SGS CPO export down 19.2% to 352,800 tonnes for the period of 1~10 Jan 2012.
MPOB Official Data for the month of Dec 2011 vs Nov 2011
Exports down 4.49% to 1,589,885 tonnes
Stocks down 1.49% to 2,039,224 tonnes
Output down 8.16% to 1,494,893 tonnes
Soybeans (Source: CME)
US soybean futures rallied Monday, settling at a two-month high, as traders rebuilt risk premium into prices amid threats to South American crops. Heat and dryness stress is perceived to be lowering the crops yield potential there. The uncertainty of Argentina and Brazil crop potential coupled with traders covering short positions ahead of Thursday's government crop reports helped futures recoup losses from the previous week, analysts say. CBOT March soybeans ended up 36 1/2c or 3.1% to $12.33/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures spiked in unison with rallying soybeans. Soymeal futures prices jumped to more than two-month highs, while soyoil retraced a portion of last week's declines. Threats to South America crops served as the fundamental driver attracting buyers to soy markets, analysts say CBOT March soymeal ended up $11.10 (or 3.6%) to $323.50/short ton; March soyoil climbed 1.21c (2.4%) to 52.33c/lb.
China's Sinograin Oils Enters Edible Oil Market (Source: CME)
A subsidiary of state grain stockpiler China Grain Reserves Corp. has entered the country's edible oil retail market, state media reported. Sinograin Oils Co.'s foray into a lucrative and intensely competitive market sets up a contest with giant state-owned domestic rival Cofco Group Corp. and foreign competitors including Singapore's Wilmar International. Sinograin Oils began retail operations in 20,000 supermarkets in eastern and northern China in December, China's state-owned Economic Daily newspaper said. The company aims to sell 200,000 metric tons of edible oil in 2012, the paper said in a report also picked up by communist party mouthpiece People's Daily. The unit's production base is at Zhenjiang city, Jiangsu province. Within two years, it intends to have completed plants at Tianjin municipality as well as Guangdong and Henan provinces, among others, to reach an annual bottling capacity of 700,000 tons, according to the report.
The Sinograin subsidiary's move illustrates the allure of a domestic market valued around $83 billion a year in operating income and provides cues as to the ambitions of a company whose parent is better known for administering China's state grain reserves. Quoting General Manager Liu Jianmin, the Economic Daily said Sinograin Oils' entry into the market is "to realize the company's goal of getting from the agricultural field to the dining table." The company couldn't be reached for comment. The industry in China is fragmented, populated by hundreds of producers and at least 97 large-scale edible oil firms, according to a report by Caijing business magazine earlier this month. The Economic Daily report suggested that Sinograin's aim may extend beyond commercial interests: "Foreign edible oil companies control more than half of China's edible oil market, presenting challenges for the country's 'strategic security.'"
China's Cofco Group Corp. has annual edible oil processing capacity of more than 10 million tons, chairman Ning Gaoning told state-run Xinhua news agency last year, dwarfing Sinograin Oils' current stature in edible oil retail Cofco accounts for about 10% of China's cooking oil retail market, trailing Singapore's Wilmar International Ltd., which has about 50%-60% of the market. These companies operate in a politically sensitive industry, where the government hasn't hesitated to intervene to control prices. Last year, Chinese government officials asked at least three major producers, including Wilmar and Cofco, to cap cooking oil prices to tamp inflation.
India's 2011/12 edible oil imports seen up 6.3 pct
MUMBAI, Jan 4 (Reuters) - India's edible oil imports in the year ending October 2012 are likely to rise by 6.3 percent to 8.9 million tonnes and all the additional imports will be refined palm oil after Indonesia changed export taxes, a senior Indian industry official said.
Indonesia altered duties to make its refined palm oils more attractive than crude palm oil (CPO) from October 2011, prompting warnings from refiners in India, the world's top cooking oil buyer, it would be a "death blow."
Bunge eyes India expansion with 1,200 TPD edible oil refinery
MUMBAI, Dec 26 (Reuters) - Agricultural processor Bunge Ltd is planning to set up an edible oil refinery on India's western coast as it aims to expand in the world's top importer after buying a local firm last week, the head of its Indian unit told Reuters.
Bunge, the world's largest oilseed processor and among the top sugar and ethanol producers, last week said it had agreed to buy the edible oil business of Amrit Banaspati Company for 2.21 billion rupees ($42 million).
Crude palm drives India vegoil imports up 28 pct y/y
MUMBAI, Dec 14 (Reuters) - India's crude palm oil imports rose but the costlier refined purchases fell in November compared with the previous month despite efforts by Indonesia to push the sale of the refined variant, data from a top trade body showed on Wednesday.
Refined oil imports by India, the world's biggest vegetable oil importer, were down because of lower supplies from the Southeast Asian country which is still trying to boost its refining capacity.
Palm oil down on Europe fears, industry data eyed
SINGAPORE, Jan 9 (Reuters) - Malaysian crude palm oil futures eased as renewed worries about the euro zone debt crisis and investor caution ahead of key industry data trumped weather concerns in top oilseed producing regions.
"Until more is known about demand, weather in South America and most importantly the USDA and MPOB figures, the market will remain in the 3,160-3,240 ringgit range," said a trader with a local commodities brokerage in Kuala Lumpur, referring to the U.S. Department of Agriculture and the Malaysian Palm Oil Board.
Indonesia 2011 palm oil exports fall 5 pct
JAKARTA, Jan 9 (Reuters) - Palm oil exports from Indonesia, the world's largest producer, dropped 5 percent to 19.4 million tonnes last year, the agriculture ministry said on Monday, highlighting rising domestic consumption.
The fall in exports came even as palm output rose a modest 2.5 percent in 2011 from the previous year, to 22.51 million tonnes, the ministry said in a statement.
South Brazil set for brief respite from drought
SAO PAULO, Jan 6 (Reuters) - Rains will return to the drought-hit grain regions in southern Brazil by the middle of next week, a forecaster said on Friday, but will be too light and brief to neutralize the threat of more crop losses in the world's No. 2 soy and No. 3 corn producer.
"Between January 11 and 15, the weather pattern will change radically. A cold front will finally bring widespread rain to the south," local meteorologists Somar said.
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