SGS CPO export up 4.5% to 989,868 tonnes for the period of 1~25 Feb 2012.
A Malaysian company expressed interest to establish a palm oil mill in West Sulawesi, says its governor Anwar Adnan Saleh. He added oil palm plantations were expanding into the Polman district. (Malaysian Reserve)
Indonesia kept the tax rate for crude palm oil exports in March at 16.5% and kept the tariff on cocoa bean exports at 5%, Deddy Saleh, director general of foreign trade at the Trade Ministry, said. The base price to calculate the levy for crude palm oil exports was raised to US$1,017 per ton from US$1,001 per ton, Saleh said. (Bloomberg)
Soybeans (Source: CME)
US soybean futures ended higher, continuing a trend of fresh highs for the current move. Strong export demand, forecasts for tightening stocks in the 2012/13 marketing year and the need for soy prices to remain competitive with corn to secure enough 2012 acres to maintain adequate supplies, bolstered buying, analysts say. Traders bought soybeans and sold corn and wheat on spreads, as feed grains are hampered by negative supply and price forecasts from USDA. CBOT March soybeans rallied to a new five-month high during the session, settling up 2 1/4c to $12.79/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures end modestly higher, feeding off the supportive theme in soybean futures. Strong weekly export sales helped buoy both soymeal and soyoil, with soyoil drawing additional support from rallying energy prices, analysts say. Soyoil is key feedstock for biodiesel production, tying its price movements with crude oil, analysts say. CBOT March soyoil ended up 0.09c at 54.29 cents/pound, and March soymeal ended up $0.70 to $333.60/short ton.
Palm Oil To Rise At Least 10% On Tight Vegoil Supply -New Britain Executive (Source: CME)
Rising global demand for vegoil amid weaker palm oil production growth for the year ahead could help send prices up further, a company executive at New Britain Palm Oil Ltd. (NBPO.LN) said. "Any [fresh] supply-side shocks [in South America] can see palm oil prices move up dramatically from current price levels to more than $1,200 a metric ton in the first half of the year," Alan Chaytor, executive director at New Britain, said in a telephone interview from London. Palm oil prices have risen 1.6% so far this year, driven partly by yield-sapping dry weather in major soybean growing areas of South America. Buyers generally use more palm oil if soy and rapeseed oils are unavailable. The benchmark May contract on Bursa Malaysia Derivatives ended 0.1% higher at MYR3,276/ton ($1,088). Argentina's Rosario Grain Exchange said in a report Thursday that Argentine farmers will harvest 44.5 million tons of soyoil in 2012, well below an earlier estimate of 49.5 million tons due to drought damage.
Palm oil output in Indonesia and Malaysia, which account around 90% of global production, are expected to slow down for the year ahead as trees rest after last year's bumper crop harvests. Production growth at New Britain's palm plantations in Papua New Guinea may slow for the year ahead, said Chaytor, after registering a 24% jump to 551,657 tons in 2011. "Production is likely to be flat to around 9% higher for this year," he said. Chaytor also said the firm's plantation acreage may rise 2,000-5,000 hectares a year. New Britain currently owns over 78,000 hectares of planted oil palm estates in Papua New Guinea and Solomon Islands. It is also the largest sugar producer in Papua New Guinea and harvested around 301,000 tons of sugar in 2011.
Palm oil slips on global growth worries, China eyed
SINGAPORE, Feb 24 (Reuters) - Malaysian crude palm oil futures eased in thinly traded markets as investors chose to remain on the sidelines, wary that rising oil prices could hurt global economic growth and commodity demand.
Emerging concerns that No.2 edible oil consumer China's demand for the tropical oil could ease on high stock levels may further depress prices that rose more than 6 percent this month alone.
"China's demand for palm oil will slow down as its economy is slowing and the government is trying to maintain a slow growth," said a Singapore-based physical trader with a local trading company in reference to the world's second largest economy.
Indonesia keeps palm export tax at 16.5 pct for March
JAKARTA, Feb 24 (Reuters) - Indonesia, the world's top palm oil producer, will keep its export tax for the edible oil unchanged at 16.5 percent and its tax on cocoa beans at 5 percent for March, a trade ministry official said on Friday.
The government also kept the export tax for RBD palm olein at 8 percent for March, said Deddy Saleh, the director general of foreign trade at the trade ministry.
No comments:
Post a Comment