Archived News

Feb 02 3:42 PM - PAPUA New Guinea's New Britain Palm Oil Limited has been given the green light to rehabilitate the palm oil industry in the Solomon Islands.

2/2/2005 Agra Europe - India's summer oilseeds crop is expected to bounceback and match a year earlier's output, after erratic rains caused adecline in the winter harvest, traders said on Monday.

1/31/05 Oilmandi INDIA - The Asian soybean rust fungus is expected to playhavoc in the coming months. The U.S. crop, to be harvested in November, isalready affected and this is likely to drop the global output for thesoybean year 2005-06 (July-June), traders said Saturday.

20/1/05 INDIA - THE MINISTER FOR Agriculture and Food, Mr Sharad Pawar'sexplosive statement in Mumbai at the World Congress of InternationalAssociation of Seed Crushers that there was a need to encourage import ofhigh oil content oilseeds and genetically-modified seeds to overcome theshortage of raw material for the crushing and processing industry has sentthe entire industry into a tizzy. It is unclear what provoked thestatement. With a record rise in global oilseeds output this year,especially of soyabean in the US, suppliers are scouting for new marketsthat would support their farm-gate prices. The Minister has willy-nillysent out a signal that India is opening its doors to oilseeds and to thegenetically-modified (GM) varieties even.

31/1/05 (Dow Jones)--RBD palm olein prices in China likely to stay weak inshort to medium term as demand still sluggish due to low temperatures,says Shanghai Pansun; stocks at main ports estimated around240,000-250,000 tons, which would take time to be consumed, keeping pricesunder pressure. Room for fresh imports also likely limited in near termdue to negative margins as selling prices in domestic market (aroundCNY4,150/ton) below import cost.

NEW DELHI, JAN 23: Budget 2005-06 is likely to restructure import tariffson oilseeds and edible oils. The ministry of consumer affairs has proposeda halving of the import duty on oilseeds to 15%. It has also recommendedrationalisation of the customs duties on edible oils, which would entaillowering duties on most products, according to senior officials.

30/1/05 PAKISTAN - The population of Pakistan has increased from 32.5million in 1947 to 149.5 million currently. The consumption of edible oilhas also been increased proportionally from 0.3 million tons to 1.95million tons during the last two decades. The population is increasing ata rapid rate but the production is meagre and fluctuating.

30/1/05 Pakistan - Although, Pakistan 80 per cent cultivatable area isirrigated but the edible oil needs are met through imports. The importbill rising from Rs77 million in 1969-70 to Rs39 billion in 2002-03 hasoverburdened the exchequer.

31/1/05(Dow Jones)--Oilworld expects soyoil, palm oil prices to findsupport at current low prices, say traders familiar with its latestreport. In medium term, some price advance possible due to seasonallylower stocks, slowdown of production growth. Demand for eight majorvegetable oils forecast to rise by a record 5.3 million tons in 2004-05year (October-September) compared with 3.6 million tons previous season,partly due to growth of biodiesel industry.

KARACHI (January 27 2005): Pakistan's palm oil market saw little buyinginterest in the past week but dealers said on Wednesday that dwindlingcottonseed supplies would boost imports in a few weeks. Weak internationalprices and overbought positions held by big importers were behind theslack buying interest and most traders were waiting for the internationalmarket to hit rock bottom. "There is room for big imports as current(international) prices are very attractive but the market lacks aggressivebuying interest," said Akbar Puri, an importer in Karachi.

1/31/05 Oilmandi - MALAYSIAN crude palm oil futures on BMD endedmarginally higher on Friday due to short covering. Markets will lookforward to export estimates for the month of January next week, fordirection.

Friday, January 28, 2005 - Ahead of lunar new year festivities, industriesin China are reducing their activity, and this will eventually cut demandfor certain raw materials including crude palm oil (CPO), thus weighingdown on the commodity price.