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Mixed forecasts for palm oil at POC2026
CPO FUTURES CLOSE LOWER ONSTRONGER RINGGIT, CONCERNS OVERWEAK DEMAND
Palm oil ends lower after MPOB’s data release
CPO prices to consolidate at RM4,000 to RM4,300
CPO prices likely to hold at RM1,500 level: Body
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.
Europe, Russia Views Toward Biotech Crops Still Di
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.
Indian Edible Oil Higher On Refined Palm Oil Impor
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.
Philippine June Coconut Oil Exports Down 41% On Mo
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.
Turning palm oil into flexible foam
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.
Effects of Indian import duty rise ‘minor’
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.
Toyota welcomes promotion of biodiesel by Thai gov
7/7/2004 - Bangkok Post Toyota Motor Thailand Co has welcomed thegovernment's policy to develop biodiesel as an alternative fuel forautomobiles.
Argentina's Rural Society Sees No End In Sight For
Buenos Aires, July 7 (OsterDowJones) - Argentina's government has no plansto reduce or eliminate taxes on grain and oilseed exports any time soon,the president of Argentina's biggest agricultural group said Wednesday.Argentina's Economy Ministry collects a 20% tax on corn and wheat and a23.5% tax on soybeans when these goods are shipped abroad. The taxes addan estimated six billion pesos ($1=ARS2.95) to federal coffers each year,the Argentine Rural Society says. But they cost producers as much as $660million annually in lost revenue, according to private-sector estimates."In recent meetings we've had with (Economy Minister Roberto) Lavagna, hehas disabused us of expectations that the taxes would be reduced anytimesoon," Luciano Miguens, president of the Argentine Rural Society, saidWednesday. "He has made it clear that this is not a priority." FormerPresident Eduardo Duhalde enacted the taxes in 2002 to help the governmentbalance its accounts and pay for unemployment programs amid a brutaleconomic crisis. That crisis was brought about in part by the government'sdecision to devalue its currency, which hurled the economy into a state ofconfusion and pummeled the country's banking sector. But the devaluationhas been beneficial to the agriculture sector, whose products have becomemore competitive in the global commodities market. Record soybean pricesthis year have provided a windfall for soybean farmers and farm propertyvalues have skyrocketed to all-time highs. Because of this, Argentina'sagriculture sector has an obligation to contribute more than others toboost tax revenue, Lavagna and others have reasoned in the past.
Brazil 04-05 Soybean Export Regs Reach 18.35M MT B
SAO PAULO (Dow Jones) - Brazil soybean export registrations for the2004-05 marketing year (February-January) moved forward to 18.35 millionmetric tons in the second half of June, according to official figuresreleased Thursday. Government figures made available by the BrazilianAssociation of Vegetable Oil Industries, or Abiove, showed registrationsof soybean exports progressed by 368,000 tons in the second 15 days of themonth and are well ahead of the 16,865 million tons registered at the samestage the previous year. Abiove forecast soybean exports will reach 20.2million tons in 2004-05, up from 19.99 million tons last year. Soymealregistrations rose in the second half of June, totaling 9.348 milliontons, up by 608,000 tons from June 15. Soymeal registrations are slightlyahead of the 8.043 million tons registered exactly one year before.Exports of meal are expected to total 15.500 million tons, according toAbiove, up from 13.577 million tons last year. Soyoil registrations stoodat 1.407 million tons, compared with 1.332 million tons last year. Soyoilexports are seen reaching 2.7 million tons in 2004-05, up from 2.40million tons the year before. Brazil is the world's largest exporter ofsoybeans and their derivatives. Brazil places no obligations to exportregistered produce.
