SGS export down 16.4% for the period 1~15 Aug 2010.
ITS export down 7.4% for the period 1~15 Aug 2010.
Soy product futures ended mixed, with soyoil regaining product share value in the soybean crush. Strength in world vegoil markets and underlying export demand forced an adjustment in the meal/oil spread relationship after Thursday's session produced strength in meal versus soyoil, analysts said. December soyoil settled 1.31 cents or 3.1% higher at 43.14 cents per pound. December soymeal ended $0.50 or 0.2% higher at $296.70 per short ton.(Source: CME)
Wilmar 2Q Net Falls As Margins Squeezed; Sees Improvement(Source: CME)
Wilmar International Ltd., the world's biggest palm oil trader by volume, unexpectedly reported a 15.4% decline in its second quarter net profit due to tighter margins and decreased valuation of convertible bonds.
Net profit for the quarter ended June 30 was $344.5 million, compared with $407.2 million a year ago, Wilmar said in a statement to the Singapore Exchange. Revenue rose 18.3%, to $6.8 billion.
Margins were lower but "satisfactory" across most business segments after significant margin enhancement in the same quarter last year following the global financial crisis, the statement said.
"Normally second half production of palm is higher. When production is higher, plants run at higher capacity, and hopefully margins will improve," chief executive Kuok Khoon Hong told reporters on the sidelines of an analyst briefing in Singapore. "I won't worry too much about quarter-to-quarter margins."
Pretax profit reported by the company's plantations and palm oil mills business declined 24% to $76.6 million mainly due to the lower average price of crude palm oil and lower yield because of wet weather in Sumatra, which affected harvesting.
Oilseeds and grains, however, logged a 47% increase in pretax profit to $145.8 million as sales grew 27%, the statement said.
"With crush margin turning more positive in China and (as) we enter the higher cooking oil demand season in the third quarter, this should benefit Wilmar. Our more positive crude palm oil outlook, supported by tighter supply-demand outlook and upside support from soybean oil, should also (help) see stronger trading gains" in the second half of the year and in 2011, J.P. Morgan said in a note to clients after the earnings were announced.
Palm oil at 15-mth top on supply worry
KUALA LUMPUR, Aug 13 (Reuters) - Malaysian crude palm oil futures hit a 15-month high on renewed concerns about weather following a pessimistic grain production report from the U.S. Department of Agriculture.
"The USDA report reignited fears of dwindling world supply," said a trader in a local commodities brokerage firm. "Production prospects are fading."
Indonesia 2010 CPO output growth to slow on rains
JAKARTA, Aug 13 (Reuters) - Crude palm oil (CPO) output from Indonesia, the world's largest producer, may grow at a slower pace of 4.5-5 percent this year as prolonged rains have affected yields, the country's palm oil association said on Friday.
Lower output from Indonesia could offer support to palm oil prices , which have gained 1.5 percent so far this year, but hurt revenues for producers such as Astra Agro Lestari and Wilmar .
Brazil 10/11 soy crop seen down vs 09/10 - AgraFNP
SAO PAULO, Aug 12 (Reuters) - Brazil's 2010/11 soybean crop is expected to be as large as 67 million tonnes, which would be down from the record 68.5 million tonnes harvested earlier this year, analyst AgraFNP said on Thursday in its second forecast of the new crop.
Planted area is seen largely stable but the effects of drier weather over Brazil's center-south grain belt from the La Nina global weather phenomena is expected to hurt yields, said AgraFNP, which is a subsidiary of Agroinforma.
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