Petronas finds oil, gas off northern Vietnam -paper
HANOI, Sept 1 (Reuters) - The exploration and production arm of Malaysian state oil company Petronas has discovered oil and gas in an area off the coast of northern Vietnam, a Vietnamese state-backed newspaper reported on Wednesday.
Petronas Carigali Overseas Sdn Bhd announced the discovery in the Ham Rong-2X well, which is expected to have a capacity of about 6,300 bpd of oil and 8 million standard cu ft of gas per day, the Vietnam News said.
Wednesday, September 1, 2010
20100901 1344 FKLI Mid Day Hourly Chart Study.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : weakening, buyer book in profit.
Support : 1425, 1405, 1395 level.
Resistant : 1445, 1458, 1470 level.
Comment :
FKLI kicked start the month by hitting another new year high before profit taking activities pressed price to closed off the high in slow volume traded but still recorded small gain. Hourly chart wise, market is having downward correction after market hit above upper Bollinger band with reading suggesting a correction range bound upside biased market development.
20100901 1343 FCPO Mid Day Hourly Chart Study.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : recovering, seller closing position.
Support : 2500, 2470, 2450 level.
Resistant : 2520, 2550, 2570 level.
Comment :
Yesterday dropped in soy oil and crude oil futures prices plus a slower month on month export data lead FCPO to opened lower and fall to closed at the low of the session in huge volume transaction. Hourly chart shows that price dropped significantly breaking few support levels with the reading turned into suggesting a side way range bound little downside biased market development.
20100901 1216 Local & Global Economic News.
Malaysia, Indonesia: May hold rates as risks cloud recovery
Malaysian and Indonesian policy makers will probably keep interest rates unchanged this week to support their economies as the global recovery slows. 15 out of 17 economists surveyed by Bloomberg News predict Bank Negara Malaysia will leave its benchmark overnight policy rate at 2.75% after three consecutive increases, while two expect another boost to 3%. Bank Indonesia will keep its reference rate at 6.5% on 3 Sept, according to 16 out of 17 economists in a separate survey. (Bloomberg)
Thailand: Manufacturing growth slows as demand cools
Thailand’s industrial production growth slowed in July as a faltering global recovery cooled demand for the country’s electronics, giving the central bank less room to keep raising interest rates. Manufacturing output rose 16.3% from a year earlier, after a revised 21.9% gain in June, the Bank of Thailand said. (Bloomberg) India: Economy expands 8.8%, fastest pace since 2007 India’s economy expanded at the fastest pace in 2 1/2 years, increasing pressure on the central bank to extend the most aggressive round of monetary-policy tightening in Asia. Gross domestic product rose 8.8% in the three months through June from a year earlier, after an 8.6% increase in the previous quarter, the Central Statistical Organisation said in a statement in New Delhi. (Bloomberg)
Japan: Kan’s stimulus plan may fail to offset impact of yen
Japanese Prime Minister Naoto Kan’s economic stimulus plan may fail to support the nation’s economic expansion as the yen’s surge to a 15-year high forces exporters to move production abroad. Stimulus measures should be coupled with effective steps to weaken the yen, said Katsuichi Shimizu, a managing director at Canon Inc., the world’s biggest camera maker. The government should also heed calls from the Keidanren, Japan’s biggest business lobby, to stimulate investment by cutting corporate taxes, said Naoki Iizuka, a senior economist at Mizuho Securities Co. in Tokyo. (Bloomberg)
Australian: Economy poised to strengthen as trade, retail surge
Australia’s current-account deficit narrowed to the least since 2002, and retail sales and building approvals rebounded, signaling the economy is strengthening even as recoveries in Japan and the US show signs of faltering. The second-quarter shortfall on goods, services and investment moved to AUD5.64bn (USD5.05bn) from AUD16.5bn in the first quarter, the Bureau of Statistics said. (Bloomberg)
EU: Inflation slows, jobless holds at 12-year high
European inflation slowed this month and unemployment held at the highest in almost 12 years in July as companies continued to cut costs to help shore up earnings. Euro-area consumer prices rose 1.6% from a year earlier after increasing 1.7% in July, the European Union statistics office in Luxembourg said. The jobless rate held at 10% for a fifth month which is the highest since August 1998, according to a separate report. (Bloomberg)
UK: Consumer confidence unexpectedly rises on growth
UK consumer confidence unexpectedly rose in August for the first time in six months in a sign that rebounding economic growth is cheering shoppers, a report by GfK NOP Ltd. showed. The index of sentiment rose 4 points to minus 18, the research group said in an e-mailed statement in London. Economists predicted a drop to minus 24, according to the median of 16 forecasts in a Bloomberg News survey. (Bloomberg)
US: Consumer confidence climbs more than forecast
US consumer confidence climbed more than forecast in August as Americans turned less pessimistic about the outlook for jobs, easing concern households will retrench. The Conference Board’s confidence index rose to 53.5 from a five-month low of 51 in July, according a report from the New York-based research group. Other reports showed business activity slowed in August and home prices held up in the three months to June. (Bloomberg)
Malaysian and Indonesian policy makers will probably keep interest rates unchanged this week to support their economies as the global recovery slows. 15 out of 17 economists surveyed by Bloomberg News predict Bank Negara Malaysia will leave its benchmark overnight policy rate at 2.75% after three consecutive increases, while two expect another boost to 3%. Bank Indonesia will keep its reference rate at 6.5% on 3 Sept, according to 16 out of 17 economists in a separate survey. (Bloomberg)
Thailand: Manufacturing growth slows as demand cools
Thailand’s industrial production growth slowed in July as a faltering global recovery cooled demand for the country’s electronics, giving the central bank less room to keep raising interest rates. Manufacturing output rose 16.3% from a year earlier, after a revised 21.9% gain in June, the Bank of Thailand said. (Bloomberg) India: Economy expands 8.8%, fastest pace since 2007 India’s economy expanded at the fastest pace in 2 1/2 years, increasing pressure on the central bank to extend the most aggressive round of monetary-policy tightening in Asia. Gross domestic product rose 8.8% in the three months through June from a year earlier, after an 8.6% increase in the previous quarter, the Central Statistical Organisation said in a statement in New Delhi. (Bloomberg)
Japan: Kan’s stimulus plan may fail to offset impact of yen
Japanese Prime Minister Naoto Kan’s economic stimulus plan may fail to support the nation’s economic expansion as the yen’s surge to a 15-year high forces exporters to move production abroad. Stimulus measures should be coupled with effective steps to weaken the yen, said Katsuichi Shimizu, a managing director at Canon Inc., the world’s biggest camera maker. The government should also heed calls from the Keidanren, Japan’s biggest business lobby, to stimulate investment by cutting corporate taxes, said Naoki Iizuka, a senior economist at Mizuho Securities Co. in Tokyo. (Bloomberg)
Australian: Economy poised to strengthen as trade, retail surge
Australia’s current-account deficit narrowed to the least since 2002, and retail sales and building approvals rebounded, signaling the economy is strengthening even as recoveries in Japan and the US show signs of faltering. The second-quarter shortfall on goods, services and investment moved to AUD5.64bn (USD5.05bn) from AUD16.5bn in the first quarter, the Bureau of Statistics said. (Bloomberg)
EU: Inflation slows, jobless holds at 12-year high
European inflation slowed this month and unemployment held at the highest in almost 12 years in July as companies continued to cut costs to help shore up earnings. Euro-area consumer prices rose 1.6% from a year earlier after increasing 1.7% in July, the European Union statistics office in Luxembourg said. The jobless rate held at 10% for a fifth month which is the highest since August 1998, according to a separate report. (Bloomberg)
UK: Consumer confidence unexpectedly rises on growth
UK consumer confidence unexpectedly rose in August for the first time in six months in a sign that rebounding economic growth is cheering shoppers, a report by GfK NOP Ltd. showed. The index of sentiment rose 4 points to minus 18, the research group said in an e-mailed statement in London. Economists predicted a drop to minus 24, according to the median of 16 forecasts in a Bloomberg News survey. (Bloomberg)
US: Consumer confidence climbs more than forecast
US consumer confidence climbed more than forecast in August as Americans turned less pessimistic about the outlook for jobs, easing concern households will retrench. The Conference Board’s confidence index rose to 53.5 from a five-month low of 51 in July, according a report from the New York-based research group. Other reports showed business activity slowed in August and home prices held up in the three months to June. (Bloomberg)
20100901 1215 Malaysia Corporate News.
Sime Darby re-looks at property JVs
Sime Darby is taking a re-look at some of its property joint ventures and where possible, is seeking to unwind out of ventures that do not create maximum value for itself. It is also in no hurry to list its Indonesian plantation arm, as was earlier speculated, preferring to enhance efficiencies before such an exercise. (Starbiz)
Glomac to buy Dengkil land from Cyberview for RM27m
Glomac will acquire seven acres of land in Dengkil from Cyberview SB for a purchase consideration of RM27.44m to expand its Glomac Cyberjaya Development. Its wholly-owned subsidiary, Berapit Properties SB, has entered into a sale and purchase agreement (SPA) with Cyberview amd Setia Haruman SB, the developer for the project, in a move to purchase the land. The proposed acquisition, located in the Cyberjaya Enterprise Zone and adjacent to the Glomac Cyberjaya project, will increase its existing landbank in the Klang Valley. (MalaysianReserve)
KNM proposes to consolidate shares
KNM Group has proposed to consolidate its shares to improve its capital structure by reducing the number of shares but without affecting value of the securities. The group is proposing to consolidate every four of its shares of 25 sen each into 1 ordinary share of RM1 each. The company has also proposed to amend its memorandum and articles of association to effect the share consolidation exercise. As at 30 Aug 2010, the issued and paid-up share capital of KNM was about RM1bn, comprising 4.004 billion shares. Upon completion of the proposed share consolidation, the issued and paid-up share capital of KNM would be rounded down to about RM1.0 billion, comprising about 1.0bn consolidated shares. (BT)
MASB defers implementation of IFRIC 15
The Malaysia Accounting Standards Board (MASB) has deferred the implementation of the IC interpretation 15 Agreements for the Construction of Real Estate (IC 15) from 1 July, 2010 to 1 Jan 2012. IC 15 is MASB’s wordfor- word reproduction of the IFRIC 15 (International Financial Reporting Interpretations Committee on real estate development) issued by the International Accounting Standards Board (IASB) in July 2008. MASB had commenced the due process for adoption in August 2008. (FInancialDaily)
Sime Darby is taking a re-look at some of its property joint ventures and where possible, is seeking to unwind out of ventures that do not create maximum value for itself. It is also in no hurry to list its Indonesian plantation arm, as was earlier speculated, preferring to enhance efficiencies before such an exercise. (Starbiz)
Glomac to buy Dengkil land from Cyberview for RM27m
Glomac will acquire seven acres of land in Dengkil from Cyberview SB for a purchase consideration of RM27.44m to expand its Glomac Cyberjaya Development. Its wholly-owned subsidiary, Berapit Properties SB, has entered into a sale and purchase agreement (SPA) with Cyberview amd Setia Haruman SB, the developer for the project, in a move to purchase the land. The proposed acquisition, located in the Cyberjaya Enterprise Zone and adjacent to the Glomac Cyberjaya project, will increase its existing landbank in the Klang Valley. (MalaysianReserve)
KNM proposes to consolidate shares
KNM Group has proposed to consolidate its shares to improve its capital structure by reducing the number of shares but without affecting value of the securities. The group is proposing to consolidate every four of its shares of 25 sen each into 1 ordinary share of RM1 each. The company has also proposed to amend its memorandum and articles of association to effect the share consolidation exercise. As at 30 Aug 2010, the issued and paid-up share capital of KNM was about RM1bn, comprising 4.004 billion shares. Upon completion of the proposed share consolidation, the issued and paid-up share capital of KNM would be rounded down to about RM1.0 billion, comprising about 1.0bn consolidated shares. (BT)
MASB defers implementation of IFRIC 15
The Malaysia Accounting Standards Board (MASB) has deferred the implementation of the IC interpretation 15 Agreements for the Construction of Real Estate (IC 15) from 1 July, 2010 to 1 Jan 2012. IC 15 is MASB’s wordfor- word reproduction of the IFRIC 15 (International Financial Reporting Interpretations Committee on real estate development) issued by the International Accounting Standards Board (IASB) in July 2008. MASB had commenced the due process for adoption in August 2008. (FInancialDaily)
20100901 1207 Global Market News.
Asia stocks gain on China; yen near 15-yr high
SINGAPORE, Sept 1 (Reuters) - Asian stocks rose on Wednesday as investors cheered a manufacturing rebound in China and stronger-than-expected growth in Australia, while the yen inched up towards a 15-year peak against the dollar.
"The market is still concerned about the global recovery momentum, but based on fundamentals, some funds will flock from developed countries to Asia," said Daniel Chan, chief economist and wealth management strategist BWC Capital Markets in Hong Kong.
Asia stocks slide, slowing US economy eyed
TAIPEI, Aug 31 (Reuters) - Japan led Asian stocks lower as worries about the flagging U.S. economy triggered profit taking across the region and fed a five-month rally in U.S. and Japanese government bonds. "Though the U.S. spending data yesterday wasn't bad, it's the indicators out later this week that are the really important ones, and predictions for these are really raising fears about the economic recovery," said Takashi Ushio, head of the investment strategy division at Marusan Securities in Tokyo.
Imports stifle US 2nd-quarter growth, spending up
WASHINGTON, Aug 27 (Reuters) - The U.S. economic recovery was weaker than originally estimated in the second quarter and analysts have now revised forecasts for third quarter growth down also. Gross domestic product growth, the measure of total goods and services output within U.S. borders, was revised down to only 1.6 percent, from 2.4 percent, the Commerce Department said. The economy grew at a 3.7 percent pace in the first quarter of 2010.
Bernanke says recovery softer, Fed to act if needed
JACKSON HOLE, Wyo., Aug 27 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke said on Friday the economic recovery has weakened more than expected and the Fed stands ready to act if needed to spur slowing growth. Bernanke downplayed concerns that the economy might slip back into recession, predicting a modest expansion in the second half of this year, with the pace picking up in 2011.
FOREX-Yen nudges back near 15-yr peak as BOJ impact fizzles
LONDON, Aug 31 (Reuters) - The yen nudged back towards a 15-year high against the dollar on Tuesday as investors shrugged off the Bank of Japan's latest policy easing, betting instead on more yen gains that would test official readiness to intervene. "Japan's ministry of finance is sending signals that it is willing to intervene but clearly people remember its struggle with intervention a few years ago," said Simon Derrick, head of currency research at Bank of New York Mellon.
World stocks fall, yen back near 15-yr peak
LONDON, Aug 31 (Reuters) - World stocks fell in markets dominated by concerns the U.S. economy is sliding back into recession, prompting further flows into safe-haven assets. "If you look at all the noise, all the volatility and all the nervousness, it's clear that this market has one major fear at the moment and that's the double dip," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.
GLOBAL MARKETS: Cloudy US outlook dents shares; yen strengthens
NEW YORK, Aug 30 (Reuters) - World stocks fell on Monday on skepticism that governments can reverse a slowdown in global growth, while the yen rallied after Japan's action to expand loans to banks disappointed investors who had wanted more aggressive measures to curb the currency's rise. "Equity markets are going to be a little bit defensive this week as the economic data is likely going to show more slowing in the economy," said John Brady, senior vice president at MF Global in Chicago.
SINGAPORE, Sept 1 (Reuters) - Asian stocks rose on Wednesday as investors cheered a manufacturing rebound in China and stronger-than-expected growth in Australia, while the yen inched up towards a 15-year peak against the dollar.
"The market is still concerned about the global recovery momentum, but based on fundamentals, some funds will flock from developed countries to Asia," said Daniel Chan, chief economist and wealth management strategist BWC Capital Markets in Hong Kong.
Asia stocks slide, slowing US economy eyed
TAIPEI, Aug 31 (Reuters) - Japan led Asian stocks lower as worries about the flagging U.S. economy triggered profit taking across the region and fed a five-month rally in U.S. and Japanese government bonds. "Though the U.S. spending data yesterday wasn't bad, it's the indicators out later this week that are the really important ones, and predictions for these are really raising fears about the economic recovery," said Takashi Ushio, head of the investment strategy division at Marusan Securities in Tokyo.
Imports stifle US 2nd-quarter growth, spending up
WASHINGTON, Aug 27 (Reuters) - The U.S. economic recovery was weaker than originally estimated in the second quarter and analysts have now revised forecasts for third quarter growth down also. Gross domestic product growth, the measure of total goods and services output within U.S. borders, was revised down to only 1.6 percent, from 2.4 percent, the Commerce Department said. The economy grew at a 3.7 percent pace in the first quarter of 2010.
Bernanke says recovery softer, Fed to act if needed
JACKSON HOLE, Wyo., Aug 27 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke said on Friday the economic recovery has weakened more than expected and the Fed stands ready to act if needed to spur slowing growth. Bernanke downplayed concerns that the economy might slip back into recession, predicting a modest expansion in the second half of this year, with the pace picking up in 2011.
FOREX-Yen nudges back near 15-yr peak as BOJ impact fizzles
LONDON, Aug 31 (Reuters) - The yen nudged back towards a 15-year high against the dollar on Tuesday as investors shrugged off the Bank of Japan's latest policy easing, betting instead on more yen gains that would test official readiness to intervene. "Japan's ministry of finance is sending signals that it is willing to intervene but clearly people remember its struggle with intervention a few years ago," said Simon Derrick, head of currency research at Bank of New York Mellon.
World stocks fall, yen back near 15-yr peak
LONDON, Aug 31 (Reuters) - World stocks fell in markets dominated by concerns the U.S. economy is sliding back into recession, prompting further flows into safe-haven assets. "If you look at all the noise, all the volatility and all the nervousness, it's clear that this market has one major fear at the moment and that's the double dip," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.
GLOBAL MARKETS: Cloudy US outlook dents shares; yen strengthens
NEW YORK, Aug 30 (Reuters) - World stocks fell on Monday on skepticism that governments can reverse a slowdown in global growth, while the yen rallied after Japan's action to expand loans to banks disappointed investors who had wanted more aggressive measures to curb the currency's rise. "Equity markets are going to be a little bit defensive this week as the economic data is likely going to show more slowing in the economy," said John Brady, senior vice president at MF Global in Chicago.
20100901 1205 Soy Oil & Palm Oil Related News.
ITS export cargo surveyor down 13.6% to 1,219,886 tonnes.
SGS export cargo surveyor down 17.8% to 1,152,411 tonnes.
Soy product futures ended lower Monday, backpedaling in unison with soybeans. Soymeal was directly influenced by weakness in beans, while soyoil garnered additional pressure from declines in crude oil and abundant inventories. Fresh export sales reported by USDA Monday morning failed to offset the bearish theme in the market. December soyoil settled 0.27 cents or 0.7% lower at 40.53 cents per pound. December soymeal ended $0.80 or 0.3% lower at $298.70 per short ton.(Source: CME)
China Edible Oil, Soybean Futures Lead As Dalian Rallies(Source:CME)
Edible oils and soybeans led the agriculture complex higher on the Dalian Commodity Exchange Monday, tracking gains on the Chicago Board of Trade as U.S. prices consolidated above the psychological $10-a-bushel resistance level breached last week. The most-active May soybean contract on Dalian gained 1% to settle at CNY4,062 a metric ton. May palm oil rose 1.6% while May soyoil settled 1.3% higher, buoyed by the prospect of rising demand for edible oils and feedmeal ahead of high autumn consumption. Rising equity and commodity markets lent support to farm futures. "Commodities are on the upswing again on the domestic macroeconomic outlook (and) reassurances that the economy is still on a track of stable growth," Galaxy Futures analyst Wang Xiaoguang said.
U.S. soybean futures climbed to one-week highs Friday, and extended their gains in Asian trade Monday on the back of strong export demand and ongoing concerns over yield and production potential. Corn and soymeal also rose in Dalian.
China sees early frost in parts of northeast soy area
BEIJING, Aug 31 (Reuters) - The China Meteorological Administration forecasts early frost in the next 10 days in the northern parts of Heilongjiang province, the country's top soy area and also a major corn growing area. Grain markets have been concerned over the weather in the northeastern areas, which produce about 40 percent of the country's corn.
La Nina seen threatening Paraguay's soy crop
ASUNCION, Aug 30 (Reuters) - Soy output in Paraguay, the world's No. 4 supplier, will likely suffer this season due to forecasts for a 40 percent decline in rains caused by La Nina weather phenomenon, the government said on Monday. The South American country produced a record soy crop of 7.4 million tonnes of 2009/10 soy, though its fast-growing output is still small compared with that of neighboring Brazil and Argentina, the No. 2 and No. 3 exporters.
European vegoils firm on supply worries
ROTTERDAM, Aug 30 (Reuters) - The European vegetable oils market firmed on Monday on worries that adverse weather in various parts of the world would reduce global oilseed stocks, market sources said. "Friday's Chicago soyoil futures and Monday's palm oil futures rallied on worries for smaller crops than earlier expected, plus increased demand for oil ahead of religious festivals in Asia. Buyers were a little reluctant, still expecting a bumper U.S. soybean crop," one broker said.
China soy imports may dwindle as costs hurt margins
SINGAPORE/BEIJING, Aug 31 (Reuters) - China's soybean imports are likely to slow from their recent record monthly pace, as costly imported beans turn crushers' margins negative and the potential for sales from state reserves looms over the market. Higher prices for U.S. beans and expensive ocean freight have raised the cost of imports, while sales from state reserves could be needed to make room for the harvest from October.
SGS export cargo surveyor down 17.8% to 1,152,411 tonnes.
Soy product futures ended lower Monday, backpedaling in unison with soybeans. Soymeal was directly influenced by weakness in beans, while soyoil garnered additional pressure from declines in crude oil and abundant inventories. Fresh export sales reported by USDA Monday morning failed to offset the bearish theme in the market. December soyoil settled 0.27 cents or 0.7% lower at 40.53 cents per pound. December soymeal ended $0.80 or 0.3% lower at $298.70 per short ton.(Source: CME)
China Edible Oil, Soybean Futures Lead As Dalian Rallies(Source:CME)
Edible oils and soybeans led the agriculture complex higher on the Dalian Commodity Exchange Monday, tracking gains on the Chicago Board of Trade as U.S. prices consolidated above the psychological $10-a-bushel resistance level breached last week. The most-active May soybean contract on Dalian gained 1% to settle at CNY4,062 a metric ton. May palm oil rose 1.6% while May soyoil settled 1.3% higher, buoyed by the prospect of rising demand for edible oils and feedmeal ahead of high autumn consumption. Rising equity and commodity markets lent support to farm futures. "Commodities are on the upswing again on the domestic macroeconomic outlook (and) reassurances that the economy is still on a track of stable growth," Galaxy Futures analyst Wang Xiaoguang said.
U.S. soybean futures climbed to one-week highs Friday, and extended their gains in Asian trade Monday on the back of strong export demand and ongoing concerns over yield and production potential. Corn and soymeal also rose in Dalian.
China sees early frost in parts of northeast soy area
BEIJING, Aug 31 (Reuters) - The China Meteorological Administration forecasts early frost in the next 10 days in the northern parts of Heilongjiang province, the country's top soy area and also a major corn growing area. Grain markets have been concerned over the weather in the northeastern areas, which produce about 40 percent of the country's corn.
La Nina seen threatening Paraguay's soy crop
ASUNCION, Aug 30 (Reuters) - Soy output in Paraguay, the world's No. 4 supplier, will likely suffer this season due to forecasts for a 40 percent decline in rains caused by La Nina weather phenomenon, the government said on Monday. The South American country produced a record soy crop of 7.4 million tonnes of 2009/10 soy, though its fast-growing output is still small compared with that of neighboring Brazil and Argentina, the No. 2 and No. 3 exporters.
European vegoils firm on supply worries
ROTTERDAM, Aug 30 (Reuters) - The European vegetable oils market firmed on Monday on worries that adverse weather in various parts of the world would reduce global oilseed stocks, market sources said. "Friday's Chicago soyoil futures and Monday's palm oil futures rallied on worries for smaller crops than earlier expected, plus increased demand for oil ahead of religious festivals in Asia. Buyers were a little reluctant, still expecting a bumper U.S. soybean crop," one broker said.
China soy imports may dwindle as costs hurt margins
SINGAPORE/BEIJING, Aug 31 (Reuters) - China's soybean imports are likely to slow from their recent record monthly pace, as costly imported beans turn crushers' margins negative and the potential for sales from state reserves looms over the market. Higher prices for U.S. beans and expensive ocean freight have raised the cost of imports, while sales from state reserves could be needed to make room for the harvest from October.
Subscribe to:
Posts (Atom)