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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
CBOT SOY ENDS MOSTLY LOWER AFTER VOLATILE SESSION
CHICAGO, July 27 (Reuters) - Chicago Board of Trade soybean futuresseesawed throughout Tuesday's session before ending mostly lower asdiffering views about weather outlooks and a volatile cash basis kepttraders on edge, floor brokers said.CBOT soy futures closed 3-1/2 cents per bushel lower to 1/2 centhigher. Old-crop August ended 3-1/2 lower at $6.65-1/2 -- after seeing a26-cent price swing and climbing 17 cents shortly after the open. Earlystrength came from renewed concerns about a 27-year low in U.S. soy stocksand a step-up in Midwest processor bids. The market was also technicallyoversold and due for correction.But it didn't take long for August to lose steam once new-crop soybeansturned lower. New-crop contracts were higher early on 11- to 15-dayoutlooks for hotter, drier weather moving into the Midwest as soybeansbegin setting pods."Even though the longer-range maps had much above normal temperaturescoming into the Corn Belt there's certainly a lot of skepticism that theheat will actually be a factor. That brought a lot of choppy trade," saidDan Cekander, an analyst with Fimat Futures.New-crop November ended unchanged at $5.97 but was also volatile,rallying 10 cents then falling 11 cents. Expectations of a record-largeU.S. soy crop, with some talking about a 3.0 billion bushels crop remainsbearish. Crop conditions continue to improve. USDA late Monday rated 69percent of the U.S. soy crop as good to excellent, up from 68 percent lastweek.The roller coaster ride continued about midday when August recoveredamid strong commercial bull spreading. ADM Investor Services spreadroughly 800 Aug/Nov and 300 Aug/Sept. CIF offers for July at the U.S. Gulfalso spiked higher, up 40 cents by midday. The jump in CIF values sparkedtalk of Chinese interest in U.S. soybeans, but there was no confirmationof a sale.The cash basis was volatile as well. There were reports that the cashbasis appreciated at some Midwest locations, while others remained steadyto softer, floor traders said.Soymeal futures ended 90 cents per ton higher to $1.50 lower, with thefront months up on a technical recovery. August closed 90 cents higher at$212.70. The market was due for a bounce as the nine-day RSI for Augustdipped to 9 as of Monday's close. Funds bought about 1,100 meal futures.The soymeal market has followed the recent weakness in soybeans andremains under pressure from a soft U.S. cash meal market, traders said.CBOT soyoil futures ended 0.01 to 0.25 cent per lb lower, with August
In May 2004 Ukrainian imports of palm oil went fur
27/07/04 Ukraine - In May 2004 imports of palm oil went further down alongwith imports of coconut oil. In May 2004 Ukrainian companies purchasedcumulatively 8 ths.t of palm, coconut and palm kernel oil which is one anda half times less than during April. In late May Odessa seaport receivedaround 8 ths.t of palm oil however it will be sold no sooner than June.Moreover, Illichivsk port also received a vessel loaded with 7 ths.t ofpalm oil. Part of the above volumes may be sold to Russian companieshowever the majority of the commodity will be delivered to the Ukrainianmarket.
Pakistan's Edible Oil Imports Rise Due To High Wor
LAHORE, July 27 Asia Pulse - Pakistan's edible oil imports have crossedthe level of Rs31 billion (US$532million) during the fiscal year 2003-04in the wake of inflated prices at the international level. However, thisfigure is expected to come down as edible oil prices have fallen in theglobal market.
Standing crop yields under threat as northwest rem
7/27/04 Oilmandi - The north-western region, which is facing adrought-like situation, will remain largely dry until the middle of thisweek with conditions still not favourable for monsoon, a weather officialsaid on Monday.
CPO Should Become Indonesia's No.1 Export Commodit
PALEMBANG, July 26 Asia Pulse - President Megawati Soekarnoputri said hereSaturday crude palm oil (CPO) should become Indonesia's premier commodityin the future.
EU oilseed output seen at 17.74mt
7/26/2004 Agra Europe - The EU-25 is expected to produce 17.74 milliontonnes of oilseeds in 2004, an increase of 17.7% over the 15.07mtharvested in last year, according to COCERAL. The old EU-15 is seenaccounting for 1.63mt of the increase, while the New Member States (NMS)are forecast to account for 1.04mt.
Ministry Mulls Setting Up Institute For Local Expe
KUCHING, July 26 (Bernama) -- The Plantation Industries and CommoditiesMinistry is looking into the possibility of setting up a traininginstitute to develop a good pool of local expertise and to reducedependency on foreign labour in the palm oil industry.
MPOB Perkenal 43 Item Baru Untuk Dikomersilkan
KUALA LUMPUR, 26 Julai (Bernama) -- Lembaga Minyak Sawit Malaysia (MPOB),agensi pembangunan dan penggalakan minyak sawit utama kerajaan,memperkenalkan 43 item berasaskan minyak sawit tahun ini untukdikomersilkan.
Deficient monsoon may hit summer oilseeds crop in
7/23/2004 (BERNAMA) NEW DELHI-- Delayed monsoon and deficient rains in themain oilseeds growing areas of Madhya Pradesh, Maharashtra and Gujarat,are likely to affect adversely the 'Kharif' (summer) oilseeds production.
