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Palm oil under near-term pressure as rising stocks outweigh El Niño fears
Palm retreats from 21-month high on stock outlook, weak exports
CPO Futures Close Lower On Weaker Soybean Oil Prices
Palm oil falls to 11-week low on weak exports, rising output
Russia scraps licensing for oilseed exports
MOSCOW. Feb 28(Interfax) - The Russian government has scrapped licensingfor the export of sunflower seeds, rapeseed and soybeans, as well as forimporting tobacco and its commercial substitutes.The government information department said that the relevant resolution(N129) was signed on February 26 with the aim of further liberalizingforeign trade operations.IAM analysts forecast that Russia may expand its sunflower crop area nextyear because many oilseed refineries have increased.Yelena Tyurina, the director of the Institute of Agrarian Marketing (IAM),said the cancellation of licensing for oilseed exports would simplifyingexporting procedures and increase the number of exporters. "However, thisyear this measure will not have much impact on the domestic market andforeign trade operations because there is virtually nothing to export,"Tyurina told Interfax.Russian production of sunflower seeds fell to 2.7 million tonnes last yearfrom 3.9 million tonnes in 2000.The global shortage of sunflower seeds and the resulting high prices willalso encourage Russian farmers to increase production.In these circumstances, the scrapping of licensing will stimulate growthof exports, Tyurina said.
Sharp Seasonal Decline in Stocks of 8 Oils
1 March, 2002 (OIL WORLD WEEKLY)- World stocks of 8 major veg. oils are estimated at 10.8 Mn T as of 1April 2002 down 0.8 Mn T on the year. As of Jan 1, global inventoriesamounted to an estimated 11.6 Mn T, down 0.5 Mn T from a year ago.-The year-on-year increase in world production is seen diminishing toabout 0.4 Mn T in Jan/March 2002.- World disappearance of 8 oils is likely to show an increase of 0.7 Mn Tthis quarter from the year before, a slowdown from an average growth of1.1 Mn T.
Soybean Export Update for US, Argentina & Brazil
Combined exports of soybeans, oil and meal of the USA, Argentina andBrazil have increased substantially so far this season. A substantialboost in the net exports of soybeans and meal (meal basis) by 5.7 Mn T or23% from last year in Sept/Jan. At the same time, net exports of soybeansand oil (oil basis) increased steeply by almost 1.5 Mn T or 30%. DuringSept/Jan 2001/02, soybean exports of the USA, Argentina and Brazil wereboosted unexpectedly sharply to 21.0 Mn T, up by 4.5 Mn or 27% from lastyear. The European Union was the biggest destination, taking 8.0 Mn T inSept/Jan, up by 1.4 Mn T. Exports to China were boosted by 0.9 Mn T.Sizable increases also occurred to Thailand, Taiwan, South Korea, severalother Asian countries, Mexico, Canada, North Africa, Turkey and CentralEurope. A very sharp increase also occurred in the G-3 exports of soybeanmeal to 11.9 Mn T in Oct/Jan 2001/02, up by 2.1 Mn T. Biggest increaseswere noted to the European Union, Central Europe and several othercountries.
Cuba Imports M'sian Palm Oil Only Occasionally
KUALA LUMPUR, March 4 (Bernama) -- Cuba which depends heavily on importsto meet its domestic needs for fats and oils, has imported only threeshipments of palm oil from Malaysia since 1991.
Sutrajaya to up palm oil shipments
6 March, 2002 (Business Times) - SUTRAJAYA Shipping Sdn Bhd, a member ofthe Felda Group of Companies, aims to significantly increase the shipmentof palm oil for other palm oil producers in Malaysia.
Bank Industri extends loan for biomass based power
Tuesday, March 5, 2002 (The Star) - BANK Industri & Teknologi Malaysia Bhdhas extended a seven-year term loan facility of RM20mil to Palm Energy SdnBhd to finance the construction of a 9.8MW biomass based co-generationpower plant in Lahat Datu, Sabah.The RM30mil power plant – believed to be the first in Malaysia to recycleoil palm waste, such as empty fruit bunches and palm kernel shells, togenerate electricity – will supply power for Kwantas Corp Bhd, Palm Energy’s parent company operating in Lahat Datu and its surrounding areas.Bank Industri Group managing director, Md Noor Yusoff said yesterday: “This is the bank’s first venture into a biomass renewable energy conceptproject, which capitalises on the abundant fuel resources from oil palmwaste as an alternative source of fuel.’’For this year, the bank is targeting a loans disbursement of RM35mil forthe environmental sector, he said.Noor said the bank was also targeting other sub-sectors under theenvironment sector, including wastewater, solid waste management andpollution control projects.“We plan to disburse about RM200mil in loans for the environmental sectorover the next five years,’’ he said after the term-loan facility signingceremony between Bank Industri and Palm Energy in Kuala Lumpur.Meanwhile, Kwantas Corp group managing director Steve Kwan said PalmEnergy’s power plant is expected to make savings of between RM8mil andRM10mil a year in fuel costs for the group.Kwantas’ core activities include a 70,000-acre oil palm plantation, a palmoil refinery and a stone quarry in Lahat Datu.It is listed on the KLSE main board.The power plant, located near Kwantas’ palm oil refinery is scheduled forcompletion next month.Kwan said: “We are also discussing with power purchasers such as SabahElectricity Sdn Bhd the possibility of selling our excess electricitysupply to cater for the increasing power demand in Lahat Datu.’’
Keng Yaik to lead CPO mission to 5 West Asian nati
01 March 2002 (Business Times) - PRIMARY Industries Minister Datuk Seri DrLim Keng Yaik will head a crude palm oil (CPO) trade mission to five WestAsian countries for two weeks starting on March 16.A Government official said Dr Lim will lead the mission to Syria, Iraq,Turkey, Egypt and Morocco to promote the commodity to the region as wellas expand Malaysia’s CPO market .
Malaysia and North Korea sign two contracts
Tuesday, March 5, 2002 (The Star) - KUALA LUMPUR: The first visit by ahigh-level North Korean delegation to Malaysia has been marked with thesigning of two agreements between both countries after discussions betweenthe two governments.The two agreements were on palm oil credit and payment and a culturalexchange programme.Primary Industries Minister Datuk Seri Dr Lim Keng Yaik and Culture, Artsand Tourism Minister Datuk Kadir Sheikh Fadzir signed on be-half ofMalaysia.North Korean Peoples Assembly supreme leader Kim Yong-nam is in thecountry, leading a 33-member delegation for a three-day official visit inan effort to strengthen bilateral ties.The delegation, which arrived on Sunday, was given a state welcome atParliament Square and received on arrival by Yang di-Pertuan Agong TuankuSyed Sirajuddin Syed Putra Jamalullail.Kim later had bilateral discussions with Prime Minister Datuk Seri DrMahathir Mohamad in Putrajaya.Acting Foreign Minister Datuk Azmi Khalid said the palm oil loanagreement, worth US$10mil (RM38mil), was the second such credit agreementwith North Korea.North Korea, he said, invited Malaysian companies to explore into energyand petroleum field as its resources had yet to be fully explored.He said both leaders had similar views on current international andregional issues and Malaysia expressed full support to reunification ofthe two Koreas.He also said both parties agreed to increase bilateral trade. The tradevolume was RM31mil a year.Meanwhile, in a state banquet at Istana Negara, the King expressedMalaysia’s full support for the steps being taken by North and South Koreatowards resolving their differences and achieving unification.Bernama reports that the King also hopes Kim’s visit would furtherstrengthen relations between the Malaysian and Korean peoples in culturaland other fields.
Fulfil CPO import quotas under WTO rules, China ur
26 February 2002 (Business Times) - MALAYSIA wants China to stop using “protective trade mechanisms†with regard to the import of crude palm oil(CPO) and honour its World Trade Organisation (WTO) obligations.Primary Industries Minister Datuk Seri Dr Lim Keng Yaik said even thoughChina is to import 2.4 million tonnes of CPO in 2002 under a WTO ruling,it may not commit itself to buying such an amount.“Malaysia is urging China to stick to its WTO obligations and allow a freeflow of CPO in the spirit of free trade,†he told reporters in Bangiyesterday.“China can announce the quota but it may not necessarily stick to it, “said Dr Lim who earlier opened a seminar on carbon finance for the palmoil sector.China, Malaysia’s third biggest CPO buyer last year with 1.292 milliontonnes, had in previous years allocated its CPO import quotas to itsstate-owned importers twice a year.China usually announces the first tranche in March followed by the secondtranche in July.Last year, India was Malaysia's biggest palm oil buyer, taking in 2.031million tonnes, followed by the European Union, which bought 1.601 milliontonnes.In 2000, China’s CPO import quota was set at 1.5 million tonnes, of whichit bought 800,135 tonnes. Last year, the republic set a quota of 1.4million tonnes.
