Archived News

February 19 2004 - MALAYSIA Derivatives Exchange Bhd (MDEX) has securedfour big players in the palm oil industry as market makers for its palmkernel oil futures to be launched this Friday.

February 19 2004 - MALAYSIA’S more than 100,000 oil palm smallholders haveseen their income increase following strong crude palm oil (CPO) prices oflate.

Friday February 13, 2004 - THE spot price of crude palm oil (CPO), whichtraded above RM1,900 per tonne yesterday, is expected to hit the magicfigure'' of RM2,000 very soon, going by the commodity's continued bullishperformance.

Buenos Aires, Feb. 12 (OsterDowJones) - Argentine soybean prices settledlower on Thursday on concern that recent bird flu problems elsewhere willgrow worse, leading to the destruction of more birds, which could dampendemand for the soybean products used to feed them, traders said. Soybeansfor immediately delivery sold for 675 pesos ($1=ARS2.93) per metric ton onThursday in Rosario, Argentina's main soybean port. This compares with 700pesos per ton a week earlier. On Thursday, officials in the U.S. State ofNew Jersey said bird flu, or avian influenza, had hit four live poultrymarkets. In addition, health authorities in Pennsylvania said they hadquarantined a poultry flock while they conduct tests to see if it has beeninfected. This news comes just days after outbreaks in Delaware ledofficials there to kill 80,000 birds to prevent the infection fromspreading elsewhere. While the U.S. bird flu problems are not as seriousas are bird flu outbreaks that have wreaked havoc in Asia, traders areconcerned that the problem will become worse and crimp demand for soybeanproducts. "The most serious factor in the market now is the bird fluproblem," said Federico Mircoli, a trader with the Buenos Aires-basedbrokerage Granos del Parana. "This has really hit soybean prices. We'veeven heard rumors that China may decrease its demand for soybeans thisyear by 18%. We have a negative panorama as far as news goes and this isaffecting prices."Meanwhile, forecasts for rainy weather in Argentina also helped topush prices down by allaying concern that dry weather could diminish localsoybean output this year, traders said. The U.S. Department of Agricultureestimates Argentina will produce a record 36.5 million tons of soybeans in2003-04. Of this, Argentina will likely export 11 million tons. Officialsat the Agriculture Secretariat have said Argentina probably will harvestbetween 35 million and 37 million tons of soy in 2003-04. As of Friday,farmers had planted more than 99% of the 2003-04 soybean crop, accordingto the Agriculture Secretariat. Area is seen at 13.85 million hectares,compared with 12.6 million a year ago. Argentina is the world's No. 3 soyproducer, behind Brazil and the U.S. Most of Argentina's soybeanproduction is converted into meal and oil, making it the No. 1 exporter ofthese products.

Kuala Lumpur, Feb. 13 (Dow Jones) - Asian cash palm oil prices weremixed Friday, with products in Malaysia mostly unchanged to slightly loweras participants await clearer market direction following recent sharpgains.Palm oil prices surged to five-year highs earlier this week, withcrude palm oil surpassing 1,900 ringgit ($1=MYR3.8) a metric ton.However, the market leveled off Friday as participants were uncertainover how much room was left for further gains."People have become a bit cautious after seeing the market go up somuch," a trader said.Traders said there was some buying interest in the cash market fromconsumers, particularly from Europe, late Thursday and early Friday."They came in earlier, but have since gone quiet. We're waiting to seewhether or not they will continue to buy," a trader said.Traders said keen consumer interest is necessary for the market tocontinue on its uptrend because so far, the rally has been largelytechnical in nature.They said they were still awaiting the return of buyers from China,one of the top two importers of edible oils.The Chinese government has set an import quota of 2.7 million tons for2004, up from 2.6 million in 2003."But up until now, the (import licenses) still haven't been issued yetto all the buyers," a trader said.Weaker soyoil futures at the Chicago Board of Trade Thursday alsosapped sentiment, keeping palm oil prices little changed.The March soyoil contract ended 46 points lower Thursday at 31.68cents a pound.In the cash market, crude palm oil for February shipment was offeredat MYR1,910/ton, up MYR5 from Thursday, delivered basis in South Malaysia.RBD palm oil for February and March shipment was offered at$522.50/ton, down $2.50 from Thursday.RBD palm olein for February and March shipment was offered at$532.50/ton, down $2.5 from Thursday.In Indonesia, RBD palm olein was offered at 4,750 rupiah ($1=IDR8,400)a kilogram, unchanged from Thursday.Traders said there were bids for CPO in Medan at IDR4,350/kg.Thursday, the government sold 1,000 tons of CPO at a semiweekly auctionfor as high as IDR4,427/kg.

February 13 2004 (Business Times) - EARNINGS from the export of palm oiland related products are expected to reach RM30 billion this year, fromRM28 billion in 2003.

JAKARTA, Feb 11 Asia Pulse - The price of crude palm oil (CPO) inIndonesia rose to Rp4,310 (US$0.51) per kg in auction yesterday fromRp4,204 last week.

PHUKET, Thailand (AFP) - Asian foreign ministers salvaged a free tradedeal jeopardised by Bangladesh's sudden withdrawal, pledging to throw opentheir markets by abolishing tariffs before 2017, officials said.

KUALA LUMPUR, Feb 6 (Bernama) -- Malaysia Derivatives Exchange Bhd (MDEX)will launch the crude palm kernel oil (CPKO) futures contract on Feb 20making it the second attempt to introduce CPKO futures in Malaysia.

February 9 2004 - INDIA may cut its 70 per cent import duty on processedpalm oil to alleviate high domestic prices and provide relief toconsumers.

Feb 5, 2004 - In the USA the severe tightness in soybean supplies and theneed to sharply cut soybean exports and crushings has created a verybullish scenario which should drive prices to new contract highs in themedium term.

NEW DELHI, Feb 5 (Bernama) -- India's edible oil imports witnessed a surgeagain in January, after a slowdown in December last year, proving wrongall predictions that imports would come down following good oilseeds crop.