|
CPO Futures End Higher On Firmer Oil Prices, Rival Vegetable Oil Futures
SGX-listed palm oil players under pressure as Indonesia’s commodity export overhaul stokes fears
Palm oil prices could reach US$1,500/tonne as B50 and El Niño tighten supply
Malaysia: Palm oil prices rise ahead of key May production report
Brazil To Send Trade Mission To Malaysia In Octobe
Brazil To Send Trade Mission To Malaysia In October
Indonesia says still studying palm oil tax hike
Indonesia says still studying palm oil tax hikeJAKARTA, July 18 (Reuters) - Indonesia said on Tuesday it needed more timeto consider raising palm oil export taxes."We are studying the possibility of raising the taxes. But it can't bedecided soon. We need more time to observe whether the rise (in prices) istemporary or stable," Trade and Industry Minister Luhut Pandjaitan told anews conference.He said Indonesia was benefited by a sharp increase in internationalprices because it had boosted exports. But on the other hand the increasehad hit local consumers hard by driving up local prices of cooking oil.Cooking oil or palm olein, made from crude palm oil, is a sensitivecommodity in Indonesia and significant shortages can lead to socialunrest.Indonesia imposes the taxes to control exports, which usually rise sharplywhen the rupiah weakens or international prices increase.Pandjaitan said domestic cooking oil prices had shot up to more than 5,000rupiah ($0.44) this week from 2,700 last month, supported by soaringinternational prices."The government's target is to boost exports but we also have to protectdomestic consumers," Pandjaitan added.Traders said Indonesia was boosting exports to benefit from the risingworld prices.But Pandjaitan said local consumers should not worry about a possibleshortage of cooking oil because local supplies of palm oil are stillabundant and distribution was running smoothly, although the country'soutput was slowing.Indonesia imposes a three percent tax on exports of crude palm oil (CPO)and palm kernels, and a one percent tax on refined bleached deodorised(RBD) palm oil, RBD palm olein and crude olein.Pandjaitan said the recent sharp increase in international prices was dueto optimism on higher import quotas in China and lower duties in India."It's also because of a prediction of decreasing production of soybean oilbecause of an expected long drought in the United States," he added.Indonesian CPO was quoted at $375 a tonne cif Rotterdam on Tuesday from$326 a tonne last Thursday.($1=11,330 rupiah)
MIER Revises Downwards Msia's GDP To 2.2 PCT This
MIER Revises Downwards Msia's GDP To 2.2 PCT This Year From 4.0 pct
Three Main Reasons For Malaysia's Economic Resilie
Three Main Reasons For Malaysia's Economic Resilience
Austral Builds Eco-Friendly CPO Mill
China says 2001 summer grain output seen down
China says 2001 summer grain output seen downSHANGHAI, July 17 (Reuters) - China's worst drought in more than a decadeis expected to cut summer grain output by 4.6 percent from last year to101.9 million tonnes in 2001, the State Statistical Bureau said in astatement on Tuesday.Analysts said that would cause China's total grains output to fall for athird consecutive year in 2001, but the decline would not be as huge aslast year as there were signs the drought might be over.In 2000, grains output fell nine percent year-on-year to 462.5 milliontonnes, the lowest since 1994, due to a drop in planting area andunfavourable weather."It is inevitable that our overall output will drop this year becausewe've seen falls in some rice crops and now summer grains," said analystBu Yibiao at the official State Cereals Information Centre in Beijing.The bureau said the summer output would fall because of a smaller plantedacreage and poor growing weather. It gave no breakdown of the crop.Winter wheat accounts for the majority of the summer grain crop, whichaccounts for more than 20 percent of China's annual grain production.The State Cereals Information Centre said in June China's winter wheatoutput was expected to fall 7.1 percent year on year to only 87 milliontonnes in 2001 due to a severe drought in key growing provinces in thenortheast.WORST DROUGHT OVERThe rest of the summer grains crop includes rapeseed and barley, analystssaid.In the past few months, China has been fighting its worst summer droughtin years, prompting cloud seeding in June."The dry weather did affect the corn and soybeans in its sprouting stage,"said Bu. "Now, the drought is more or less over, which benefits the autumncrops, but we still have to watch other factors like frost later in theyear."Analysts said they expected China's soybean output to to fall to 13-14million tonnes from 15 million tonnes and corn production to rise slightlyfrom last year's 106 million tonnes.Weak prices have dampened enthusiasm for growing grains, reflected in theStatistical Bureau's estimates earlier this year that total grain acreagein 2001 was expected to fall 1.7 percent year on year to 107 millionhectares.Soybean areas have fallen and the only bright spot is corn, which has seenplanting expand due to relatively better prices.The State Cereals centre estimated the soybean acreage in the key growingprovinces of Heilongjiang, Jilin, Inner Mongolia and Liaoning woulddecline between 4.5 percent and six percent this year to around 4.27million hectares.
Fuel proposal could boost soybeans
Malaysia palmoil ignores CBOT, speculators active
Malaysia palmoil ignores CBOT, speculators activeKUALA LUMPUR, July 17 (Reuters) - Malaysia's palm oil futures defiedChicago's downtrend and were mostly higher by midday on Tuesday onspeculative buying, traders said.The new benchmark third-month October contract rose 66 ringgit to 1,180ringgit ($310.53) per tonne, a morning high. Volume was at 1,298 lots."Everyone talked about speculative buying," said one trader in KualaLumpur.Some traders said the market was overbought and rising too fast despitethe absence of strong fundamentals. They pointed to the prospects of afurther increase in July palm oil output, seen at up to 1.03 milliontonnes versus 924,855 tonnes in June."There is talk that our market has fallen to the hands of a group ofpeople with vested interests...those who take advantage of (recent) pricerises for their own benefit," said one trader."This is not a fundamentally driven market."Chicago Board of Trade soy product futures tumbled on Monday, followingsoybeans down as improved weather forecasts for the U.S. Midwest pressuredprices.CBOT soymeal futures settled at $1 to $5.90 per tonne lower, with Augustdown the most at $171. Soyoil futures closed 0.20 to 0.52 of a cent perpound lower, with August off 0.32 of a cent at 18 cents/lb.Physical July crude palm oil for the southern and central regions wasquoted at 1,170 ringgit a tonne against bids of 1,160 ringgit. Deals weredone at 1,150 to 1,160 ringgit for both regions.August crude palm oil for the southern and central regions saw offers at1,180 ringgit against bids of 1,170. Deals were done at 1,160 for bothregions.Among refined products, July RBD palm oil was offered at $327.50 a tonneand August at $330.There were offers for July RBD olein at $347.50 and August at $350. JulyRBD palm stearin was offered at $240 and July palm fatty acid distillatewas offered at $200.
Palm Diesel Set To Change Country's Future Energy
Palm Diesel Set To Change Country's Future Energy Scene
