FKLI Related News

NEW YORK (MarketWatch) — U.S. stocks erased Friday losses to tally their fifth week of gains, sending the S&P 500 to a four-month high, with disappointing Chinese trade data advancing hopes for further moves to bolster the global economy.

After a 70-point drop, the Dow Jones Industrial Average ended up 42.76 points, or 0.3%, at 13,207.95, led by Hewlett-Packard Co.

FCPO Related News

Malaysian crude palm oil futures ended off an 8-week low on Friday, and posted a fifth straight weekly loss with traders positioning ahead of a key report by the U.S. Department of Agriculture (USDA) later in the day. FCPO October contract reached a low of  2844 but swiftly recovered to 2882 by Friday's close.

Soybean futures on the Chicago Board of Trade rose for a third day after the U.S. Department of Agriculture slashed its forecasts of U.S. 2012/13 soy production and ending stocks, traders said. However, gains were limited by profit-taking and a fall in corn and wheat futures. Continued export demand from China also added support. USDA said private exporters sold 290,000 tonnes of U.S. soybeans to China for 2012/2013 delivery.

However, weather maps have turned more favourable next week which could help soybean conditions in the Corn Belt. A cooler and wetter pattern this week and next could relieve stress for much of the Midwest. A Kuala Lumpur-based trader added that prices could rebound to 3,200 in the coming weeks due to persistent weather-related supply risks to the U.S. Midwest soybean crop.  

Intertek data this morning were slightly bearish but SGS export numbers released Friday afternoon helped improve market sentiment, traders said. Malaysia's Aug 1-10 palm oil exports exports fell 1.8% from a month earlier to 357,372 tons while SGS data put Aug 1-10 exports at 354,614 tons, up 6.8% from the July 1-10 period. 

Malaysia's July palm oil exports fell 15% to 1.30 million tons, the Malaysian Palm Oil Board said Friday. July crude palm oil output rose 15% from June to 1.69 million tons while end-July palm oil stocks rose 18% from end- June to 2 million tons, the highest level since February, MPOB data showed.

Today's support is located around 2850 while resistance is pegged at 2914.