ITS CPO export down 11.9% to 1,315,323 tonnes for the period of 1~31 Jan 2012.
SGS CPO export down 13% to 1,293,078 tonnes for the period of 1~31 Jan 2012.
Soybeans (Source: CME)
US soybean futures tumbled, driven lower by traders reducing weather premium from prices and broad-based selling across asset classes. Rains forecast to move through Argentina for the next week raise hope of improved crop yields, particularly with rains coming as crops move into their critical reproductive stage, analysts say. Strength in the US dollar amid renewed worries about EU debt produced general weakness in commodities, aiding the defensive theme as well. CBOT March soybeans ended down 33 3/4c or 2.8% to $11.85 1/4.
Soybean Meal/Oil (Source: CME)
Soy product futures end lower, plunging in unison with sharp declines in soybeans. Improved crop outlooks for South American soybeans and broader based selling across commodity markets combined to pin both soymeal and soyoil in negative territory, analysts say. CBOT March soymeal ended down $9.50 at $312.70/short ton, March soyoil dropped 1.34c to 50.25 cents/pound.
China ban on Indian meal to benefit Canadian canola
BEIJING, Jan 30 (Reuters) - China will boost imports of rapeseed and rapeseed meal from Canada to maintain supplies of the feed ingredient, traders said on Monday, after Beijing imposed a ban on Indian meal found to have been tainted with a toxic chemical.
Traders said cargoes of Indian rapeseed meal loaded after Jan 1 would be denied entry while both countries work to resolve the quality issue.
'Tax free CPO export quotas delayed'
KUALA LUMPUR (Jan 31, 2012): Malaysia has delayed issuing tax free crude palm oil (CPO) export quotas for 2012 as it drafts a policy response to top supplier Indonesia's move to change its tariffs and revive its own refineries, industry and government sources told Reuters. The delay by Malaysia, the world's No 2 producer, leaves more supply for local processors but comes at a time when some refined edible oil demand has already shifted to Indonesia which last year slashed export taxes for processed oils. For plantation firms holding export quota licences, the delay has hampered their ability to supply their overseas refiners with cheap feedstock and meet existing export contracts for CPO. "The Malaysian government usually issues the quotas in the last week of December but until now, nothing has been given out," one of the sources with a local plantation firm with a licence for the quotas said yesterday.
"We had been asking since December and the lack of action is affecting our business. This is why Malaysia's exports are falling this month," added the source who could not be identified as he is not authorised to speak to the media. Cargo surveyor Societe Generale de Surveillance reported close to a 20% decline in Jan 1-25 Malaysia palm oil export from the same period a month ago. Crude shipments alone slumped 75% to 74,640 tonnes. — Reuters (The Sun Daily)
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