CHICAGO, May 15 (Reuters) - U.S. rough rice futures on the Chicago Board of Trade fell the maximum trading limit for the third straight day on Thursday as easing concerns about the world's supply of rice triggered profit-taking, traders said.
* The rice market was technically weak, gapping lower the past two sessions and attracting speculative profit taking.
* July rice <RRN8> ended down the $1.15 per cwt limit at $20.34. The back months closed 27 to 61-1/2 cents weaker.
* July has dived more than $2.50 per cwt since last Friday's close, slipping below its 50-day moving average of $20.96 on Thursday. Rice began slipping in reaction to UDSA's forecast for a record world crop for 2008 and stocks to grow.
* CBOT rice hit a record top above $25 a cwt in late April on fears of rice shortages and hoarding.
* USDA's reported weekly exports sales of 84,000 tonnes, all old-crop. The tally was 18 percent below the previous week and Mexico was the biggest buyer with 43,600 tonnes.
* Private analytical firm Informa Economics forecast 2008 U.S. rice plantings at 2.94 million acres, versus USDA's March forecast of 2.77 million, traders said.
* After the close there were roughly 200 July contracts offered limit down.
* No futures traded synthetically via options after the limit-down move in July which froze futures trading in that month, traders said.
* Trading limit remains at $1.15 for Friday.
* Commodity funds continued to roll their July longs in the deferred months before the lead month stopped trading.
* Some 20 percent of Myanmar rice fields were damaged during the recent cyclone, including the country's Irrawaddy delta rice bowl, the U.N. food agency said. [ID:nBKK202161].
* Overnight May deliveries were light at three contracts. They were met by commercial stopping; ADM house took all.
For detailed report click on [GRA/]. (Reporting by Christine Stebbins) ((christine.stebbins@thomsonreuters.com; +1 312 408 8720; Reuters Messaging:christine.stebbins.reuters.com@reuters.net)) Keywords: MARKETS CBOT RICE
May 15 (Reuters) - U.S. M-2 money supply rose by $1.1
billion in the May 5 week to $7,654.9 billion, the Federal
Reserve said on Thursday.
The Fed said the four-week moving average of M-2 was
$7,666.8 billion vs. $7,673.1 billion in the previous week.
Following are the details of the money supply report, and
the Fed's H.3 and H.4 reports:
One week ended May 5 (billions dlrs)
Latest Change Prev week Rvsd from
M-1....1,372.5 down....7.0 vs 1,379.5.....1,379.9
M-2....7,654.9 up......1.1 vs 7,653.8.....7,654.1
M-2 Avg 4 wks (Vs Wk ago)..7,666.8 vs ...7,673.1
Monthly aggregates (Adjusted avgs in billions)
M-1 (April vs March)......1,368.0 vs.....1,372.0
M-2 (April vs March)......7,677.0 vs.....7,661.5
Federal Reserve's H.3 and H.4 report:
Two Weeks Ended May 7 daily avgs-mlns (H.3)
Free Reserves........rvsd..-27,217* vs.rvsd...-31,311*
Bank Borrowings.............29,197 vs.........33,027
Seasonal Loans..................31 vs.............22
Excess Reserves..............1,980 vs..........1,716
Required Reserves (Adj).....42,197 vs.........40,399
Required Reserves...........43,024 vs.........41,542
Total Reserves..............45,004 vs.........43,259
Non-Borrowed Reserves......-84,192 vs........-89,768
Monetary Base (Unadj)......829,816 vs........829,657
*Includes Primary Dealer Credit Facility and other credit
facility extensions amounts, not Term auction facility
amounts.
Two Weeks Ended May 7 daily avgs-mlns
Total Vault Cash.....rvsd...48,818 vs.........48,814
Inc Cash Equal to Req Res...35,376 vs.........34,400
One week ended May 14 (H4.1)
Bank Borrowings..........31,046**up...........2,838**
Primary Credit...........14,416 up...........2,761
Secondary Credit..............1 up...............1
Seasonal Credit..............37 up...............1
Float....................-1,209 up.............295
Balances/Adjustments......7,045 down............46
Currency................815,760 up...........1,445
Treasury Deposits.........4,657 down...........534
**Includes Primary Dealer Credit Facility and other credit
facility extensions amounts.
One week ended May 14 - daily avgs-mlns
Fed bank credit.............866,213 down.......1,417
Treasuries held outright....520,054 down......22,341
Agencies held outright..........nil vs..........unch
Repos........................95,821 down......23,750
Other Fed assets.............95,501 up........16,542
Other Fed liabilities........43,563 up.........1,017
Other deposits with Fed.........336 up............49
Foreign deposits.................98 up.............1
Gold stock...................11,041 vs..........unch
Custody holdings..........2,278,674 down.......1,068
Factors on May 14
Bank borrowings..............27,905 vs........27,790
Float..........................-337 vs........-1,739
((U.S. Financial Markets, 646-223-6300))
Keywords: USA ECONOMY/MONEYSUPPLY
CHICAGO, May 15 (Reuters) - U.S. soybean futures on the Chicago Board of Trade dived on Thursday on prospects for a break in the Argentine farmer strike, traders said.
* Traders were awaiting an announcement late Thursday on whether the farmer protest over a soy export tax would continue. The strike has stalled soybean movement in one of the world's top soy exporting countries.
* There were hopes that the Argentine farmer strike would end Thursday after some conciliatory comments made by the Argentine President late Wednesday, traders said.
* Among Chicago floor traders there was talk that farmers were considering a 10-day truce but that was not confirmed. Later, one Argentine farm leader said the strike would likely continue. [ID:nN15312266].
* Also weighing on soy prices was a price break in crude oil and a private analytical firm raising its estimate of U.S. soybean acreage.
* Traders said analytical firm Informa Economics pegged U.S. soy acres at 73.3 million versus its previous 71.3 million estimate and USDA's March forecast for 74.8 million.
* July soybeans <SN8> slid below most moving averages, ranging from $13.40 to $13.21 before closing at $13.47-1/2, down 32 cents.
* New-crop November soy <SX8> ended 13-3/4 cents lower at $13.19-1/4.
* July soymeal <SMN8> ended $6.70 per ton lower at $345; July soyoil <BON8> ended 1.47 cent per lb weaker at 60.03 cents.
* Commodity funds sold 4,000 soybean contracts, 2,000 soymeal and 3,000 soyoil. Commercials took advantage of the break to price soyoil, buying 1,000 contracts.
* Weekly export sales were mediocre but USDA confirmed a recent sale to China for 126,000 tonnes of U.S. soybeans; 60,000 tonnes for 2007/08 and 66,000 tonnes for 2008/09.
* USDA said export sales of U.S. soybeans last week were 201,700 tonnes, nearly all of it old-crop at 201,400 tonnes. The tally was within estimates.
* USDA reported U.S. soymeal export sales from last week at 116,800 tonnes. That was within trade estimates and nearly all was old-crop at 115,600 tonnes.
* USDA said U.S. soyoil export sales last week were 10,900 tonnes (all old-crop), which was above estimates.
* U.S. Midwest basis bids for soybeans were firmer at river locations, reflecting cheaper barge freight costs, while interior bids were steady. Farmer sales were quiet, dealers said.
* Overnight deliveries against the expired May contracts were light in soybeans and soymeal at 39 and 69 lots, respectively. Soyoil postings were larger at 369 but they were met by a strong stopper, likely a commercial. A UBS customer took 352 lots.
* Malaysian palm oil futures closed mostly lower. China's Dalian soybeans, soymeal and soyoil were weaker.
For a detailed market report click on [GRA/]. (Reporting by Christine Stebbins; editing by Jim Marshall) ((christine.stebbins@thomsonreuters.com; +1 312 408 8720; Reuters Messaging:christine.stebbins.reuters.com@reuters.net)) Keywords: MARKETS SOYBEANS CBOT
May 15 (Reuters) - U.S. M-2 money supply rose by $1.1
billion in the May 5 week to $7,654.9 billion, the Federal
Reserve said on Thursday.
The Fed said the four-week moving average of M-2 was
$7,666.8 billion vs. $7,673.1 billion in the previous week.
Following are the details of the money supply report, and
the Fed's H.3 and H.4 reports:
One week ended May 5 (billions dlrs)
Latest Change Prev week Rvsd from
M-1....1,372.5 down....7.0 vs 1,379.5.....1,379.9
M-2....7,654.9 up......1.1 vs 7,653.8.....7,654.1
M-2 Avg 4 wks (Vs Wk ago)..7,666.8 vs ...7,673.1
Monthly aggregates (Adjusted avgs in billions)
M-1 (April vs March)......1,368.0 vs.....1,372.0
M-2 (April vs March)......7,677.0 vs.....7,661.5
Federal Reserve's H.3 and H.4 report:
Two Weeks Ended May 7 daily avgs-mlns (H.3)
Free Reserves........rvsd..-27,217* vs.rvsd...-31,311*
Bank Borrowings.............29,197 vs.........33,027
Seasonal Loans..................31 vs.............22
Excess Reserves..............1,980 vs..........1,716
Required Reserves (Adj).....42,197 vs.........40,399
Required Reserves...........43,024 vs.........41,542
Total Reserves..............45,004 vs.........43,259
Non-Borrowed Reserves......-84,192 vs........-89,768
Monetary Base (Unadj)......829,816 vs........829,657
*Includes Primary Dealer Credit Facility and other credit
facility extensions amounts, not Term auction facility
amounts.
Two Weeks Ended May 7 daily avgs-mlns
Total Vault Cash.....rvsd...48,818 vs.........48,814
Inc Cash Equal to Req Res...35,376 vs.........34,400
One week ended May 14 (H4.1)
Bank Borrowings..........31,046**up...........2,838**
Primary Credit...........14,416 up...........2,761
Secondary Credit..............1 up...............1
Seasonal Credit..............37 up...............1
Float....................-1,209 up.............295
Balances/Adjustments......7,045 down............46
Currency................815,760 up...........1,445
Treasury Deposits.........4,657 down...........534
**Includes Primary Dealer Credit Facility and other credit
facility extensions amounts.
One week ended May 14 - daily avgs-mlns
Fed bank credit.............866,213 down.......1,417
Treasuries held outright....520,054 down......22,341
Agencies held outright..........nil vs..........unch
Repos........................95,821 down......23,750
Other Fed assets.............95,501 up........16,542
Other Fed liabilities........43,563 up.........1,017
Other deposits with Fed.........336 up............49
Foreign deposits.................98 up.............1
Gold stock...................11,041 vs..........unch
Custody holdings..........2,278,674 down.......1,068
Factors on May 14
Bank borrowings..............27,905 vs........27,790
Float..........................-337 vs........-1,739
((U.S. Financial Markets, 646-223-6300))
Keywords: USA ECONOMY/MONEYSUPPLY
TORONTO, May 15 (Reuters) - The Toronto Stock Exchange's main index popped higher on Thursday, pushing further into record high territory, propelled by strong resource and financial shares.
The S&P/TSX composite index <.GSPTSE> unofficially closed up 196.69 points, or 1.34 percent, at 14,823.00. (Reporting by Leah Schnurr; Editing by Peter Galloway) ((leah.schnurr@thomsonreuters.com; +1 416 941 8056; Reuters Messaging: leah.schnurr.reuters.net@reuters.com))
Keywords: MARKETS CANADA STOCKS
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