Archived News

ZHENGZHOU, July 13 Asia Pulse - Experts predict that with imports andstocks of soybean oil hitting record highs, the edible oil market in Chinamay remain stable and drop slightly in the near future.

JAKARTA, July 13 Asia Pulse - The government said it will support a planby crude palm oil producers to build crude palm oil storage tanks inChinese ports to facilitate sales of that commodity in that country.

KUALA LUMPUR, July 12 (Bernama) -- Malaysian palm oil stocks rose 15.85percent to 1.210 million tonnes in June as against 1.045 million tonnes inthe preceding month, says the Malaysian Palm Oil Board (MPOB).

KUALA LUMPUR, July 14 (Bernama) -- Malaysia hopes that India's move toraise import tariff by five percent on refined palm oil will be atemporary measure, says Minister of Plantation Enterprises and CommoditiesDatuk Peter Chin Fah Kui.

Chicago Tribune - Jul. 10--A little more than a year after McDonald'sCorp. extended its timetable to develop a healthier cooking oil, the fastfood giant is tinkering with a new formula in a handful of restaurantsacross the country.

7/8/2004 BUSINESS DAILY UPDATE - China imported about 2 million tons ofsoybeans in June and 9.1 million tons in the first half. First-halfsoybean imports were 1.15 million tons less than the figure from a yearearlier. Statistics from the country's General Administration of Customsshowed last month that China's soybean imports fell 2.4 percentyear-on-year to 7.48 million tons in the first five months. Brazil is oneof China's major import destinations of soybeans, and the Chinesegovernment has lifted the suspension it had imposed on soybean importsfrom the South American country. China had rejected eight shiploadstotaling 359,000 tons of soybean and suspended imports from 23 Braziliancompanies in May and June, alleging the presence of fungicides in theshipments.

KUALA LUMPUR, July 12 (Bernama) -- Malaysian palm oil stocks rose 15.85percent to 1.210 million tonnes in June as against 1.045 million tonnes inthe preceding month, says the Malaysian Palm Oil Board (MPOB).

7/12/2004 Food Ingredient News - Loders Croklaan (24708 W. Durkee Rd.,Channahon, IL 60410-5249; Tel: 800/621-4710 or 815/730-5200, Fax:815/730-5202) will expand its U.S. palm oil supply, by increasing thecapacity of its palm oil processing plant in Illinois to 250,000 tonsannually, along with its major storage capability in New Orleans.

7/12/2004 Agra Europe - Malaysia hopes to sell up to 600 000 tonnes ofcrude palm oil (CPO) to emerging markets in Russia and Poland in the nextfew years, the Malaysian Palm Oil Association (MPOA) chairman Sabri Ahmadsaid after a recent visits to the two countries.

7/12/2004 INTERFAX - The board of directors of the European Bank forReconstruction and Development decided on Tuesday to provide Ukraine's ZAOChumak, a large producer of ketchup, mayonnaise, sunflower oil and cannedgoods, with a credit of $10 million and to open a revolving credit linefor $5 million, a source in the bank's Kyiv office said.

9/7/2004 SAO PAULO (Dow Jones)--Brazilian soybean output will reach65.7 million metric tons in the 2004-05 season (October-September), some33% higher than the 49.3 million tons produced in the weather- anddisease-affected last crop, local analytical firm Agroconsult said Friday."The estimate is based on the expectation that losses due to dryweather and Asian rust will not be repeated," said Guilherme Bastos, anAgroconsult analyst.This is the first estimate for the next crop released by a localconsultancy.The expansion will be fueled by a 7.5% increase in soybean plantedarea to 22.8 million hectares from 21.3 million this year, and a return tonormal yield levels, pegged 24% higher than the year before at 2,874 kgper hectares.

KUALA LUMPUR (Dow Jones) - Asian cash palm oil prices were mixedFriday, with products in Malaysia mostly unchanged in slow trading aheadof important crop data due in the coming days.Palm oil prices have been on the decline so far this month mainlybecause of selling pressure from some large trading houses amid concernsabout poor consumer demand.Products in Malaysia have lost about $20 a metric ton month-to-date,while the benchmark CPO futures contract on the Bursa Malaysia Derivativeshas fallen more than 100 ringgit ($1=MYR3.8) a ton.However, with key supply and demand figures such as the Malaysian PalmOil Board's monthly report looming, participants mostly withdrew to thesidelines Friday. The government-run MPOB is due to issue midday Mondayofficial June data.Private forecaster Palmis Management Bhd. is expected to issue its ownestimates for June before the MPOB report. By midday Friday, Palmis hasyet to issue its figures.Also by Monday, cargo surveyors Intertek Testing Services and SGS(Malaysia) Bhd. are scheduled to issue estimates for Malaysian palm oilexports for the July 1-10 period.Market expectations are for July 1-10 exports to show a slight growthfrom the June 1-10 total. In the first 10 days of June, exports wereestimated at close to 270,000 tons.Traders said buying interest from consumers such as China has shown nosignificant pick-up despite the recent drop in palm oil prices.The CPO futures market fell to a 2004 low this week.China is traditionally the biggest buyer of palm oil. However, credittightening by the government and ample domestic stocks have discouragedimporters from making fresh large purchases, traders said.The impact of the discovery of bird flu in China on the edible oilssector is still uncertain, traders said."So far, we haven't seen any impact yet. I don't think it will make abig difference because the (demand) situation is already very bad," atrader said.Traders estimated that palm oil stocks in major Chinese ports total250,000 tons.In the cash market, CPO for July shipment was offered at 1,490 ringgit($1=MYR3.8) a metric ton, down MYR5 from Thursday, delivered basis inSouth Malaysia.RBD palm oil for July shipment was offered at $415.00/ton, unchangedfrom Thursday.RBD palm olein for July shipment was offered at $425.00/ton, unchangedfrom Thursday.In Indonesia, RBD palm olein was offered at 4,400 rupiah ($1=IDR8,920)a kilogram, down IDR50 from Thursday.