Archived News

9/9/04 INDIA (Oilmandi) - Imports of edible oil during the first tenmonths of the marketing year (MY) 2003 (October-September) are estimatedat 3.04 million tonne, 28 per cent less than the quantity imported duringthe corresponding period of MY 2002.

Thursday September 9, 2004 - PLAYERS in the agriculture sector areanticipating good incentives in Budget 2005 such as less tax, better linksbetween productivity and wages, and strong emphasis on the training ofagricultural workers to take the industry to greater heights.

NEW DELHI, Sept 8 (Bernama) -- India's edible oil imports during August2004 increased to 401,000 tonnes, up from 292,000 tonnes in the previousmonth, buoyed by the demand for the coming festival season. Importsduring September and October were placed at 900,000 to 1,000,000 tonnes,taking the total oil imports during the oil year (November '03 to October'04) to 4,200,000-4,300,000 tonnes as against 5,110,000 tonnes in theprevious oil year, according to the financial daily, the Hindu BusinessLine.According to preliminary import data from the industry portalOilmandi.com, quoted by the paper, the composition of arrivals duringAugust this year was as follows: 171,000 tonnes of de-gummed soya oil;158,000 tonnes of crude palm oil; 33,300 tonnes of refined palmolein; and31,500 tonnes of crude sunflower oil. The rest included 4,000 tonnes ofcrude palmolein and 2,000 tonnes of crude palm kernel oil. There was asubstantial increase in soyabean oil arrivals following a downward pricecorrection in international market. Crude olein imports were downconsiderably last month, while sun oil imports picked up because offestival demand, the report said. Imports of edible oil during the firstten months of the current oil year were estimated at 3.1 million tonnes,compared with 4.25 million tonnes during the corresponding period of theprevious oil year. -- BERNAMA

08/09/04 - The law would apply to maize and oilseed rape, the only twobiotech crops authorized in Europe. Batches of conventional seeds with GMOmaterial below a threshold level wouldn't have to be labeled.

Thursday September 9, 2004 - KOTA KINABALU: The business community withinthe Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area(BIMP-EAGA) has been reminded that innovation and creativity are needed tofully exploit opportunities available within the grouping.

2/08/04 - The imported soybean stocks have continued to drop at Chineseports, with the total amounts at 2-2.2 million tons at the end of August,down by 800,000 tons and if added to this crushers’ stocks, the totalsoybean stocks will reach 2.5 million tons. The stocks will continue todrop in September or even less in October due to the increases in theinternational soybean and domestic soymeal prices.

Global soybean demand to soar 60% by 2020, South America to provide mostof new supply- new report says9/7/2004 LLOYDS LIST - DRIVEN by the removal of trade barriers,population growth, and rising per capita income in emerging economies,global demand for soybeans is projected to soar by 60% and reach 303m tonsby 2020, with South American producers to account for the bulk of the newsupplies, according to a just-released report by an internationalenvironment group, writes John Zarocostas in Geneva.

06/09/04 KUALA LUMPUR (Dow Jones)--Asian cash palm oil prices weresteady Monday, with products in Malaysia unchanged to slightly higher,supported by a friendly crop report from private surveyor PalmisManagement Bhd.Keen buying interest for CPO in the Malaysian cash market also helpedsupport prices, traders said.Palm oil prices surged earlier last week to two-month highs, but fellsharply in the latter part of the week amid heavy speculative selling.The volatile price swings unnerved market participants and fueleduncertainty over market direction.Traders said in the short-term, palm oil prices may be steady tohigher, following Monday's friendly report from Palmis.Palmis estimated Malaysia's August CPO output at 1.31 million metrictons, up from the 1.27 million tons produced in July, traders familiarwith the latest Palmis report said.According to traders who obtained the data, Palmis estimated Augustpalm oil exports at 1.20 million tons, up from 1.11 million tons in July.Palmis pegged end-August stocks at 1.305 million tons, up slightlyfrom 1.27 million tons at end-July, traders said.Palmis is the only private palm oil crop forecaster in Malaysia, andits production, export and stock forecasts are closely watched by themarket.Traders said the figures were considered friendly, as the rise instocks in August wasn't as large as feared."There's quite a big drop in the stocks number compared to (Palmis')previous report," a trader said.In its previous report, Palmis estimated end-August stocks around 1.37million to 1.38 million tons, traders said.An official August supply and demand report is due to be issued by theMalaysian Palm Oil Board Sept. 13.Traders said, however, the Palmis report alone may not be enough tokeep the market on an uptrend for the rest of the week, as sentiment isstill cautious."The market is under pressure mainly due to some Chinese unable to payup soy cargoes, and also the U.S. weather has improved," a trader said.There were rumors Friday that a multinational grain-trading companyhad obtained a court order to seize one to two cargoes of soybeans boundfor China. The move was believed to be in response to financial problemsencountered by Chinese soybean crushers earlier this year.Forecasts calling for no threatening temperatures in the U.S. soybeanbelt all week also halted an earlier weather-inspired rally in the soycomplex futures.Traders said participants are now waiting for the U.S. Department ofAgriculture's monthly crop report due Friday.Last year, the USDA's September report triggered a bull run in globaledible oil prices.In the cash market, CPO for September shipment was offered at 1,585ringgit ($1=MYR3.80) a ton, up MYR10 from Friday, delivered basis in SouthMalaysia.RBD palm olein for September shipment was offered at $452.50/ton,unchanged from Friday.RBD palm oil for September shipment was offered at $442.50/ton, alsounchanged.In Indonesia, RBD palm olein in Jakarta was offered at 4,650 rupiah($1=IDR9,255/kg), unchanged from Friday.There were no offers for CPO in Medan so far Monday, traders said.

06/09/04 JAKARTA (Dow Jones)--China has agreed to reduce its importtariff on Indonesian stearic acid as part of wider plans to free up tradein the Asian region, the head of an association of Indonesian producerssaid Monday.

9/6/04 INDIA (Oilmandi) - Imported cooking oil and steel will now becomemore expensive as customs authorities stop allowing DEPB drawbacks in lieuof cash payment of import duty. Both these high-ticket commodities willnow have to shell out the education cess and all applicable surchargeswhich are exempt while claiming DEPB.

06/09/04 JAKARTA (Dow Jones)--Indonesia's exports of crude palm oil toIndia are set to fall 20% this year, due to strict import rules, theIndonesian Palm Oil Producers association said Monday.

06/09/04 KUALA LUMPUR (Dow Jones)--Private surveyor Palmis ManagementBhd. Monday estimated Malaysia's August crude palm oil output at 1.31million metric tons, up from the 1.27 million tons produced in July,traders familiar with the latest Palmis report said.According to traders who obtained the data, Palmis estimated Augustpalm oil exports at 1.20 million tons, up from 1.11 million tons in July.Palmis pegged end-August stocks at 1.305 million tons, up slightlyfrom 1.27 million tons at end-July, traders said.Palmis is the only private palm oil crop forecaster in Malaysia, andits production, export and stock forecasts are closely watched by themarket.Traders said the figures were considered friendly, as the rise instocks in August wasn't as large as feared."There's quite a big drop in the stocks number compared to (Palmis')previous report," a trader said.In its previous report, Palmis had estimated end-August stocks around1.37 million to 1.38 million tons, traders said.Traders said the large reduction in stocks is likely to boostsentiment and lift palm oil prices in the afternoon session.The benchmark November CPO contract ended the morning session at 1,495ringgit ($1=MYR3.8) a metric ton, up MYR4 from Friday.They said the benchmark contract is likely to end the day above theMYR1,500 psychological level.Official August supply and demand figures are due to be issued by theMalaysian Palm Oil Board Sept. 13.The decline in Palmis' stocks forecast was mainly due to strongexports in August, traders said.Last week, cargo surveyors Intertek Testing Services and SGS(Malaysia) Bhd had also reported August Malaysian palm oil exports around1.2 million tons.