are you still getting the same error? is there an error in the ftp log (not just the yum error) that is useful? Also is there a /opt/yum/repodata directory with the repomd.xml file(just trying to cover all bases). Can you access the ftp site via a web browser (ftp://126.96.36.199)?
If not look in the log files again and see if there is a useful error. If so, try recreating the repository.
Side note: on the yum server I have running (hosted via web), the permissions are 644 root:root
And the ftp server I have are the same.