ITS CPO export down 4.3% to 1,335,328 tonnes for the period of 1~25 Nov 2011.
SGS CPO export down 1.7% to 1,342,955 tonnes for the period of 1~25 Nov 2011.
Japan to Purchase Most Wheat in a Decade as Corn Costs Gain, Ministry Says
Japan, the world’s largest corn buyer, may buy less of the grain as feed-wheat imports almost quadruple this year to the highest level since 2001, as livestock producers seek to cut costs. Feed-wheat imports may surge to 430,000 metric tons from 112,000 tons in the year ended March 31, said Ikuho Tomita, deputy director at the agriculture ministry’s feed supply and demand planning office. Imports were 473,000 tons in 2001. Higher imports may stem a 25 percent decline in Chicago wheat futures this year as the United Nations expects the biggest-ever global harvest while Russia and Ukraine eased export restrictions, boosting supply. Feed wheat was offered to Japanese buyers at about $50 a ton cheaper than U.S. corn as shippers compete for sales, said Nobuyuki Chino, president of Continental Rice Corp. in Tokyo.
Sugar Production to Reach Record in Brazil as Crops Expand
Sugar output in Brazil’s Center South, the world’s largest producing region, will jump to a record next year as crops expand and recover from a drought, the head of the country’s largest sugar trading group said. Output will rise to 34 million metric tons next year, Luis Pogetti, chairman of the Copersucar SA trading cooperative that accounts for 10 percent of global sugar exports, said in an interview in Sao Paulo Nov. 21. This year mills in the region produced 30.8 million tons, industry group Unica said Nov. 1. Copersucar is a member of Unica, which will release its first forecast for next year’s crop on Dec. 13. Growers in the Center South, which produces about 90 percent of Brazil’s sugar and ethanol, are renewing and expanding cane crops after freezing weather this year damaged plants that had also been harmed by drought in previous harvests. Brazil, the world’s largest sugar producer, is the source of about 54 percent of global exports of the sweetener, according to the U.S. Department of Agriculture.
Crude Oil Climbs From Two-Week Low on German Confidence, Saudi Violence
Oil rose, trimming a second weekly decline, as increased German business confidence countered bets that Europe’s debt crisis will spread and violence in Saudi Arabia raised concern crude supplies may be threatened. Futures advanced as much as 1.2 percent, climbing from the lowest settlement in two weeks on Nov. 23. German confidence rose for the first time in five months in November, according to a business climate index yesterday. Four people were killed and nine wounded in clashes between Shiite Muslims and Saudi Arabian security forces in the oil-rich Eastern Province, the official Saudi Press Agency said. The country is the world’s largest exporter of the fuel. Crude for January delivery gained as much as $1.14 to $97.31 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.66 at 11:44 a.m. Sydney time. Prices are down 0.8 percent this week and 15 percent higher the past year.
Biggest Gold Hoard Ever Bolstering Bullish Bets From Traders: Commodities
Gold traders are more bullish after investors accumulated the biggest-ever hoard of the metal, with Europe’s deepening debt crisis driving them to protect their wealth with this year’s second-best performing commodity. Eighteen of 26 surveyed by Bloomberg expect bullion to rise next week. Holdings in exchange-traded products backed by gold reached a record 2,350.8 metric tons on Nov. 23, now valued at $128.5 billion, according to data compiled by Bloomberg. Hedge funds and other speculators increased their net-long position, or bets on higher prices, for four weeks, the longest stretch since March, Commodity Futures Trading Commission data show.
Almost $12 trillion was wiped off the value of global equities since May on mounting concern about slower global growth, driving investors to what are perceived as the safest assets. Yields on Treasuries fell to a near-record low and gold is heading for an 11th consecutive annual gain. Bullion beat every other member of the Standard & Poor’s GSCI gauge of 24 commodities this year except for gasoil.
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