ITS CPO export down 11.9% to 1,199,492 tonnes for the period of 1~25 Sep 2011.
SGS CPO export down 11.8% to 1,204,124 tonnes for the period of 1~25 Sep 2011.
Soybeans (Source: CME)
US soybean futures ended at a fresh year-to-date low as economic woes and weak external markets pressure prices. Nearby contract lost 7% this week as funds liquidated long positions and is down nearly 14% from a three-year high set in late August. Setback is likely nearly finished, as soybeans are reaching a value that will attract buyers, analysts say. "We've got to get through the liquidation before we can turn [the market] around. I think we're close," says Dale Durchholz of AgriVisor. CBOT November soybeans sink 25c to $12.58/bushel.
Soybean Meal/Oil (Source: CME)
The pressure on soybeans sent December soymeal down $5 to close at $330.10/short ton, with December soyoil slipping 1.3c to 52.64c/pound.
Palm Oil Seen Dropping to One-Year Low as Supplies Increase, Mistry Says (Source: Bloomberg)
Palm oil may tumble to as low as 2,800 ringgit ($880) a metric ton in the next five to eight weeks, the lowest level in almost a year, as output jumps in Malaysia and Indonesia, the largest growers, according to Dorab Mistry, director of Godrej International Ltd. Futures in Malaysia will trade between 2,800 ringgit and 3,100 ringgit a ton until mid-November, Mistry said in remarks prepared for the Globoil conference in Mumbai today. The commodity, which has lost 21 percent this year, last traded at less than 2,800 ringgit in October 2010. Lower palm oil prices may curb world food prices that the United Nations predicts will stay at historically high levels this year and ease pressure on central banks to raise interest rates. Commodities fell to a nine-month low on Sept. 23 on deepening concern that governments are running out of tools to avert a global recession, eroding demand for raw-materials.
India May Face Refined Palmoil Import Shortfall (Source: CME)
India may face a shortage in refined palm oil imports in the next three months as leading supplier Indonesia doesn't have the capacity to meet a likely surge in demand following tax cuts on its product, leading vegetable oil analyst Dorab Mistry said. "Indonesia will expand [its refining capacity] in future, but it will take at least two years to meet [India's] demand," he told reporters on the sidelines of Globoil annual conference on the vegetable oil industry. Indonesia, the world's biggest palm oil producer and exporter, has reduced its export tax on refined, bleached and deodorized palm olein in bulk to 8% from 15% and raised the duty on crude palm oil to 16.5% from 15% effective Sept. 15 to encourage domestic refining. India is the world's largest importer of vegetable oil and imports mainly from Indonesia and Malaysia.
The country imports about 6 million tons of palm oil. With Indonesia slashing the export tax on refined edible oil, Indian industry is apprehensive that this may lead to a surge in imports, affecting Indian refiners. India has an edible oil refining capacity of 20 million metric tons a year and imports almost 80% of its edible oil requirement as crude oil. Higher imports of refined products will hurt local refiners. The price difference between crude palm oil and refined palm oil has now narrowed to $40/ton from $80-$100/ton before the tax cut by Indonesia, Mistry said. Earlier last week, India's edible oil industry sought a hike in the import tax on refined palm oil to 16.5% in a bid to control imports from Indonesia and to encourage local oilseeds crushing. India's food ministry is backing local refiners' demand for a higher import tax on refined edible oil to prevent cheap foreign supplies from flooding the market.
"We have put up the matter before the ministries of finance as well as trade for taking a holistic view," Food Minister K.V. Thomas said on the sidelines of an edible oil conference. The ministry has also favored the industry's demand for increasing the base value on which import tax is calculated. The base value is currently $484/ton for refined palm oil, much lower than the market price of about $1,200/ton. Mistry said if the Indian government raises the base tariff value of refined palm oil to the current price level, it may be viable for importers to continue crude palm oil imports. USDA Raises Price View For Beef, Eggs
Global recession jitters drive palm oil to month low
KUALA LUMPUR, Sept 23 (Reuters) - Malaysian palm oil futures fell to their lowest in nearly a month as commodity markets across the board went into freefall on prospects of a global economic slowdown eroding commodity demand growth.
"The main focus is the world economy for the market and to some extent, the Globoil conference," said a trader with a local brokerage in Kuala Lumpur.
Brazil soy growers start planting in isolated rain
SAO PAULO, Sept 22 (Reuters) - Brazilian soy farmers in the No. 1 growing state of Mato Grosso have begun planting the new crop after some isolated rains and predictions for more moisture to come in early October, forecasters Somar said Thursday.
The official planting season for soy started Sept. 15 in the state, but the weather has been widely dry over the center-west region that normally kicks off planting in Brazil.
Exporters sell 180,000T US soybeans to China-USDA
WASHINGTON, Sept 22 (Reuters) - Private exporters reported the sale of 180,000 tonnes of U.S. soybeans to China for delivery this marketing year, said the Agriculture Department on Thursday.
It was the second soybean sale to China in two days. On Wednesday, exporters reported the sale of 120,000 tonnes, also for delivery during the 2011/12 marketing year, which opened on Sept 1.
Indonesia's palm oil taxes, erratic weather to dominate Indian conference
MUMBAI, Sept 23 (Reuters) - Global edible oil traders are anxiously awaiting top buyer India's response to lower export taxes from major palm oil producer Indonesia after bitter complaints from local refiners that they would soon be out of business.
At the annual Globoil industry meeting that starts in Mumbai on Friday, the La Nina weather pattern is also expected to be a dominant topic after forecasts it will inundate Southeast Asia -- the biggest palm oil producing region -- in a few months, possibly reducing output as demand from China and India rises.
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