Plantation: Palm oil industry hit most EPP targets
Malaysia's palm oil industry did fairly well in achieving most of the targets listed in the eight entry point projects (EPPs) last year. The first EPP, which is to accelerate replanting and new planting of oil palm trees, achieved 81% of its 126,500ha target. According to the Economic Transformation Programme's annual report, for this year, the bar is further raised to 140,000ha with estimated investment totalling RM980m. In driving speedier harvesting of oil palm fruits, the government has introduced a RM1,000 discount scheme to encourage the use of motorised sickle called Cantas and diamond blade sharpeners. A total of 2,189 units of Cantas and 3,633 units of diamond sharpeners have been bought up by planters. This year, the oil extraction rate is set to improve to 21.05% from a three-year low of 19.70% as 55 more enforcement officers will be stationed at the mills to ensure only good quality crops are processed. (Business Times)
The government will remain committed to improving the country's palm oil sector this year, said the Performance Management and Delivery Unit (Pemandu) in the Economic Transformation Programme (ETP) Annual Report 2011 Released yesterday. The eight EPPs have been outlined by the government with two strategic thrust which are aimed at not only ensuring the sustainability and improvement of the productivity of the upstream sector, but also the development of the downstream sector. This year, through Malaysian Palm Oil Board (MPOB), the government will pay attention to increasing national Oil Extraction Rate to 21.05% following the achievement recorded last year. MPOB is also targeting a total of 140,000 ha for replanting and new planting area this year with higher average yield of 26.2 tonnes per hectare per year by 2020. (Bernama)
Soybeans - Futures ended with impressive gains for the second consecutive session. Old-crop soybean futures were 18 to 19 cents higher on the close with new-crop futures 24 to 27 cents higher. The bean market was supported by word China bought 120,000 metric tons of old-crop U.S. beans. New-crop futures continued to find support from Friday's Prospective Plantings Report from USDA, which revealed much lower-than-expected soybean planting intentions. (Source: CME)
Soybean Complex Market Recap (Source: CME)
Mon 02 Apr 2012 14:24:00 CT
May Soybeans finished up 18 at 1421, 12 3/4 off the high and 14 1/2 up from the low. July Soybeans closed up 19 at 1427 1/4. This was 16 1/4 up from the low and 12 off the high. May Soymeal closed up 2.5 at 391.2. This was 1.4 up from the low and 4.1 off the high. May Soybean Oil finished up 1.06 at 56.16, 0.32 off the high and 1.02 up from the low. With contract highs at 1400 back in September, November soybeans led the soybean complex higher today and reached a high of 1395 1/2 before closing about 10 cents off of the early highs but still sharply higher on the day. The small planted acreage estimate from the USDA on Friday was still the driving force higher. A turn from weaker to positive for outside market forces and continued thoughts that the soybean market will need to move higher over the near-term to help spark more planted area and to help reduce demand has sparked continued buying and sharply higher trade. Talk that fund traders already hold a record high net long position in soybeans helped to limit the buying early but buyers turned active to help push the market to the highest level since September 12th. The USDA confirmed daily export sales of 120,000 tonnes of US soybeans to China for the 2012/13 season and 120,000 tonnes of US soybean meal to unknown destination for the 2012/13 season. Weekly export inspections came in at 28.855 million bushels which was well above trade expectations and compares with 11.7 million necessary each week to reach the USDA projection for the season. On top of US news, more revisions lower in South American production plus sharply higher trade for palm oil overnight in Malaysia helped to provide underlying support.
VEGOILS-Palm oil hits new one-year high on U.S soy acreage drop
SINGAPORE, April 2 (Reuters) - Malaysian palm oil futures jumped to a new more-than-a-year high after U.S. government report showed farmers will plant less soybeans, setting the stage for tighter edible oil supply this year at a time of strong global demand.
"This is good news for crude palm oil price in the near term as it could lead to a smaller soybean crop, which would mean less soybean oil," said Kuala Lumpur-based CIMB Investment Bank analyst Ivy Ng in a note to clients.
Argentine soy exports seen fueled by China steak love
BUENOS AIRES, March 30 (Reuters) - Chinese demand for Argentine soy-based animal feed will stay strong as the Asian country's budding love affair with beef steak triumphs over its own slowing economy, an Argentine official said on Fr iday.
Argentina is the world's No. 1 exporter of soymeal, used as animal feed particularly in China, where a growing middle class is shifting away from rice and toward a diet that includes more meat even as the country's once-explosive economy moderates.
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