ITS CPO export down 19% to 353,542 tonnes for the period of 1~10 Mar 2011.
SGS CPO export down 16.6% to 355,485 tonnes for the period of 1~10 Mar 2011.
MPOB Official Data for the month of Feb 2011 vs Jan 2011
Export down 8.53%
Stock up 4.24%
Output up 3.45%
US soy product futures tumble with soybeans on expectations for large crops in South America. Morgan Stanley projects USDA will raise its forecast for Brazil's soy harvest 2% in a monthly crop report Thursday, while agricultural consultancy Celeres raised its output forecast nearly 4% for Argentina, the world's largest export of soy products. CBOT May soymeal drops $7.50 to $352.90 per short ton, while CBOT May soyoil loses 1.36 cent to 57.12 cents per pound. (Source: CME)
China To Import Record 58 Mln Tons Of Soybeans In 2011-12 - USDA (Source: CME)
China is expected to import a record amount of soybeans in 2011-12 as growing meat consumption continues to fuel demand despite a fall in plantings, the U.S. Department of Agriculture's Beijing attache said. The world's biggest soybean importer is expected to buy 58 million metric tons next season, up 5.5% from an estimated 55 million tons this year, the USDA said in a report. Although a slowdown in import growth, which spiked 22% in 2009-10, falling to 9.3% this season, the forecast would still mark a record level of imports, putting increased pressure on already tight world markets. The attache forecasts soy imports from the U.S.--its largest supplier with a 45% share--are expected to reach 27 million tons, or 992 million bushels, next season. It also raised the USDA's current estimate for U.S. exports to China by 1 million tons for 2010-11 to 25 million tons.
"Soybean imports will show steady growth in the foreseeable future because of the strong and growing demand for protein meals and vegetable oils," the USDA said, adding that "limited arable land and a preference for grain crops by farmers for better returns will continue to restrict domestic soybean production growth." Chinese soybean production is expected to fall to 14.8 million tons in 2011-12, down from 15.2 million tons the year before due to a fall in acreage to 8.7 million hectares and poor yields of just over half of the U.S. average of 3 tons a hectare. Soybean acreage is also expected to lose ground to cotton and corn in the Shandong, Henan and Hebei provinces this season, where farmers intend to raise cotton production by 4% in 2011-12. Still, the attache said it doesn't think the government has any plans to lower import tariffs for soybean and soyoil, currently at 3% and 9%.
"Facing a growing supply and demand gap for oilseeds, the government of China is likely to maintain the current trade and industry development policy in 2011-12," it said.
U.S. soy dips as LatAm output weighs; wheat steady
SINGAPORE, March 9 (Reuters) - U.S. soybean futures edged down dropping for a third straight day as forecasts of higher South American output pressured the market ahead of a key government report on global demand and supply of agricultural products. "Improving weather conditions in the U.S., which could translate into improved wheat conditions before the spring growing season, is the primary bearish influence on prices,"
Palm oil at 5-week low despite bullish forecasts
KUALA LUMPUR, March 9 (Reuters) - Malaysian crude palm oil dropped to a five-week low as traders rebalanced their positions ahead of a slew of industry data. "The headline figure will be March 1-10 palm oil exports and I suspect there will be a drop as big buyers are waiting for further price falls."
Ukraine '11 rapeseed crop may jump 40 pct to 2 mln T
KIEV, March 9 (Reuters) - Ukraine's rapeseed harvest could jump to about 2.06 million tonnes in 2011 from 1.47 million in 2010 due to favourable weather, analyst UkrAgroConsult said on Wednesday.
The consultancy said in a report that Ukrainian farms were likely to harvest 1.12 million hectares of rapeseed this year compared with 857,000 hectares in 2010.
Indonesia palm export tax distorting market flow-Fry
KUALA LUMPUR, March 9 (Reuters) - Indonesia's palm oil export tax is distorting the flow to the market, top industry analyst James Fry said on Wednesday.
"In Indonesia, rapid output growth is already evident, but the export tax is distorting the flow to the market," Fry, who is LMC International Chairman, said at an industry conference.
China may give subsidies to firms buying food estates-Julong
KUALA LUMPUR, March 8 (Reuters) - Chinese edible oil firm Julong Group said Beijing may provide subsidies this year to local companies buying up plantation land outside the country as Chins seeks to secure food supplies.
Sun Wei Jun, an official with Julong Group, said the government would like Chinese firms to own more food estates overseas, which signals that a grab for arable land has started to pick up as agriculture prices rise.
Biofuel appeal stokes bullish palm price outlook
KUALA LUMPUR, March 8 (Reuters) - Malaysian plans to subsidise biofuel and the launch of the world's biggest biodiesel plant in Singapore promise to give a fillip to the renewable fuel industry worldwide, planters and traders in the Malaysian capital said on Tuesday.
The moves come as key feedstock palm oil soars to multi-year highs, riding crude oil prices driven higher by fears of spreading unrest in the Middle East that has cut Libyan exports.
Palm oil prices seen steady, before sharp H2 fall-analyst
KUALA LUMPUR, March 8 (Reuters) - Palm oil prices will stay firm over the next two to three months, before investors book profits to send prices plummeting by as much as 30 percent towards year end, a leading analyst said on Tuesday.
Palm oil prices have surged in recent months, on concerns that seasonally heavy rains have stalled harvesting in top producers Indonesia and Malaysia, and major soyoil exporting countries have suffered dry weather.
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