ITS CPO export up 18.9% to 1,318,605 tonnes for the period of 1~25 Nov 2010.
SGS CPO export up 24.9% to 1,363,256 tonnes for the period of 1~25 Nov 2010.
JAKARTA, Nov 25 (Reuters) - Indonesia's palm oil exports in October rose 7.4 percent to 1.45 million tonnes from a year earlier on strong demand from Asia and the United States, the latest data from the Indonesian Palm Oil Producers Association showed. October exports also rose 12.9 percent from 1.284 million tonnes shipped in September, the data showed. India, which celebrated two national festivals in October, bought 596,586 tonnes of palm oil products that month, said the association commonly known as Gapki. Indonesia has lifted its export tax for palm oil in December to 15 percent, up from 10 percent for this month, the trade ministry said, a move which could dampen exports next month. Crude palm and other edible oils accounted for about 9.2 percent of Indonesia's total exports in the first nine months this year, according to the country's statistics bureau.
CBOT soy products were mixed, as soybean oil climbed on strong Chinese demand for soybeans while soymeal stocks slipped slightly. A huge purchase of U.S. soybeans by China, along with worries about the South America crop, pushed soybeans higher. But huge U.S. soybean meal stocks in the monthly Census crush report prevented meal from joining the rally. Dec soyoil ended up 1.02 cents to 50.24 cents a pound, while Dec soymeal closed down $0.50 to $340.20 per short ton. (Source: CME)
China NDRC Blames Speculation, Hoarding For High Food Prices (Source: CME)
Surging agricultural product prices are a direct result of speculators, producers and traders hoarding goods and manipulating prices, China's top economic planner said, as officials become increasingly concerned about inflation pressures. The National Development and Reform Commission's statement was the third in three days about the need to stabilize prices. The statement did not say if the government planed to take immediate steps to prevent hoarding, but underlines rising concerns about the impact of higher prices on the overall economy. Policy makers are worried high food prices will flow through to broader inflation, with the country's consumer price index hitting a 25-month high last month. The index rose 4.4% in October, driven by a 10.1% rise in food prices, which account for one third of the CPI basket. The NDRC's statement has taken a tougher tone than previously, listing many market activities that will be considered illegal.
Beijing is taking more aggressive action to try and manage prices, Xu Wenjie, an agricultural analyst at Zhejiang-based Zheshang Futures Co, said Wednesday. "Government's policies to curb inflation are very tough now," Xu said. "Some are administrative measures instead of market regulation," he added. Agricultural traders and producers who spread fictitious price information, hoard products that are in short supply or manipulate futures markets will be severely punished, the NDRC said in the latest statement on its Web site. "The government will never allow people to make a profit from illegal business operations" the statement said. Soaring labor costs in rural areas are a major reason for the rise in food prices, Tian Zhihong, a professor at the China Agricultural University's College of Economics and Management, said in a recent interview. He said higher disposable incomes and low elasticity of demand for agricultural products have made it easy for speculators to push up food prices.
China's cotton market has witnessed considerable speculation in recent weeks, with some enterprises without cotton purchasing licenses entering the market to buy and hold cotton, the NDRC statement said. The domestic weighted average spot cotton price was CNY27,781/ton Tuesday, according to the China Cotton Index, off a record CNY31,302/ton hit Nov. 11, but still around 50% higher than early-September levels. In July, NDRC imposed a fine of CNY1 million on a Jilin-based corn trader for price manipulation and spreading misleading price information. The tougher official stand suggests the government may move beyond agricultural products and also target other sectors to ensure inflation doesn't get out of control.
U.S. soy,corn futures rise on healthy demand
BEIJING, Nov 24 (Reuters) - U.S. corn and soy futures extended their rise slightly during Asian trading, after strong commercial buying pushed up prices on Tuesday despite a strong dollar.
"China's demand for soy remains robust. South Amercian soy stocks will be under pressure as concerns rise over the lack of rain in Argentina," said Meng Lingyu, an analyst with Dalu Futures.
Palm rebounds on soy complex; data eyed
KUALA LUMPUR, Nov 24 (Reuters) - Malaysian palm oil futures rebounded from three-week lows on the back of a firmer overseas soy complex and expectations of strong overseas demand.
"Malaysian palm oil was mainly affected by overseas soy and soyoil markets. Investors are also expecting higher exports for Nov. 1-25," said a trader with foreign brokerage in Kuala Lumpur, referring to Malaysia palm oil exports data due to release on Thursday.
Argentine rains should let soy sowings resume
BUENOS AIRES, Nov 23 (Reuters) - Rains in Argentina's crop belt in the last few days will let many farmers resume soy sowing, but dryness caused by La Nina will drag on and yields could eventually be hit, weather specialists said on Tuesday.
Lack of rain in Argentina, the third-biggest soybean supplier, has brought 2010/11 soy planting to a virtual standstill in many areas this month, driving U.S. soybean futures higher this week.
Argentina sees record-high 2010/11 soy plantings
BUENOS AIRES, Nov 23 (Reuters) - Argentina's soy area is seen increasing 1.7 percent to a new record this season despite dry weather that has halted plantings in some areas of the world's No. 3 exporter, the government said on Tuesday.
The Agriculture Ministry put its first formal estimate for 2010/11 soy area at 18.65 million hectares (46.08 million acres).
Canada canola crop bigger than thought-group
WINNIPEG, Manitoba, Nov 23 (Reuters) - Canada's canola crop took advantage of warm dry weather in October to grow to between 11.3 million to 11.6 million tonnes, a Canola Council of Canada official said on Tuesday, pegging the crop much larger than the last government estimate.
The industry estimate is as much as 11 percent bigger than Statistics Canada's estimate of 10.4 million tonnes in early October.
Brazil soy growers slow new crop sales - Celeres
SAO PAULO, Nov 23 (Reuters) - Brazilian soybean sales remained unchanged over the past week at 31 percent of the 2010/11 soybean crop that farmers started planting in late September, analysts Celeres said on Tuesday.
As of Nov. 19, sales of the new crop, which is seen at a record 69.1 million tonnes, are ahead of the 19 percent sold this time last year.
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