WHEAT:
SINGAPORE, Oct 21 (Reuters) – CBOT December wheat <WZ0> is technically neutral between $6.73 and $6.93, with an escape from the range needed to determine its next directional move.
Showing posts with label Palm Oil. Show all posts
Showing posts with label Palm Oil. Show all posts
Thursday, October 21, 2010
Monday, October 18, 2010
Palm Oil Technicals from Reuters
SINGAPORE, Oct 18 (Reuters) - Malaysian palm oil may retrace further to 2,849 ringgit per tonne based on its wave pattern and a Fibonacci retracement analysis.
A five-wave cycle has completed on the rise from 2,653 ringgit to 2,970 ringgit, and a Fibonacci retracement analysis reveals a possible target for the current retracement at 2,489 - the 38.2 percent level.
Palm oil may also consolidate between 2,880 ringgit and 2,940 ringgit on Monday without rushing towards 2,849, as the wave "4" trough generally provides minor support which may hold up a fall temporarily.
Resistance is at 2,940 ringgit, a rise above which indicates a consolidation would take longer within a wider range between 2,880 ringgit to 2,970 ringgit.
Monday, October 11, 2010
Palm Oil Jumps to 26-Month High on Forecast for Lower Global Soybean Crop
Palm oil futures surged to the highest level in more than 26 months, tracking gains in soybeans, which rallied for a second day after the U.S. Department of Agriculture forecast a smaller global crop.
The contract for delivery in December jumped as much as 6.5 percent to 2,940 ringgit ($948) a metric ton, the highest level since Aug. 1, 2008, on the Malaysia Derivatives Exchange. Prices gained for a sixth consecutive week last week, the longest winning streak since a seven-week advance ending May 8, 2009.
The U.S. soybean crop will be a record 3.408 billion bushels (92.8 million tons), compared with 3.483 billion projected in September and 3.359 billion gathered last year, the USDA said on Oct. 8. August rains failed to boost yields, prompting the government to reduce its acreage estimates.
“Crude palm oil prices may be ripe for a further upswing given the USDA’s recent downgrade of soybean crop estimates and the threat to oilseeds and edible oil supplies posed by the ongoing
La Nina,” Ivy Ng, an analyst at CIMB Investment Bank Bhd., said in a report today.
The brokerage raised its forecast for crude palm oil prices by 9 percent to an average 2,630 ringgit a ton this year and as much as 14 percent to 2,800 ringgit for 2011. The price has averaged 2,502 ringgit this year, according to Bloomberg calculations.
Soybean futures for November delivery in Chicago gained as much as 4.4 percent to $11.8475 a bushel in Chicago, the highest price since June 5 last year. The contract traded at $11.775 a bushel at 9:06 a.m. in Mumbai.
Malaysian Exports
December-delivery soybean oil gained as much as 2.2 percent to 47.64 cents a pound in Asia, the highest level since Sept. 29, 2008. Soybean oil and palm oil are direct substitutes.
Malaysia’s palm oil exports fell 0.4 percent in the first 10 days of October to 395,015 tons from the same period in September, independent market surveyor Intertek said today.
On the Dalian Commodity Exchange, palm oil for delivery in May jumped as much as 5.6 percent to 8,184 yuan ($1,226) a ton, the highest level since Aug. 4, 2008. Dalian May-delivery soybean oil surged as much as 4.5 percent to 8,918 yuan.
CME Group Inc.’s December palm oil contract, pegged to the Malaysian benchmark price, surged as much as 5.4 percent to $938.25 a ton, the highest level since the exchange began trading the commodity in May.
To contact the reporter on this story: Thomas Kutty Abraham in Mumbai at tabraham4@bloomberg.net;
To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net
Saturday, October 9, 2010
Processing data for sustainable agriculture in Nigeria
The issue of data collection and processing in Nigeria has always been a serious challenge due to scattered sources of information from various Ministries, Departments and Agencies (MDAs) of Federal and State governments specially on food and agriculture in the country.
Food and agricultural produce are essential tools to both human and nation’s economic development which is evident in the Gross Domestic Product (GDP) of Nigeria where agriculture is contributing about 43%.
May be GDP contribution would have been improved if there had been sound statistical information for national planning through a uniform platform that will be collating and harmonizing this data in order to generate more revenue through accurate planning.
It is on record that the antecedent of data in Nigeria is at zero level and that is why most at times all the reference sources given on agricultural produce are the ones from Food and Agriculture Organization (FAO) of United Nations because of its more reliability and world standard scientific process it has undergone in the hands of experts.
Let it be pointed here that some of these experts used by the FAO to gathered this data are Nigerians and this shows that the country has the wherewithal to have a well sustainable data based information on food and agricultural produce in her effort to fight poverty and hunger through the food security programme and also to achieve the vision 20:2010 development goal.
Well it is a good news that Nigeria has also joined the other 17 countries of the Sub_Saharan Africa that have already started implementing the National country STAT initiated by FAO through financial support from Bill and Melinda Gate Foundation of United State of America, this may not be enough except it is well.
In the first instance at 50 years of independence why should Nigeria wait this long to have uniform platform that will process and harmonizes food and agricultural matters, a very sensitive sector of the economy. A sector that has effectively driven the economy in the 60s in all the three regions with the western states using produce from cocoa to offer free education and health to the people then.
The cocoa of the west, the groundnut/cotton pyramid of the north and palm oil of the east are three major cash crops that gave economic development to Nigeria before the arrival of crude oil. Let us also point here that what Malaysia is making in palm oil export that she came here to take in the 60s is much more than all the noise in the oil revenue generation if our dear country Nigeria can get her priority right in area of good planning for agricultural development which sound data is one of the keys.
It is appalling that since all these years, Nigeria did not deemed if fit to conduct census for all produces on food and agricultural talk less of having a sound data base that will be sustained. All these are among the thought of stakeholders at the country STAT launch in Abuja where they expressed scepticision about government sustaining the project after FAO might have removed its financial support.
Though the minister of Agriculture and Rural Development, Prof. Sheikh Ahmed Abdullahi argued favourably on the need for reliable data base for efficient planning but he seems elusive in the area of sustainability and agricultural census which the National Bureau of Statistics (NBS) believes is part of key ingredients to sound data.
Mr. George Oparaku, a deputy director and the head of Agriculture and Business Enterprise NBS advised that all effort should be channeled towards sustainability and argued that a base_line data would be effective through agricultural produce’s census adding that countrySTAT is a function of data produced through survey or administrative statistics which may not be broadened enough.
vanguardngr.com
Thursday, October 7, 2010
Palm Oil Technicals from Reuters
SINGAPORE, Oct 7 (Reuters) - A bullish target at 2,750 ringgit per tonne for Malaysian palm oil <KPOc3> is intact as an upward wave "5" is yet to develop.
The current consolidation is regarded as a wave "4" correction which may be limited to 2,706 ringgit, the 38.2 percent Fibonacci retracement level on the rise from 2,660 ringgit to 2,735 ringgit.
A fall below 2,706 ringgit would push prices down to 2,698 ringgit, the 50 percent Fibonacci retracement level.
Tuesday, October 5, 2010
Palm Oil Technicals from Reuters
SINGAPORE, Oct.5 (Reuters) - Malaysian palm oil may extend its loss to a range between 2,600 ringgit and 2,588 ringgit per tonne, as per a channel technique.
A long-term trendline resistance at 2,733 ringgit proved to be strong, and a failure to break it indicates the weakness of the bullish momentum.
As a result, palm oil would retrace to a support at 2,600 ringgit to accumulate strength before climbing up again.
The 2,600 ringgit support is provided by the lower channel line of an identical channel which was duplicated from the upper channel.
Resistance is at 2,690 ringgit, a rise above which would extend its gain to 2,720 ringgit.
Monday, October 4, 2010
Malaysian palm oil is expected to retrace to between 2,600 ringgit and 2,588 ringgit per tonne
SINGAPORE, Oct 4 (Reuters) - Malaysian palm oil is expected to retrace to between 2,600 ringgit and 2,588 ringgit per tonne, as it failed to break past a long-term trendline resistance at 2,733 ringgit.
An identical channel, duplicated from the upper channel is pointing to 2,600 ringgit - a support provided by the lower channel line. Palm oil opened with a big gap on Monday, confirming the development of the retracement.
The lower end of the range is the 61.8 percent Fibonacci retracement level on the rise from 2,486 ringgit to 2,754 ringgit.
A pullback towards the middle channel line is likely to be capped at 2,700 ringgit.
Friday, October 1, 2010
Commodity News Snapshot-Pakistan
KARACHI (October 01, 2010): The rupee failed to break the jinx on Thursday, hitting all-time low versus the dollar on both open and interbank markets, dealers said. The rupee lost eight paisa against the dollar for buying at 86.28. It shed seven paisa for selling at 86.32, they said.
ISLAMABAD: Federal Minister for Information and Broadcasting Qamar Zaman Kaira has said the country has 2.5 million tonnes of wheat and 4.2 million tonnes of rice in reserve due to the judicious storage of the last year.
ISLAMABAD (October 01, 2010): Government has decided to restrict wheat procurement to the public sector in an effort to build strategic reserves at an indicative issue price of Rs 975 per 40 kg for the year 2010-11. Sources revealed to Business Recorder that the Economic Co-ordination Committee (ECC) of the Cabinet in its meeting held on September 21, 2010, had constituted a high level committee to review the existing purchase policy of wheat and in the next meeting it recommended restricting wheat purchase for maintaining strategic reserves to the public sector.
KARACHI (October 01, 2010): Official spot rate fell on the cotton market on Thursday, as a result of modest improvement in supplies of phutti, dealers said. The Karachi Cotton Association (KCA) official spot rate dropped sharply at Rs 7,050; they said. In the ready business, around 20,000 bales of cotton changed hands between Rs 6,700-7,100; they said.
KARACHI (October 01, 2010): Another consignment of sugar import by Trading Corporation of Pakistan (TCP) has arrived on Thursday. According to detail MV "UNICORN 1" carrying 7,000 tons sugar has berthed at KPT and started discharging from 28-09-2010. While two more ships, MV "INDIAN FORTUNE" carrying 20,000 tons and MV "CAPE YORK" with 20,500 ton are scheduled to arrive on October 2, 2010 and October 6 respectively.
FAISALABAD (October 01, 2010): DCO Faisalabad, Naseem Sadiq has asked the management of sugar mills in default to immediately pay the arrears of sugarcane growers otherwise stern legal action would be taken against them. He said that the matter of the payment of dues should be settled amicably before the starting of next crushing season. He was presiding over a joint meeting of representatives of sugar mills and farmers.
International News
KUALA LUMPUR (October 01, 2010): Malaysian palm oil rose 1.19 percent on Thursday, booking its first quarterly gain in a year as a global economic recovery fuelled demand and erratic weather patterns meant an uncertain grain crop outlook world-wide.
LONDON: Oil topped $79 a barrel, hitting a fresh seven-week high on Thursday after data in the United States offered hope for a pick-up in economic activity in the world’s largest economy.
NEW YORK (October 01, 2010): Raw sugar futures settled lower on Wednesday, after the spot contract swung up to a seven-month high, bringing its premium to a three-month top just before it will expire Thursday. Arabica coffee futures consolidated from Tuesday's steep rally while cocoa negated the day's trend, with the US market closing at a six-week top.
NEW YORK (October 01, 2010): ICE raw sugar futures fell on Thursday after the spot contract swung to a seven-month high on Wednesday, with expectations of a good-sized delivery tonnage at the October expiry. Arabica coffee futures edged up in thin volumes, consolidating from Tuesday's steep rally, while cocoa edged lower on Thursday, the last trading day of the third quarter of 2010.
Palm Oil Technicals from Reuters
SINGAPORE, Oct 1 (Reuters) - Malaysian palm oil <KPOc3> may rise into a range of 2,850-2,900 ringgit per tonne after it cleared trendline resistance at 2,733 ringgit for a second time.
After a minor retracement to 2,691 ringgit on Wednesday, palm oil could have accumulated enough strength to progress towards upper channel line resistance at 2,850 ringgit, or even higher to 2,900 ringgit.
Support is at 2,691 ringgit, a break below which will trigger a further retracement to 2,630 ringgit.
Tuesday, September 21, 2010
Commodity News Snapshot-Pakistan
KARACHI (September 21, 2010): Spiralling trend in the global bullion market on Monday pushed the gold prices here to a fresh high of Rs 40,700 per tola, trader said. On Saturday, gold was available at Rs 40,600 per tola. It posted a Rs 100 rise in a single-day trading to the new high. Likewise, the yellow metal price per 10 gram reached Rs 34,885, up from Rs 34,757, traders added.
KARACHI (September 21, 2010): All-round decline was seen on the currency market on Monday as a result of higher demand for the US currency, dealers said. The rupee extended its fall, dropping 12 paisa versus dollar for buying at 85.84 and shedding 13 paisa for selling at 85.88, they said.
KARACHI (September 21, 2010): Prices may set new highs on the cotton market as buyers were busy on Monday in fresh deals in anticipation of further rise in the rates, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 150 to Rs 7,100, they said. In the ready business, approximately, 9000 bales of cotton changed hands between Rs 7000-7500, they said.
Indian traders cancel export orders of Pakistan
KARACHI: Cotton prices have shot up seven percent in about a week in the country propelled by talks that India has stopped export of fibre to Pakistan.
In the international market, New York cotton October futures closed at $1.10 per pound and December futures at $1.20 per pound, a lint analyst said Monday.
In the international market, New York cotton October futures closed at $1.10 per pound and December futures at $1.20 per pound, a lint analyst said Monday.
ISLAMABAD (September 21, 2010): Islamabad Capital Territory (ICT) administration will set up 20 sugar sale points in the city and rural areas of Islamabad for providing the commodity to the citizens at cheaper rates. Deputy Commissioner Islamabad, Amer Ali Ahmed said that the administration would set up 20 sugar sale points in all the sectors as well as in rural areas for which arrangements are being finalised.
ISLAMABAD (September 21, 2010): The provinces and the Pakistan Agriculture Services and Storage Corporation (Passco) had procured 1.13 million tons of wheat during 2010. In a written reply to a question, the Minister for Food and Agriculture, Nazar Muhmmad Gondal, on Monday informed the National Assembly that wheat production for 2009-10, as per second estimate, was 23.86 million tons.
KARACHI (September 21, 2010): The Sindh government has directed the district food officials to conduct a survey of the procured wheat damaged recently by the floodwater to ascertain the real loss of the commodity, it is learnt. Sources told Business Recorder on Monday that the Food Department has recently instructed its district officials and inspectors to conduct a survey to ascertain the losses caused to stocked wheat in the province.
KARACHI (September 21, 2010): Gold and silver rates in rupees per 10 grams prevailing in major cities on Monday (September 20, 2010).
International News
KUALA LUMPUR (September 21, 2010): Global vegetable oil markets surged on Monday as investors took positions on concerns a dry spell may curb grain output in the Americas. Agriculture markets have been moving higher on concerns erratic weather across the globe will limit supplies for the food sector, potentially stoking inflation in China.
NEW YORK (September 21, 2010): ICE benchmark raw sugar futures eased back from a seven-month high early on Monday, as nearby demand and adverse weather underpinned prices. ICE arabica futures were lower but remained within sight of a 13-year peak, while cocoa edged down. The ICE October raw sugar futures contract expires on September 30.
NEW YORK (September 21, 2010): World stocks jumped and the dollar slipped on Monday as investors speculated the Federal Reserve could signal further economic. Gold rose slightly on Monday as funds kept buying the metal on a weaker dollar and a report showing US homebuilder sentiment stayed in the doldrums. Spot gold hit a record $1,283.70 an ounce, then pared gains. It stood at $1,277.60 an ounce at 3:16 pm (1916 GMT).
LONDON: Oil edged higher on Monday towards $74 a barrel, after dropping 3.7 percent last week, as investors looked ahead to a Federal Reserve meeting and the prospect of further moves to increase money supply. US crude for October, which expires on Tuesday, was up 40 cents at $74.06 a barrel by 1340 GMT, while ICE Brent for November was up eight cents at $78.29.
Friday, August 27, 2010
Commodity News Snposhot -
National News
ISLAMABAD (August 27, 2010): Senate Standing Committee on Industries and Production on Thursday was informed that Pakistan has faced 25 million dollars loss due to delay in the import of sugar. The Committee was also informed that Pakistan can face 19 million dollars loss in future if sugar is not imported in time.
LAHORE (August 27, 2010): The Punjab Food Department will be holding auction for wheat affected due to rain and flood waters at its different storage centres on August 27 (Friday). Sources in the provincial food department told Business Recorder here on Thursday that earlier the auction was scheduled for August 25, but the department did not receive any suitable bid.
LAHORE (August 27, 2010): Chairman Pakistan Cotton Forum (PCF) Seth Muhammad Akbar has asked the government to take urgent precautionary measures to save cotton crops from further damage. He said the cotton crop in Punjab has entered into its most crucial phase where picking of each extra boll would matter. Therefore, timely preventive measures are required to save the cotton crops.
LAHORE (August 27, 2010): Barring a short-lived spike early this week which later petered out, cotton prices have more or less remained steady over the past one week or so. Some volatility creeps in and the market becomes fidgety due to uncertainty bred by rains and floods of gargantuan proportions which have created chaos and havoc over a large part of the country since last one month.
KARACHI (August 27, 2010): Besides displacing millions of people and loss of the lives and property, the current floods have caused a loss of at least Rs 76.067 billion to the standing crops in the Sindh so far, it is learnt.
International News
KUALA LUMPUR (August 27, 2010): Malaysian crude palm oil futures rebounded on Thursday from one-month lows hit the previous day due to technical buying and firmer oils markets. Crude oil rose for a second day in Asian hours as investors bought back into the market after it hit 11-week lows, but analysts said the fundamental outlook was still bearish with ample stocks to cover any rebound in demand.
CHICAGO (August 27, 2010): US wheat futures fell 4 percent to their lowest level in a week on Wednesday on a wave of technical selling after Egypt bypassed US supplies in its latest purchase, traders said. "I think its a technical blow-off," said Mike Krueger, president of The Money Farm, a grain market advisory service near Fargo, North Dakota. "When wheat goes, it goes in a hurry. It is running into these sell stops and it just blows right through them."
LONDON: Gold steadied on Thursday, having hit its highest level in two months earlier in the day, after US unemployment data beat expectations, boosting the dollar and other risk-linked assets such as equities.
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