Soy-product futures ended lower, retreating in step with soybeans in the absence of fresh news to promote buying interest, analysts said. Soyoil futures managed to grab some product-share value on spreads due to ongoing concerns about tighter global vegoil supplies, analysts said. December soyoil settled 0.23 cent, or 0.5%, lower at 42.82 cents per pound. Speculative December soymeal ended $2.80, or 0.9%, lower at $307.40 per short ton.(Source:CME)
Malaysia Hopes To Boost Palm Oil Yields With Mandatory Replanting (Source:CME)
Malaysia hopes to boost palm oil yields, which have remained stagnant the past 20 years, through mandatory replanting programs, an industry executive said Tuesday at a government briefing. Replanting activities are currently carried out on a voluntary basis. "Upstream plantations have a backlog of 365,000 hectares of palm trees that are over 25 years old and need to be replanted," Genting Plantations Bhd. Vice President Chew Jit Seng said. "This has brought down productivity." Chew said the mandatory replanting plan may target smallholders owning lands with palm trees over 25 years old and yielding less than 13 metric tons of palm oil per hectare as well as plantation firms that get less than 16 tons per hectare. The government hopes to boost yearly national yields to 26 tons a hectare from the current 21 tons and increase oil extraction rates to 23% from 20.5%.
Plans to boost productivity, the move to high-value oleochemicals and more downstream business would cost a total of MYR125 billion over the next 10 years, with 97.7% of the funding coming from the private sector. The plan is part of the ambitious goal of a government think-tank called Performance Management and Delivery Unit or Pemandu to catapult the middle-income nation to high-income status within a decade. Pemandu said plans for 131 private sector-led projects in 11 key industries would triple Malaysia's gross national income to MYR1.7 trillion in 2020 from MYR660 billion in 2009.
China Frost Won't Affect Corn, Soybeans -State Think Tank
Early frost in China's grain-producing areas isn't expected to affect output of soybeans or corn, the state-backed China National Grain and Oils Information Center said Tuesday. China's grain harvest is closely watched, as it affects global grain flows, the level of state grain reserves and the government's goal of 95% grain self-sufficiency. "A third of this year's soybean harvest has already been collected, and all of it is already mature, so even if there's frost, it won't affect the harvest," a researcher with the semi-official think tank said. The frost isn't expected to heavily affect corn production, he said, adding that this year's output projections for corn were the "best in five years."
The researcher, who didn't wish to be named, attributed weekend reports of early frost affecting the crops to "market speculation by external sources." China's soybean crop is expected to be entirely harvested by the end of September, he said, adding that this was a slightly earlier harvest than normal. The harvest is usually completed by mid-October. Corn is slightly more vulnerable as its harvest season extends into November. However, analysts project the upcoming corn harvest to rise about 5% on year to 165 million metric tons. Last week, the center maintained its forecast for the soybean harvest at 14.8 million tons, down 1.3% from last year's 15 million tons.
Ease on technicals; weather concerns linger
KUALA LUMPUR, Sept 21 (Reuters) - Most vegetable oil prices dipped as traders booked some profits after concerns of dry weather in the Americas and frost in China and Canada drove markets up the previous day.
"Traders are booking profits ahead of the Mid-Autumn festival, but losses were limited by U.S. soyoil's strength," said a Shanghai-based oil analyst with a local brokerage.
Analyst cuts Ukraine '10 rapeseed crop forecast
KIEV, Sept 21 (Reuters) - UkrAgroConsult agriculture consultancy on Tuesday revised down its forecast for Ukraine's 2010 rapeseed harvest to 1.45 million tonnes from the previous outlook of 1.50 million.
The consultancy said in a report it had cut the harvested area to 870,000 hectares from 915,000 hectares a month earlier.
India monsoon may not withdraw this week:climate centre head
NEW DELHI, Sept 21 (Reuters) - India's monsoon may not start withdrawing this week, a top forecaster said on Tuesday, raising the risk of floods in some areas and further delays to soybean and cotton harvesting.
"The monsoon withdrawal appears unlikely this week," D. Sivananda Pai, director at the Pune-based National Climate Centre, which is part of the India Meteorological Department, told Reuters.
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