Archived News

MALAYSIAN PALMOIL ENDS LIMIT UP AT 13-MONTH HIGH

BRAZIL SOYBEAN EXPORT REGS 12.56 MLN T BY JUNE 30

CHINA TO ISSUE 700,000 T PALM OIL IMPORT QUOTAS

MALAYSIAN JUNE PALM OIL OUTPUT 937,000 - FORECASTER IVAN WONG

Palm industry looks to demand from India, China11/7/01 - Malaysia’s palm oil futures were at their latest level in sevenmonths at the close on Thursday on talk that India will soon enter themarket to stock up ahead of a festive season.Demand in India, the world’s largest edible oil importer, is high duringthe festival season which starts in August and peak of Oct and Nov duringDiwali, the Hindu festival of lights.India was Malaysia’s main palm oil buyer in 2000, taking 2.03 milliontonnes.The benchmark third-month Sept contract ended up RM 18 at RM 902 (US$237.37) a tonne, the highest level since Dec 4, 2000. The contract hadbroken a new high of RM 911. Volume was heavy at 2,948 lots.Talk about fresh purchases by India has been in the market in the past fewdays and players were also optimistic that China would soon issue importquotas for the second half of this year.Rumours hit the Malaysian market in the afternoon that China had releasedthe quota totalling 800,000 tonnes, but Chinese trader said on Thursdaythat Beijing is expected to make a decision next week.China issued 600,000 tonnes of import quotas in Jan for the first half ofthis year and another 100,000 tonne in May.In the physical sector, sentiment was bullish with prices rising to ashigh as RM 910, outstripping futures, on talk that local exporters werestocking up in anticipation of fresh purchases by India.Physical July crude palm oil (CPO) for the southern region was quoted atRM 905 a tonne against bids of RM 900. Trade was reported at RM 900.July CPO for central region saw bids at RM 900 against bids of RM 890.Deals were done between RM 895 to RM 900.August CPO for the southern region was offered at RM 910 a tonne againstbids if RM 905. Deals were reported between RM 905 to RM 910. August CPOfor the central region saw offers at RM 910 against bids of RM 900. Dealswere done between RM 905 and RM 910.Among refined products, July RBD palm oil was offered at US$ 257.50 atonne and August at US$ 260. There were offers for July RBD olein at US$275 and August at us5 277.50. July RBD palm stearin was offered at US$192.50 and July palm fatty acid distillate was offered at US$ 157.50. –Reuters.

RAPESEED OIL USED IN FRENCH CARS

RECORD U.S. SOYBEAN EXPORTS FUELED BY CHINA DEMAND-USDA

USDA OILSEEDS MONTHLY REPORT

As prices skyrocket, Brazil worried about sourcing non-GM soyBrazil,7/9/2001- Retailers' GM free policies could prove unsustainable assources of non-GM soya dry up and prices rocket, according to reports fromBrazil, a leading source of GM-free soya.Brazil's State Seed Producers and Dealers Association (Apassal) says thatthe country is being flooded with unregistered GM seed from Argentina,where 93% of production is genetically modified. Apassal estimatesplanting of GM grain will reach 45% of soy production in the country thisyear.An NFU spokesman said members were becoming increasingly concerned aboutthe sustainability of the multiples' anti-GM project. He said: "More andmore people are chasing a small quantity of product."Tesco, Asda and Sainsbury have been exploring alternative sources ofnon-GM soy from India, where the soy growers' association is keen to cashin on the growing demand by charging heavy premiums, he added."There are doubts about the cost effectiveness, but they're making a playfor the market. A big trade delegation came over last month."Monsanto communications director Tony Combes said: "It is becoming moreand more unsustainable to source GM free seed and there are heavy premiumson identity preserved seed from the US."The latest report from the US National Centre for Food and AgriculturalPolicy revealed 63% of the US soybean crop planted this year wasgenetically modified.Cargill seed director Martin Douglas said he was aware of illegal plantingin the south of Brazil but remained confident adequate quantities ofidentity preserved GM free product were available from the north for "atleast 12 months if not for some years to come. Certainly there is still apremium on non-GM soya relative to GM, but that premium has actuallydecreased over the last three to four months."Sainsbury said its suppliers were exploring alternative sources to Brazilalthough it was confident its traceability and verification procedureswould ensure no rogue soya would reach shelves.

Further boost for local palm oil industry?

Investors likely to re-rate plantation sector, say analysts

Palm oil exports rebound, prices rise