|
CPO price forecast to climb for rest of the year
CPO FUTURES HIT TWO-YEAR HIGH ON BULLISH SENTIMENT, STRONG EXPORTS
Positive growth for plantation sector, amid rising CPO prices
Global Stearic Acid Prices Climb Amid Palm Oil Shortages and Rising Production Costs
U.S. SAYS CHINA GIVES ASSURANCES NEW IMPORT RULES
WASHINGTON, Aug 26 (Reuters) - New Chinese regulations will not hinderthe country's imports of American soybeans and other commodities, the Bushadministration said on Thursday following a meeting with a Chineseofficial."The assurances provided by the government of China today should helpalleviate the concerns of farmers and exporters as they prepare for thefall harvest and shipping season," said Allen Johnson, the top U.S.agriculture trade negotiator.China is a vast market for U.S. and South American soybeans. In 2003,the United States shipped almost $2.9 billion worth of soybeans to Chinaand Hong Kong, making it the largest export crop.Johnson and U.S. Agriculture Undersecretary J.B. Penn met on Thursdaywith acting Chinese Ambasssador Lan Lijun about the import regulationdealing with inspection permits that American officials said inhibitedsoybean trade.According to a U.S. government statement, China said the new regulationwas intended to extend the validity of quarantine inspection permits tosix months from three months "and would not interfere with U.S. exports ofsoybeans to China."Soybean trade with Brazil and Argentina has been disrupted in recentmonths because of Chinese concerns about a fungicide called carboxin.In past years, U.S. soybean exports have been interrupted by unclearrules pertaining to genetically-modified crops, such as American-grownsoybeans.
Ghana warns against export of adulterated palm oil
8/27/2004 PANAFRICAN NEWS AGENCY (PANA) DAILY NEWSWIRE - Accra, Ghana -The Ghana Foods and Drugs Board has warned exporters of palm oil to desistfrom mixing the commodity with chemicals injurious to the health ofconsumers.
Need for serious rethink on clearance of edible oi
8/27/04 INDIA (Oilmandi) - RECENT news reports uncovering the highlyirregular clearance of edible oil consignments at lower rate of customsduty than applicable, especially in minor ports such as Bedi in Jamnagar(Gujarat), have unnerved many players.
Sime doing things its way
Saturday August 28, 2004 - Sime Darby Bhd's unaudited results for the yearended June 2004 were within expectations. In addition, the management saysearnings for financial year 2005 are likely to grow by an uninspiring 3%to 4%. Naturally, most of the analysts' latest recommendations are equallytepid.
Vitamin E appears not to prevent heart disease, sa
8/27/2004
Brazil's government mulls cutting taxes to boost b
8/26/2004 BNamericas.com - Brazil's federal government is planning toreduce taxes on biodiesel to encourage the use of the alternative fuel inthe country, local press reported.
Brazil Soy Farmers Hold Stocks Despite Price Rise
SAO PAULO (Dow Jones)--Brazil's soybean farmers chose to hold on tostocks over the last week, largely ignoring gains in local andinternational prices, traders said."You always get a little business but farmers are now inclined to waitto see how far prices will rise," said David Brew of the PortoAlegre-based Brasoja brokerage.At the port of Paranagua, soybeans were trading at 44.00 to 44.50Brazilian reals per 60-kilogram bag ($1=BRL2.95) on Thursday, rising fromBRL41.50 to BRL42.50 last week.Gains would have been greater were it not for the strengthening of theBrazilian real, quoted at 2.95 to the dollar on Thursday compared with2.99 some seven days before.Farmers appear not to have a strike price at which they are willing tosell, traders said. Rather, they are waiting to see the extent of thelosses to the U.S. crop and then calculate possible gains, said SteveCachia of the Curitiba-based Cerealpar brokerage.Farmers will probably begin to sell more of their crop once the billsfor next-crop inputs start coming due in September, Brasojas Brew added.Traders registered exports of just 180,000 metric tons in the firsthalf of August, well down from the 478,000 tons sold in the previous 15days and down from the 651,000 tons sold over the same period last year.Farmers are also reticent about selling next years crop. Brazil'sproducers had sold just 4% of their potential-record 2004-05 soybean crop(October-September) up to last Friday compared with 21% at the same stagelast year, according to local agricultural consultants Celeres.Business was strongest at port over the last two days.Discounts for September soybean shipments from Paranagua againstSeptember soybean futures on the Chicago Board of Trade stood at 65 centsto 75 cents over during the past week, compared with $0.50 to $0.60 perbushel quoted the week before.After six months of record discounts in the post-harvest period,stronger demand from Asia is bolstering strong premiums, traders said."And with farmers holding out to sell, this situation may continueinto the start of next year," said one Sao Paulo-based trader.
China's Supply Of Oil Crops In 2004/05 Expected To
BEIJING, Aug 26 Asia Pulse - It is expected that China's oil crops supplywill be sufficient in the 2004/2005 year, and the supply of edible oil mayeven go surplus.
China Assures US That New Rules Won't Affect Soy T
WASHINGTON (Dow Jones)--China, responding to concerns raised by U.S.government officials, has offered assurances that its new agricultureimport regulations "will not interfere with trade in U.S. soybeans andother commodities," the U.S. Department of Agriculture and the Office ofthe U.S. Trade Representative said Thursday.Chief U.S. Agriculture Negotiator Allen Johnson said in a preparedstatement: "The assurances provided by the government of China todayshould help alleviate the concerns of farmers and exporters as theyprepare for the fall harvest and shipping season."Those assurances, delivered to the U.S. via Lan Lijun, China's actingambassador to the U.S., were presented Thursday to Johnson an USDA UnderSecretary J.B. Penn."Soybeans are America's largest export crop, and China is the largestsoybean export market," Penn said. "Continued access to the Chinese marketis a high priority for American agriculture, and this administration isworking to ensure that China continues to abide by its market accesscommitments."Despite China's assurances, Johnson and Penn said they will continueto request that China rescind a new rule it enacted that requires allcontracts for soybean imports and other products be subject to thequarantine entry process and include Chinese quarantine requirements as acontract term. The U.S. exported $2.9 billion worth of soybeans to Chinain 2003, according to the USDA.
