ITS CPO export up 7.7% to 1,068,774 tonnes for the period of 1~25 Mar 2012.
SGS CPO export up 6.6% to 1,055,071 tonnes for the period of 1~25 Mar 2012.
Palm Gains to 10-Month High as Malaysian Exports Climb on Demand
2012-03-26 04:21:17.230 GMT
By Swansy Afonso
March 26 (Bloomberg) -- Palm oil climbed for a second day to the highest level in almost 10 months as rising exports from Malaysia, the second-largest producer, signaled increased demand among importers.
The June-delivery contract gained as much as 0.9 percent to 3,457 a metric ton on the Malaysia Derivatives Exchange, the highest level since June 3, and traded at 3,453 ringgit at 12:19 a.m. in Kuala Lumpur. Futures gained 0.8 percent last week.
Exports from Malaysia advanced 7.7 percent to 1.07 million tons in the first 25 days of March from the same period in February, surveyor Intertek said.
“Exports were expected to increase this month because of some bulk buying from Thailand, which is not a regular buyer,” Aurobinda Prasad, research head at Karvy Comtrade Ltd., said by phone from the India city of Hyderabad. “Chinese demand will continue to remain higher.”
Imports by China, the world’s largest vegetable oil buyer, may rise to 6.7 million tons in 2011-2012 from 6 million tons a year earlier, Thomas Mielke, executive director of Oil World, said at a forum in Beijing today.
Futures may climb to 4,000 ringgit in the next two to three months as production will fall in Malaysia, Prasad said. Output, which reached a record in 2011, may drop each month from March on a year-on-year basis, Dorab Mistry, a director at Godrej International Ltd., said March 7.
Soybeans for May delivery rose 0.6 percent to $13.735 a bushel on the Chicago Board of Trade. Soybean oil advanced 0.3 percent to 55.06 cents a pound.
Palm oil for delivery in September gained 1.3 percent to 8,752 yuan ($1,388) a ton on the Dalian Commodity Exchange. Soybean oil for delivery in the same month climbed 0.7 percent to 9,724 yuan a ton.
Soybeans (Source: CME)
US soybean futures finished higher, boosted by concerns about possible low US plantings and tighter supplies than expected. Those risks are being priced in ahead of USDA acreage and inventory reports due next Friday. Support also comes from hopes for more Chinese demand and expectations for a smaller South American soy crop. CBOT May soybeans end up 16 1/4c at $13.65 3/4 a bushel.
Soybean Meal/Oil (Source: CME)
May soymeal rose $2.90 to $373/short ton, and May soyoil ends up 0.92c to 54.88 cents/lb.
VEGOILS-Palm oil rebounds on upbeat demand prospects
SINGAPORE, March 23 (Reuters) - Malaysian palm oil futures edged up, as an upbeat demand outlook for the edible oil supported prices, although investor optimism was somewhat capped by fears of a slowdown in global growth and commodity demand.
"Exports should be better than last month, and that should hold the market above 3,300 ringgit," said a trader with a foreign commodities brokerage in Kuala Lumpur.
Palm Oil Advances, Paring a Weekly Drop, on Production Concern
2012-03-23 05:50:57.932 GMT
By Ranjeetha Pakiam
March 23 (Bloomberg) -- Palm oil gained, paring a weekly drop, on concern that output in the second-largest producer Malaysia will decline, and as South American soybean crops may be smaller than forecast.
The June-delivery contract advanced as much as 1 percent to end the morning session at 3,375 ringgit ($1,096) a metric ton on the Malaysia Derivatives Exchange in Kuala Lumpur. Futures are poised for a 0.7 percent drop this week. Output dropped 7.9 percent to 1.19 million tons in February from a month earlier, while inventories held above 2 million tons for a sixth month, the Malaysian Palm Oil Board said March 12. Production, which reached a record in 2011, may drop each month from March on a year-on-year basis, Dorab Mistry, a director at Godrej International Ltd., said March 7. “Last year was a very good production year for Malaysia, so we feel that it has probably peaked out,” Kishore Narne, head of research at AnandRathi Commodities Ltd., said by phone from Mumbai. “Yields and oil content and production will be less,” leading to lower inventories, he said.
Palm oil was also tracking soybeans, with South American production set to be smaller than expected, according to Narne. Argentina’s output will be “slightly less than market expectations” due to drought, he said. Palm oil and soybean oil are substitutes in food and fuel uses. Argentina’s 2011-2012 crop will be 44 million tons, according to a report from the Agriculture Ministry yesterday. A previous forecast set the crop at as much as 45 million tons. Soybeans for May delivery rose 0.9 percent to $13.615 a bushel on the Chicago Board of Trade. Soybean oil rose 0.8 percent to 54.43 cents a pound. Palm oil for delivery in September gained 0.8 percent to 8,578 yuan ($1,361) a ton on the Dalian Commodity Exchange. Soybean oil for delivery in the same month climbed 0.7 percent to 9,594 yuan a ton.
Port of Rotterdam Authority (PRA) is banking on growing demand for biofuels in The Netherlands and Europe, as well as its state-of-the-art infrastructure, to attract Asian palm oil producers to set up or expand their facilities at the port. The company had recently visited several Asian palm oil producers in Malaysia, including the top three major palm oil producers in the country. The trip was to update the producers on the port's latest development and plans, as well as to see if they are keen for further investment. "So far, the response we got was very favourable. The producers agreed that biofuels will play an increasing role in the future and are prepared to further invest and expand when the need arises," said Joris Hurenkamp, business manager of PRA, in an interview recently. However, Hurenkamp said investments from this region may not flow in immediately. This is due partly to the current oversupply of biodiesel in the industry. (BT)
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