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Strong buying sentiment drives CPO uptrend at RM4,200
Declining Indonesian palm oil exports may affect domestic supply, officials say
Soybean oil consumption falls as consumers switch to mustard, palm oils
CPO prices forecast to dip amidst surplus soybean supply
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.
Govt may cut import tariffs on palm and soya oils
8/26/04, INDIA (Oilmandi) - The Centre is considering cutting base importprices of palm oils and crude soya oil to control record high inflation,officials said. Inflation surged to a new 3-1/2-year high of 7.96% in theweek ended August because of rising fuel and commodity prices, which havetracked global trends.
India Edible Oil Prices May Rise On Truckers Strik
NEW DELHI (Dow Jones)--India edible oil prices are expected to inch upover the next month because of supply disruptions amid a truckers'strike and later-than-usual harvesting of the oilseeds crop."Right now the truckers' strike has not led to sharp rise in edibleoilprices, but if the strike prolongs for more than a week, it could lead toprice increases in consuming centers," said Atul Chaturvedi, vicepresident of Adani Exports, one of India's biggest trading houses.Chaturvedi said the strike by truckers has led to imported edible oilconsignments being stuck at ports, but added there are enough inventorieswith most traders to tide over the next few days.Traditionally, the country depends more on imported edible oils duringAugust and September as edible oil from the new crop only starts coming inby September.Any disruption in the supply chain therefore, is a concern in duringthis period.India annually imports around 5 million tons edible oils, of which 74%is palm oil from Malaysia and Indonesia.India's truck operators started a strike Saturday, protesting the levyof a new service tax on them. Initial talks between transporters and thegovernment haven't been successful.Earlier this week, truck operators said they are prepared to stay offthe roads until the government meets their demands.Groundnut oil prices were quoted around 47,800 rupees a metric ton($1=INR46.34) Wednesday, compared with INR47,600/ton last month. Soyoilclosed at INR46,800/ton Wednesday, compared with INR45,800/ton a monthago.
Malaysia's Premium Nutrients aims for 10% growth o
8/26/2004 KUALA LUMPUR -- Pioneer oils and fats manufacturer, PremiumNutrients Bhd, expects to achieve about 10 percent growth in turnover frominvestment in European Union (EU) countries in the next three to fouryears, says its group managing director P.N. Agarwal.
MPIC SEEKS MORE FUNDS UNDER 2005 BUDGET
PUTRAJAYA, Aug 26 (Bernama) -- The Ministry of Plantation Industriesand Commodities (MPIC) is seeking for more funds under the 2005 budget inorder to provide better incentives for the forest plantation industry.The Budget will be tabled this Sept 10."The government has already given incentives, but because the longgestation period for the forest plantations, we have to look at whatincentives that can attract investors," he said at a media briefing heretoday on his impending mission to Sao Tome & Principe."What we are looking into is actually to provide more incentives forforest plantations of rubber."He added that the ministry was also seeking the government's approvalto give RM1 billion for the downstream activities of palm oil."I think we have been one of the main contributors to the exportearnings of the country. Last year, the commodities contributed RM59.5billion, with palm oil alone contributing RM28 billion," he added. --BERNAMA
Edible oil importers find DGFT portion hard to gul
8/25/04 INDIA (Oilmandi) - The Directorate-General of Foreign Trade(DGFT) has been hauled to court by several corporates over irregularitiesin the allotment of quota for importing edible oils at concessional duty.
MPOB SAWIT INFO-SMS 'TRIAL RUN'
1. http://161.142.157.2/databank/sms/smscorp.htm
