Archived News

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.

12 July,2004 - CRUDE palm oil (CPO) prices are likely to hold at thepresent level of RM1,500 per tonne as it is now trading at a discount ofUS$190 (US$1 = RM3.80) per tonne to Chicago Board of Trade (CBOT) soyaoilfutures, said outgoing president of the Malayan Edible Oil Manufacturers’Association (Meoma) James Goh Ju Tong.

9/7/2004 CHICAGO (Dow Jones)--U.S corn and grain leaders recentlyreturned from a trip to Europe and Russia and said attitudes concerningbiotechnology remain deeply divided on the continent, the National CornGrowers Association and U.S. Grains Council said Thursday in a joint pressrelease.A delegation of nine NCGA and USGC members spent nearly two weeks inItaly, Austria, Hungary, Poland and Russia. While there, delegationassessed the attitudes toward biotechnology, and the effects of theEuropean Union's new traceability and labeling requirements, the releasesaid.The issues of this trip were different than when the NCGA and USGCwent four years ago, the groups said in the release. Initially, Europeansargued biotech acceptance was a food safety issue, Dee Vaughan, NCGApresident, said in the release."Now they're arguing that biotech crops can't co-exist with organiccrops, and we're addressing that concern," Vaughan said in the release.Helen Inman, NCGA biotech working group chair, said European farmersrecognize the promise of biotechnology, but due to consumer attitudes viewit as a "hopeless endeavor."Inman explained that the farmers are worried there won't be a marketfor crops developed by biotechnology because of a widespreadmisunderstanding and fear of biotech products.In addition to the negative attitudes, not using biotech crops is moreaffordable due to government funding, according to the release. In Europe,the Common Agricultural Policy and member states offer price incentivesfor conventional and organic grains. Terry Wolf, chairman of U.S. GrainsCouncil, said in the release that this is causing E.U. growers to foregobiotechnology's potential benefits.

9/7/2004, NEW DELHI (Dow Jones)--India's edible oil prices closedhigher in the week to Friday as expectations mounted on a hike in importduty on refined palm oil, which was finally announced by the government inthe federal budget on Thursday."India's edible oil prices went up in the week, and particularlysharply on Thursday after the budget announcement," said a trader.India's government increased the import duty on refined palm oil to75% from 70% earlier.India imports five million tons edible oils annually, of which 74% ispalm oil.Traders said the edible oil prices will now be keenly looking atprogress of the monsoon rains.India's monsoon rains, which is the only source of water for theoilseeds crop, has been scanty over the past few weeks, which has raisedconcerns over the production of oilseeds, such as soybean and groundnut."If rains don't take place for the next few days, prices of oilseedswill increase further," said a Delhi based trader.India's oilseeds crop is sown in June and harvested in September,while the monsoon rains take place from June to August.Friday, crude palm oil was at 37,000 rupees ($1=INR45.65) comparedwith INR36,500/ton last week. Refined palm oil was quoted at INR40,000/toncompared with INR39,500/ton last Friday.

Manila, July 8 (Dow Jones) - Philippine coconut oil exports in Junereached only 50,054 metric tons, down 41% from month-ago levels onprevailing tightness in copra supply, the United Coconut Association ofthe Philippines said Thursday.One trader said there was little trading activity in the month ofJune, due mainly to scarce export supply."Only few buyers and sellers were out in the market last month," hesaid.The export volume in July is expected to improve with an expected risein copra supply in the third quarter of the year, the trader said."We expect (copra) supply to improve by the end of July, so we mightsee a higher export volume for the month," the trader added. Copra is thedried coconut meat from which coconut oil is extracted.Copra production this year is projected to reach only 2.4 milliontons, down from last year's copra output estimate of 2.5 million tons.The projected lower copra output this year is attributed to thebiological stress of coconut trees following several years of bountifulharvests.

Sunday July 11, 2004 - THERE'S a good chance that the comfortable paddingon the chair you use every day is made from polyurethane, a chemical-basedsubstance that can be fashioned into foams with varying degrees offlexibility.

10/7/2004 - THE favourable long-term outlook of palm oil is expected toneutralise the bearish influence emerging from India’s move to raiseimport duty on refined palm oil, traders said.