lots in soymeal.(Source: CME)
Brazil's Soybean Sales Rise 1 Percentage Point - Celeres (Source: CME)
Brazil's sales for old and new soybeans crept ahead by 1 percentage point as of Friday, local agricultural consultancy Celeres said in a weekly report. For the upcoming 2010-11 crop, Celeres said in the report issued Monday that Brazil, the world's No. 2 soy producer after the U.S., had sold 15% of its crop as of Friday, up from 14% both in the previous week and at the same time a year earlier. Brazil's farmers often swap beans for other items such as seeds or fertilizers. For instance, farmers in Mato Grosso, Brazil's No. 1 soy-producing state, sold 22% of their 2010-11 soy as of Friday, versus 21% the week before and a year earlier, Celeres said. Mato Grosso's farmers are expected to begin planting their soybeans in mid-September. They typically harvest and sell their beans earlier than in other states. For the old 2009-10 soy crop, which ended harvesting in May, Brazil saw sales rise slightly to 88% as of Friday. This compared to 87% the week before and 93% at the same time a year earlier.
Farmers in Mato Grosso sold 98% of their soy as of Friday from 97% the week before and 98% a year earlier, Celeres said. Brazil is expected to have produced a record 68.5 million metric tons of soybeans for the 2009-10 crop season, compared with 57 million tons the previous crop year.
USDA Says 225,000 Tons Soybeans Sold To China in 2010-11 (Source:CME)
The U.S. Department of Agriculture on Thursday announced private export sales of 225,000 tons of soybeans to China, 165,000 tons of corn to South Korea and 110.000 tons of corn for delivery to unknown destinations in the 2010-11 marketing year. The soybean and corn marketing year both began Sept. 1. Often a U.S. exporter agrees to sell a commodity to an intermediary that has not yet settled the final foreign destination of the commodity. When that happens the U.S. exporter reports the sale to the USDA, which lists the destination as "unknown." U.S. exporters are required to report to the USDA sales of 100,000 tons or more of soybeans made in the same day to the same destination by 3 p.m. EDT the next business day.
Malaysia Sep. 1-20 Palm Oil Exports 906,688 Tons -Intertek(Source: CME)
Malaysia's palm oil exports during the Sept. 1-20 period rose 5% on month to 906,688 metric tons, cargo surveyor Intertek Agri Services said Monday. The European Union was the biggest buyer of Malaysian palm oil, followed by China and the Indian subcontinent; they purchased 212,345 tons, 211,782 tons and 179,192 tons, respectively. Intertek estimated exports at 863,289 tons during the Aug. 1-20 period.
Soy jumps 2 pct to 14-month top, corn at 2-yr high
SINGAPORE, Sept 20 (Reuters) - Chicago soy rose more than 2 percent to its highest since June 2009 on concerns that dry weather may hurt a soon to be planted crop in Brazil, while corn rallied to a new 2-year top amid strong demand and worries about U.S. yields.
"I think as far as headline stories go, it is weekend frost in Canada which is serious, but time will tell how much impact it will have on the tonnage," said Brett Cooper, a senior manager of markets at FCStone Australia.
Surge on weather anxieties; inflation eyed
KUALA LUMPUR, Sept 20 (Reuters) - Global vegetable oil markets surged as investors took positions on concerns a dry spell may curb grain output in the Americas.
"Compared to other vegetable oils, China palm oil is mainly dominated by funds and there's still room for the price to increase," said Zhang Juan Cong, an oil analyst with Dadi Futures in Zhejiang province.
China soyoil row hits Argentine crush margins
BUENOS AIRES, Sept 17 (Reuters) - China's boycott of Argentine soyoil means soy processors in Argentina are suffering negative crush margins and exporting more beans than usual, an industry group executive said on Friday.
The Asian country, the world's top soyoil importer, halted exports from No. 1 global exporter Argentina in April in retaliation for anti-dumping measures on some Chinese manufactured goods.
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