|
CPO Futures Snap Two-Day Gains To Close Lower
Malaysian palm oil futures fall under fundamental pressure, amplifying the impact on other oil prices
Palm Oil Output Surge In Oct, CPO Price Could Hit RM4500 In Dec: MPOC
Palm oil consumption forecast to increase
Malaysia:Â Palm Oil Yields High, Rainfall Variable
March 1, 2005Malaysia: Palm Oil Yields High, Rainfall VariableRainfall in Malaysian palm oil regions was above normal during the fourthquarter of 2004 (Oct.-Dec.). It averaged 335 millimeters per monthcompared to normal rainfall of 291 millimeters. For the past 10 quarters,5 quarters have had above normal rainfall and 5 quarters below normal;consequently, the outlook for the remainder of the 2004/05 (Oct.-Sept.)crop is for near normal yields. Yield should be slightly below normal inthe first quarter of 2005 (Jan.-Mar.) but above normal in the second andthird quarters.   Palm oil yields in Malaysia were higher than anticipated in the fourthquarter of 2004, coming in relatively high at 1.14 tons per hectare. Thisis higher than the 1.05 tons per hectare that yields averaged for thefourth quarter during the previous five years. The higher than expectedyield for the fourth quarter of 2004 pushes the projected yield for thetotal 2004/05 marketing year (Oct.-Sept.) to 4.00 tons per hectareaccording to the Malaysian Rainfall Regression Model (MRRM). Three monthsago, the MRRM model was projecting 2004/05 yield at 3.79 tons per hectare.
Asia pushes ahead on biofuel, despite cost
[LatelineNews: 2005-2-25] SHANGHAI - Faced with too many crops and notenough oil, Asian governments are promoting biofuels as a way to cutcostly fuel imports.Ethanol and biodiesel can be more expensive than the oil they replace butthis is a price some governments are willing to bear to ensure an outletfor crop surpluses.
Edible oils imports dip in India
28/02/2005 - Supplies for a range of vegetable oils are set to improvethis year on stronger commodity yields and India cuts edible oil importsfor last month.
India's oilseed output to surpass last year's leve
Friday February 25 NEW DELHI (Reuters) - Oilseed output in India, theworld's largest edible oil importer, is likely to surpass the previousyear's record production of 25.1 million tonnes, an annual report card ofthe economy said on Friday.
Japan-Bangladesh jt venture to build ‘oil pump eco
Monday February 28 2005 - A Japan-Bangladesh joint venture company toproduce bio-diesel, an alternative to petroleum fuel, from unused wastematerials and by-products by using the latest Japanese technology.
MARKET TALK
28/02/05Malaysian Cash Palm Oil Up; Trades Reported(Dow Jones)--Malaysian cash palm oil prices higher in tandem with CPOfutures, soyoil futures markets. RBD palm olein for April/May/June lastoffered +$5 at $397.50/ton. Trades reported at $397.50, $400 earlier; butwith CPO futures now off highs, lack of bullish surprises from exportdata, cash market buyers retreating to sidelines, traders say. Players nowwatching to see if benchmark CPO futures contract can stay above MYR1,400psychological level by end of the day.
Palm oil firms set sight on Tantangan
28/02/05 Philippines - TWO major palm oil companies in Mindanao havereportedly signified to develop Tantangan town in South Cotabato asexpansion area for African oil palm (Elaeis guineensis) production, townofficials Monday said.
Thai government may form company to promote biodie
2/25/2005 Thai Press Reports - The Ministry of Energy is consideringforming a special purpose vehicle (SPV) to promote biodiesel production,Krungthep Turakij reported.
Brazil Soy Market Begins To React To Higher Intl P
24/02/05 SAO PAULO (Dow Jones)--The Brazilian soy market is beginning toreact to higher prices on the international soy market, where concernsregarding the drought in southern Brazil have impacted prices.Earlier this week, Rio Grande do Sul crop agency Emater told Dow JonesNewswires that continued dry weather in the southern state of Rio Grandedo Sul could prompt losses of over 25% to the region's soy crop, but someanalysts believe losses could surpass 35%."If it doesn't rain, losses will definitely increase," said RenatoSayeg, a trader and analyst at Tetras in Sao Paulo.Sayeg said given current conditions, the harvest is likely to reach amaximum of 58 million metric tons.While prices are starting to increase due to lowered harvestprojections, sales levels are still limited on the Brazilian market."The increase in prices in Chicago hasn't impacted sales in Brazilbecause producers are waiting to see the full impact of the weather," saidAntonio Sartori, the president of Rio Grande do Sul-based Brasoja.Nonetheless, as larger amounts of new-crop soy hits the market, saleslevels are likely to increase.However, sales levels continue to be significantly below historiclevels.According to Celeres, producers have sold 34% of their 2004-05 crop asof Friday, well below the five-year average of 46%.Harvest levels are in line with historical averages and the marketestimates that Brazilian producers will have harvested roughly 15% of thetotal crop through the end of this week, up from 7% as of last Friday.Despite concerns about the Brazilian crop, traders added that theworldwide crop is still expected to be the largest ever, which has givenbuyers a greater deal of flexibility.A 60-kilogram bag of soybeans at the Paranagua port stood at 33.00 to34.00 Brazilian reals ($1=BRL2.59) Friday compared with BRL31.20 toBRL32.00 last week.In Ponta Grosso, northern Parana, soybeans were quoted at BRL30.00 toBRL31.00, similar to last week's levels.At Paranagua port, soybean premiums stood at 20 to 25 cents per bushelabove Chicago Board of Trade futures for February/March delivery. Soybeansare quoted at 6-10 cents above the CBOT for April delivery.Soy pellets were quoted at $10-$12 per short ton below CBOT quotes forApril delivery.A cold front will reach southern Brazil late Thursday and should bringscattered showers to the region through Saturday. These rains are notexpected to revert the drought-like conditions in the region.Brazil is the world's No. 2 producer and exporter of soybeans.
