ITS CPO export down 1.1% to 390,534 tonnes for the period of 1~10 Nov 2010.
SGS CPO export up 1% to 386,762 tonnes for the period of 1~10 Nov 2010.
MPOB Official Data for the month of Oct 2010
Export down 0.6%
Stock up 4.9%
Output up 4.7%
Heavier rains may cut Malaysia palm output-planters
JAKARTA, Nov 10 (Reuters) - Malaysia's palm oil production may fall 5 to 10 percent each month for November and December as heavy rains curb yields and floods make transportation of the vegetable oil difficult, planters said on Wednesday.
Rains in northern mainland Malaysia have led to flooding and planters are concerned the northeast monsoon season in the third quarter of this year will bring heavier than usual rains to key palm oil growing areas in the south.
China Oct soy imports fall to 3.73 mln T - customs
BEIJING, Nov 10 (Reuters) - China, the world's largest soy buyer, imported 3.73 million tonnes of soy in October, the lowest since March and down 19.6 percent from September, official customs figures showed on Wednesday.
The low figure was partly due to customs clearance delays during the week-long National Day holidays, said one analyst with the official think tank, the China National Grain and Oils Information Centre (CNGOIC).
U.S. soy product futures climbed in step with soybeans. Soyoil raced to a new 27-month high while meal rose to 16-month highs. CBOT Dec soyoil ended 1.39c higher at 53.40 cents a pound, while December soymeal traded $17.40 higher at $362.30 a short ton. (Source: CME)
Commodities Soar As Surging Demand Meets Dwindling Supplies(Source: CME)
A broad array of commodities hit multiyear highs as producers of metals and agricultural goods are finding it increasingly more difficult to meet robust demand. The growing threat of a supply crunch in markets such as copper and soybeans adds to last week's buying frenzy that followed the U.S. Federal Reserve's announcement that it would buy $600 billion in Treasury bonds over the next eight months. While intended to boost the economy, printing more money would also undermine the value of the dollar, a prospect that has sent commodity prices soaring over the last few weeks. December gold futures reached a record $1,423.80 an ounce on the Comex division of the New York Mercantile Exchange, gaining additional momentum from renewed fears about the European Union's ability to handle some members' high sovereign debt levels. The contract ended up 0.5% at $1,410.10 an ounce, after some investors used an afternoon rebound by the dollar as an excuse to book profits.
But the markets with the greatest fear of a supply crunch held onto big early gains. November soybean futures ended at a 26-month high of $13.1925 a bushel after the U.S. Department of Agriculture cut its crop forecast while raising projected exports. Cotton ended up 3.4% at a record $1.5123 a pound, the maximum daily gain allowed by ICE Futures U.S. Surging demand from China is expected to cause supplies of both crops to tighten. China was also on the mind of copper traders, as futures leaped over the $4-a-pound mark for the first time since July 2008, helped by strong Chinese car sales data. China's passenger vehicle sales rose 27.1% in October to 1.2 million units, semi-official industry group China Association of Automobile Manufacturers said Tuesday. Copper, which is widely used in automotive manufacturing, ended up 2.2% at $4.0430 a pound. Still, there are questions about the sustainability of recent gains in certain markets, particularly crude oil, where supplies remain ample.
Investors have flocked to hard assets like metals and oil that will hold value should the Fed's stimulus cause inflation to take off or the dollar's standing to crumble. But those markets have already priced in the $600 billion announced last week, and could snap back to earth if the Fed's next round of stimulus is also its last. "Will these markets continue to climb when the Fed starts to consider removing the punch bowl?" said Matt Zeman, head of sales at LaSalle Futures in Chicago. Oil futures swung to a loss as soon as the dollar began to recover on Tuesday, ending 0.4% lower at $86.72 a barrel, after ending the last two sessions at a two-year high.
Palm oil hits new two-year highs as commodities gain
KUALA LUMPUR, Nov 9 (Reuters) - Malaysian crude palm oil futures rose nearly 3 percent to touch a fresh two-year high, supported by gains across the commodity markets.
"Palm oil investors covered their short positions during the last hour before closing as most of the commodities rallied on the back of a weaker dollar," said a trader with foreign brokerage in Kuala Lumpur.
Indonesia's forest ban may not hurt palm oil output yet
JAKARTA, Nov 9 (Reuters) - Indonesia's proposed ban on forest clearing is unlikely to impact palm oil production in the short term as growth from new plantings in previous years remain in the pipeline, a government official said on Tuesday.
Palm oil output in the world's No.1 producer could rise to 22-23 million tonnes in 2011 versus a projected 21 million tonnes this year, said Mukti Sarjono, acting director general of plantations with the Agriculture Ministry.
Brazil laws for palm may deter foreign cos for now
JAKARTA, Nov 9 (Reuters) - Brazil's strict environment laws for oil palm cultivation will keep away Southeast Asian plantation firms away for the time being despite a new policy to encourage the industry's expansion, an official said.
Malaysian planters want to expand into Brazil but find it difficult to do so as local laws stipulate estates must be surrounded by forests at a 1:4 ratio, said Marcello Brito, a director with unlisted Brazilian planter Agropalma.
Indonesia palm firm uses degraded land, not forest
JAKARTA, Nov 8 (Reuters) - An Indonesian planter has taken steps to use 12,000 hectares of degraded land instead of forests for its planned oil palm estates, the largest such swap so far in the country as a ban looms on forest clearing.
The World Resources Institute (WRI), a Washington-based environmental think tank, said on Monday it was working with the planter to preserve forests standing on its concession and look elsewhere for land with little biodiversity or carbon stocks.
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