ITS CPO export up 4.9% to 1,449,280 tonnes for the period of 1~30 Jun 2012.
SGS CPO export up 9.7% to 1,463,864 tonnes for the period of 1~30 Jun 2012.
Palm-Oil Exports From Indonesia Set to Advance on Ramadan (Source: Bloomberg)
Palm-oil shipments from Indonesia, the world’s largest producer, may climb 9.5 percent in June on sustained demand before the Muslim fasting month of Ramadan. Exports are set to climb to 1.5 million metric tons from 1.37 million tons in May, while output will probably be little changed at 2.1 million tons, according to the median of five plantation and refining company executives in a Bloomberg News survey. Inventory will also be little changed at 1.85 million tons, two of the respondents said. Futures lost 17 percent from a 13-month high in April as the debt crisis in Europe and the slowing economy in China, the largest cooking-oil user, reduced demand, potentially limiting costs for Nestle SA (NESN), the world’s largest foodmaker, and curbing revenues at PT Astra Agro Lestari and Golden Agri-Resources Ltd. (GGR), the second-biggest grower.
“Global demand, either from India or other countries, will usually increase by 15 percent to 20 percent during the festive seasons,” said Derom Bangun, a deputy chairman at the Indonesian Palm Oil Board, a group of growers and refiners. “This will support prices even as the pressure from the European crisis is still quite strong.”
Soybean Complex Market Recap (Source: CME)
August Soybeans finished up 35 1/4 at 1481 1/2, 5 off the high and 40 1/2 up from the low. November Soybeans closed up 25 1/4 at 1428 3/4. This was 27 3/4 up from the low and 7 1/4 off the high. August Soymeal closed up 8.2 at 429.5. This was 9.6 up from the low and 2.7 off the high. August Soybean Oil finished up 1.3 at 52.39, 0.18 off the high and 1.45 up from the low. The soybean market was sharply higher into the closing bell. The November contract flirted with Wednesday highs at 14.39 3/4 but failed to make a new high for the move. November soybeans traded no less than a 30 cent range each day this week. July soybeans gained on the August contract as there were no deliveries on first notice day today. August soybean oil traded sharply higher and pushed to the highest level since May 14th. August soybean meal also traded higher on the day. The USDA reports were considered negative for soybeans but after a minor sell-off, the market saw strong gains. Traders believe the higher acreage estimate is partially based on acres which may not get planted with dry soils in double-cropped areas of the southern Midwest. Furthermore, the market is anticipating increased international demand for U.S. soybeans after a disastrous year of production in South America. Planted acreage for soybeans came in at 76.08 million acres, which was above trade expectations for 75.5 million. The USDA pegged June 1st stocks at 667 million bushels compared with trade expectations near 640 million. This news was also bearish with stocks coming in 37 million above expectations and above the high end of trade expectations. Weather forecasts call for slightly wetter conditions in parts of the central Midwest to eastern Midwest next Monday through Wednesday. The excessive heat is also expected to affect a smaller portion of the lower Midwest over the weekend. The northern Soybean Belt saw showers this morning and afternoon. The storms systems should track southeast from Chicago and run through north-central Indiana and Ohio. The soybean market is also seeing support on expectations that the Crop Progress report on Monday will show lower soybean conditions. Commodity markets saw broad based support after positive news came out of the European Leaders Summit overnight and the US Dollar sank to it's lowest level since June 20th.
Pro Farmer: After the Bell Soybean Recap (Source: CME)
Soybean futures ended the week on a strong note, with July futures closing above the $15.00 mark, while deferred months ended mostly 20-plus cents higher. Soymeal and soyoil enjoyed spillover support. Soybeans posted impressive weekly gains. The National Weather Service sees more heat next week with dry conditions expected for the eastern and southern Corn Belt.
Palm oil edges up on EU hopes, US dry weather
SINGAPORE, June 29 (Reuters) - Malaysian crude palm oil futures ended higher after European leaders agreed on measures to tackle the region's debt crisis, easing concern over global economic growth and commodity demand.
"On the fundamentals side, the tight supply situation is supporting the prices as currently the U.S. is facing a weather risk for corn and soy," said Ker Chung Yang, commodities analyst with Phillip Futures in Singapore.
Malaysia is now at a crossroads as it juggles between aggressive expansion in oil palm plantations and providing ample workforce to the growing number of estate nationwide. Currently, upstream plantation operators in Malaysia are facing acute labour shortage of field workers, fresh fruit bunches harvesters and collectors in estates. Foreign workers represent over 70% of Malaysia's total workforce in oil palm plantations last year. The minimum wage for field workers in Sabah and Sarawak start fro RM800 per month while those in Peninsular Malaysia can earn about RM900 per month. The impact of minimum wage will be challenging for small- to mid-sized players, especially the newcomers in the plantation industry, said the chairman of Incorporated Society of Planters Malaysia Daud Amatzin. (StarBiz)
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