Monday, 10 September 2012

FCPO Related News
Malaysian crude palm oil futures fell on Friday, posting their worst weekly performance since late July, with traders made cautious by the prospect that data next week could show rising inventories in the Southeast Asian country. (Reuters)
Soybean futures fell for a third straight day on Friday and snapped a five-week winning streak, as investors banked profits and recent rains in the farm belt looked set to help some of the crop recover from the worst drought in half a century.
Malaysia's Sept. 1-10 palm oil exports rose 30% from a month earlier to 460,939 metric tons, cargo surveyor SGS (Malaysia) Bhd. said Monday. MPOB says August CPO output is down 1.7% on month at 1.66 million tons, while end-August stockpiles reached 2.12 million tons, the highest since last October. However, according to a dealer in KL, MPOB August crop data is within market expectation and prices could rebound to MYR2,975/ton.
The benchmark November contract on Bursa Malaysia Derivatives
ended lower at 2,927 ringgit a metric ton as investors liquidated
positions ahead of an August crop report and Sept. 1-10 export estimates. Today’s support and resistance is located around 2,895 and 2,975 respectively

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