MPOB Official Data for the month of Oct 2011 vs Sep 2011
Exports up 19% to 1,840,405 tonnes
Stocks down 1.55% to 2,100,415 tonnes
Output up 2.1% to 1,908,422 tonnes
ITS CPO export down 5.9% to 467,600 tonnes for the period of 1~10 Nov 2011.
SGS CPO export down 6% to 457,696 tonnes for the period of 1~10 Nov 2011.
Soybeans (Source: CME)
US soybean futures fell to a one-month low, succumbing to broader based selling across asset classes. Global economic fears with concerns mounting about Italian debt encouraged traders to reduce risk exposure, analysts said. Sharp gains in the US dollar, falling equities and larger US and South American supply forecasts provided a host of negative influences to keep buyers sidelined, analysts add. CBOT Jan soy ended down 19 1/2c at $11.85 1/2/bushel.
Soybean Meal/Oil (Source: CME)
Soy product futures slumped with soybeans, pressed by investor selling across asset classes. The absence of a bullish spark in government supply/demand reports, kept traders focused on outside market influences, analyst say. CBOT Dec soymeal ended down $4.50 lower at $303.10/short ton; Dec soyoil dropped 0.86c to 50.99c/lb.
Wilmar International 3Q Net Profit Up 23.7% (Source: CME)
Wilmar International Ltd.'s net profit rose less than expected in the third quarter because of a one-off foreign-exchange loss, but its outlook remains bright as rising demand for farm commodities is likely to boost margins. Net profit for the three months ended Sept. 30 rose 23.7% to US$321 million compared with US$259.5 million a year earlier after margins on oilseeds and grains business improved. However, it missed the mean estimate of US$397.2 million in a Dow Jones Newswires poll of five analysts. Revenue rose 69% to US$13.1 billion from US$7.76 billion because of higher sales volume and agricultural-commodity prices, Wilmar said in a statement to the Singapore Exchange. "The group remains positive about its prospects, despite uncertainties in the global economy, due to the resilience in the demand for agricultural commodities and the continued growth of Asian economies," said Kuok Khoon Hong, chairman and chief executive.
Wilmar said it expects its new sugar business to contribute significantly to profits in the coming quarters. Commodities suppliers such as Wilmar are increasingly focusing on food as demand remains robust because of rising incomes and consumption in emerging economies. With governments likely to relax their inflation monitoring amid signs of stabilizing prices and a slowing global economy, suppliers may be able to improve margins. China, which accounts for the biggest chunk of Wilmar's business, allowed the company to raise food prices in August after inflationary pressures began easing. "Nevertheless, the operating environment for oilseeds and grains will continue to be challenging as crush margins remain under pressure," Kuok said.
Wilmar reported a one-off loss of US$121.4 million during the quarter, compared with a one-off gain of US$87.1 million last year, due to a foreign-exchange loss from loans to its units as the U.S. dollar strengthened toward the end of the quarter, and a net loss on investment securities following the decline in global equity markets. Among Wilmar's main businesses, palm and laurics--chemicals derived from vegetable fats and used in the cosmetics industry--recorded a 14% increase in pretax profit to US$170.8 million, driven by volume growth. The oilseeds and grains business registered a 15% increase in sales volume due to improved demand from the livestock industry and higher flour and rice volume, posting a pretax profit of US$99.7 million. The pretax profit of its plantations and palm oil mills increased 15% to US$131 million due to higher prices and increased crude palm oil production from Wilmar's own plantations.
Palm oil off 7-week high on stock build
KUALA LUMPUR, Nov 9 (Reuters) - Malaysian palm oil futures slipped off seven-week highs ahead of a key industry report that is expected to show stocks rising to a 22-month high last month.
"Before the rise in palm oil price really happens, there is going to be a decline on the high stocks. But moving forward, we are going into a weather market," said a trader with a foreign commodities brokerage in Kuala Lumpur.
Next Brazil soy harvest seen rising a shade
SAO PAULO, Nov 8 (Reuters) - Brazil's next soy harvest should turn out a fraction larger than the previous record crop, with an estimated 74.6 million tonnes up from 74.3 million in the harvest now ended, grain crushing industry association Abiove said on Tuesday.
Abiove estimated soy exports would also nudge up to a record 33 million tonnes in the 2011/12 harvest from 32.4 million tonnes in the current season.
Argentine rains allow for smooth soy planting
BUENOS AIRES, Nov 8 (Reuters) - Rains over recent days have helped accelerate early 2011/12 soy planting in Argentina, a local meteorologist said on Tuesday, after an overly sunny September caused fears that La Nina might dry out soils.
The sea surface phenomena -- called La Nina, or "The Girl" -- can effect weather and cause excessive dryness in Argentina.
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