VEGOILS-Palm eyes second day of loss amid Indonesian export woes
KUALA LUMPUR, May 30 (Reuters) - Malaysian palm oil futures on Monday were set to fall for a second day, as uncertainties around Indonesian export resumption persisted.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange fell 0.61% to 6,314 ringgit ($1,446.51) per tonne during early trade.
FUNDAMENTALS
Indonesia will allocate about 1 million tonnes of palm oil for export, a senior trade ministry official said on Friday. It was unclear for what period of time the allocation was for.
Leading edible oil analyst Dorab Mistry last week urged Indonesia to immediately resume exports of palm oil, warning that an extended halt in shipments pending details of a domestic sales rule could spell economic "doom" for farmers.
Dalian's most-active soyoil contract DBYc1 traded 0.13% lower, while its palm oil contract DCPc1 rose 2.94%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.05%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may seek a support around 6,220 ringgit per tonne, as suggested by a retracement analysis, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian stocks followed Wall Street higher on Monday, while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in U.S. monetary tightening, albeit after sharp hikes in June and July.
KUALA LUMPUR, May 30 (Reuters) - Malaysian palm oil futures on Monday were set to fall for a second day, as uncertainties around Indonesian export resumption persisted.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange fell 0.61% to 6,314 ringgit ($1,446.51) per tonne during early trade.
FUNDAMENTALS
Indonesia will allocate about 1 million tonnes of palm oil for export, a senior trade ministry official said on Friday. It was unclear for what period of time the allocation was for.
Leading edible oil analyst Dorab Mistry last week urged Indonesia to immediately resume exports of palm oil, warning that an extended halt in shipments pending details of a domestic sales rule could spell economic "doom" for farmers.
Dalian's most-active soyoil contract DBYc1 traded 0.13% lower, while its palm oil contract DCPc1 rose 2.94%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.05%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may seek a support around 6,220 ringgit per tonne, as suggested by a retracement analysis, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian stocks followed Wall Street higher on Monday, while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in U.S. monetary tightening, albeit after sharp hikes in June and July.
VEGOILS-Palm oil rises on sluggish outlook, stronger crude, rival oils
JAKARTA, May 31 (Reuters) - Palm oil futures in Malaysia clawed back on Tuesday after two days of losses, tracking crude oil and rival edible oil prices higher, while production in the world's second-largest producer is expected to remain sluggish.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange rose 1.83% to 6,346 ringgit ($1,450.85) per tonne during early trade.
FUNDAMENTALS
Oil prices rose on Tuesday after the European Union agreed to slash oil imports from Russia by the end of 2022, fuelling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season.
Crude oil affects palm oil prices as the vegetable oil is often used as feedstock for biofuel.
The Malaysian Palm Oil Association is expecting about 52,000 migrant workers to arrive by the end of the year, but warned that it would be too little, too late for output to rebound in the country.
Indonesia has received its first requests for palm oil export permits following the lifting of a ban a week ago, a senior official said, signaling a calibrated resumption of shipments amid protracted delays.
Dalian's most-active soyoil contract DBYc1 gained 0.67% while its palm oil contract DCPc1 rose 0.77%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.71%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may test a resistance at 6,423 ringgit per tonne, as it has stabilized around a support at 6,220 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
Stocks wobbled and bonds fell in Asia, while the dollar rose on Tuesday after a hot inflation reading in Germany heightened nerves about the pace and scale of looming interest rate hikes.
JAKARTA, May 31 (Reuters) - Palm oil futures in Malaysia clawed back on Tuesday after two days of losses, tracking crude oil and rival edible oil prices higher, while production in the world's second-largest producer is expected to remain sluggish.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange rose 1.83% to 6,346 ringgit ($1,450.85) per tonne during early trade.
FUNDAMENTALS
Oil prices rose on Tuesday after the European Union agreed to slash oil imports from Russia by the end of 2022, fuelling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season.
Crude oil affects palm oil prices as the vegetable oil is often used as feedstock for biofuel.
The Malaysian Palm Oil Association is expecting about 52,000 migrant workers to arrive by the end of the year, but warned that it would be too little, too late for output to rebound in the country.
Indonesia has received its first requests for palm oil export permits following the lifting of a ban a week ago, a senior official said, signaling a calibrated resumption of shipments amid protracted delays.
Dalian's most-active soyoil contract DBYc1 gained 0.67% while its palm oil contract DCPc1 rose 0.77%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.71%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may test a resistance at 6,423 ringgit per tonne, as it has stabilized around a support at 6,220 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
Stocks wobbled and bonds fell in Asia, while the dollar rose on Tuesday after a hot inflation reading in Germany heightened nerves about the pace and scale of looming interest rate hikes.
GRAINS-U.S. wheat falls on hopes of grain exports from Ukraine
BEIJING, May 31 (Reuters) - Chicago wheat futures on Tuesday fell, after Russian President Vladimir Putin expressed readiness to unlock grain cargoes blocked in Ukrainian ports.
Corn also ticked lower, while soybeans edged up.
FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 1.77% to $11.37 a bushel.
Corn Cv1 slipped 0.8% to $7.71 a bushel and soybeans Sv1 rose 0.23% $17.36-1/2 a bushel.
Putin said on Monday that Russia was ready to facilitate the unhindered export of grain from Ukrainian ports in coordination with Turkey, according to a Kremlin readout of talks with President Tayyip Erdogan.
The remarks were made after Putin told leaders of Germany and France that Russia was willing to discuss ways to resume Ukrainian grain shipments over the weekend.
The winter wheat harvest in the Ukraine-controlled area is expected to reach 20.1 million tonnes in 2022, down from about 32.2 million tonnes for the overall wheat crop in 2021, Ukrainian state weather forecasters said on Monday.
India has received requests for the supply of more than 1.5 million tonnes of wheat from several countries that need the staple to overcome shortages triggered by the invasion of Ukraine by Russia, trade and government sources said on Monday.
Strategie Grains has raised its monthly forecast for this year's European Union sunflower seed harvest to 10.9 million tonnes from 10.7 million tonnes earlier, confirming its expectation for record production, the consultancy said in a report.
Commodity funds were net buyers of Chicago Board of Trade corn, wheat, soybean and soymeal futures contracts and net sellers of soyoil on Friday, traders said.
MARKET NEWS
World share markets rose on Monday and the dollar was anchored at five-week lows on bets of a possible slowdown in U.S. monetary tightening and after an easing of COVID-19 restrictions in China.
BEIJING, May 31 (Reuters) - Chicago wheat futures on Tuesday fell, after Russian President Vladimir Putin expressed readiness to unlock grain cargoes blocked in Ukrainian ports.
Corn also ticked lower, while soybeans edged up.
FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 1.77% to $11.37 a bushel.
Corn Cv1 slipped 0.8% to $7.71 a bushel and soybeans Sv1 rose 0.23% $17.36-1/2 a bushel.
Putin said on Monday that Russia was ready to facilitate the unhindered export of grain from Ukrainian ports in coordination with Turkey, according to a Kremlin readout of talks with President Tayyip Erdogan.
The remarks were made after Putin told leaders of Germany and France that Russia was willing to discuss ways to resume Ukrainian grain shipments over the weekend.
The winter wheat harvest in the Ukraine-controlled area is expected to reach 20.1 million tonnes in 2022, down from about 32.2 million tonnes for the overall wheat crop in 2021, Ukrainian state weather forecasters said on Monday.
India has received requests for the supply of more than 1.5 million tonnes of wheat from several countries that need the staple to overcome shortages triggered by the invasion of Ukraine by Russia, trade and government sources said on Monday.
Strategie Grains has raised its monthly forecast for this year's European Union sunflower seed harvest to 10.9 million tonnes from 10.7 million tonnes earlier, confirming its expectation for record production, the consultancy said in a report.
Commodity funds were net buyers of Chicago Board of Trade corn, wheat, soybean and soymeal futures contracts and net sellers of soyoil on Friday, traders said.
MARKET NEWS
World share markets rose on Monday and the dollar was anchored at five-week lows on bets of a possible slowdown in U.S. monetary tightening and after an easing of COVID-19 restrictions in China.
В США объявили о строительстве крупнейших в мире биореакторов для производства искусственного мяса, сообщает The Guardian. По мнению экспертов, этот шаг может стать переломным для отрасли.
Американская компания Good Meat заявила, что в биореакторах будут выращивать более 13 тысяч тонн искусственной курицы и говядины в год. В них будут использоваться животные клетки, поэтому для производства мяса не потребуется забивать скот.
По словам представителей компании, сейчас ведётся строительство 10 новых биореакторов Good Meat, каждый ёмкостью 250 тысяч литров. Строительство объекта в США должно быть завершено в течение трёх месяцев, их введут в эксплуатацию в конце 2024 года. К 2026 году объём производства достигнет 11 тысяч тонн в год, а к 2030 году — 13 тысяч тонн.
Американская компания Good Meat заявила, что в биореакторах будут выращивать более 13 тысяч тонн искусственной курицы и говядины в год. В них будут использоваться животные клетки, поэтому для производства мяса не потребуется забивать скот.
По словам представителей компании, сейчас ведётся строительство 10 новых биореакторов Good Meat, каждый ёмкостью 250 тысяч литров. Строительство объекта в США должно быть завершено в течение трёх месяцев, их введут в эксплуатацию в конце 2024 года. К 2026 году объём производства достигнет 11 тысяч тонн в год, а к 2030 году — 13 тысяч тонн.
JAKARTA: Indonesia has received its first requests for palm oil export permits following the lifting of a ban a week ago, some of which could be granted on Monday (May 30), a senior official said, signaling a calibrated resumption of shipments amid protracted delays.
Indonesia cancels plan to send workers to Malaysia’s palm plantations
https://mpoc.org.my/indonesia-cancels-plan-to-send-workers-to-malaysias-palm-plantations/
KUALA LUMPUR: Indonesia cancelled a plan to send its citizens to work in palm oil plantations in neighbouring Malaysia, which has faced a labour shortage, its envoy to Kuala Lumpur said on Tuesday. Malaysia, the world’s second-largest palm oil producer, was set to welcome the first major batch of migrant workers from Indonesia since reopening borders in […]
https://mpoc.org.my/indonesia-cancels-plan-to-send-workers-to-malaysias-palm-plantations/
KUALA LUMPUR: Indonesia cancelled a plan to send its citizens to work in palm oil plantations in neighbouring Malaysia, which has faced a labour shortage, its envoy to Kuala Lumpur said on Tuesday. Malaysia, the world’s second-largest palm oil producer, was set to welcome the first major batch of migrant workers from Indonesia since reopening borders in […]
MPOC: Malaysia palm oil prices seen trading above RM6,000 in 2022
https://mpoc.org.my/mpoc-malaysia-palm-oil-prices-seen-trading-above-rm6000-in-2022/
KUALA LUMPUR (June 1): State agency the Malaysian Palm Oil Council (MPOC) on Wednesday lowered its production outlook for the world’s second largest producer and pegged prices to remain above RM6,000 a tonne this year. MPOC forecast Malaysia’s 2022 production at 18.6 million tonnes, up from 18.1 million tonnes in 2021 as migrant workers are […]
https://mpoc.org.my/mpoc-malaysia-palm-oil-prices-seen-trading-above-rm6000-in-2022/
KUALA LUMPUR (June 1): State agency the Malaysian Palm Oil Council (MPOC) on Wednesday lowered its production outlook for the world’s second largest producer and pegged prices to remain above RM6,000 a tonne this year. MPOC forecast Malaysia’s 2022 production at 18.6 million tonnes, up from 18.1 million tonnes in 2021 as migrant workers are […]
Malaysia palm oil prices seen trading above 6,000 rgt in 2022 -state agency
https://mpoc.org.my/malaysia-palm-oil-prices-seen-trading-above-6000-rgt-in-2022-state-agency/
KUALA LUMPUR : State agency the Malaysian Palm Oil Council (MPOC) on Wednesday lowered its production outlook for the world’s second largest producer and pegged prices to remain above 6,000 ringgit ($1,367.37) a tonne this year. MPOC forecast Malaysia’s 2022 production at 18.6 million tonnes, up from 18.1 million tonnes in 2021 as migrant workers […]
https://mpoc.org.my/malaysia-palm-oil-prices-seen-trading-above-6000-rgt-in-2022-state-agency/
KUALA LUMPUR : State agency the Malaysian Palm Oil Council (MPOC) on Wednesday lowered its production outlook for the world’s second largest producer and pegged prices to remain above 6,000 ringgit ($1,367.37) a tonne this year. MPOC forecast Malaysia’s 2022 production at 18.6 million tonnes, up from 18.1 million tonnes in 2021 as migrant workers […]
CPO futures end higher for second consecutive day
https://mpoc.org.my/cpo-futures-end-higher-for-second-consecutive-day/
KUALA LUMPUR (June 1): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher for the second consecutive day on Wednesday as sentiment over stronger exports continues to lift the market, said a dealer. Palm oil trader David Ng said the expected weaker production in the coming weeks also helped to lift […]
https://mpoc.org.my/cpo-futures-end-higher-for-second-consecutive-day/
KUALA LUMPUR (June 1): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher for the second consecutive day on Wednesday as sentiment over stronger exports continues to lift the market, said a dealer. Palm oil trader David Ng said the expected weaker production in the coming weeks also helped to lift […]
VEGOILS-Palm oil extends gains on production outlook cut, labour concerns
JAKARTA, June 2 (Reuters) - Malaysian palm oil futures rose for a third straight session on Thursday, as output outlook dimmed after Indonesia stopped a group of migrant workers from entering Malaysian plantations facing severe labour crunch.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 0.85%, to 6,410 ringgit ($1,459.80) a tonne in early trade.
FUNDAMENTALS
Indonesia cancelled a plan to send its citizens to work in palm oil plantations in neighbouring Malaysia, which is facing a labour shortage, its envoy to Kuala Lumpur said on Tuesday.
State agency the Malaysian Palm Oil Council (MPOC) lowered its production outlook on Wednesday for the world's second-largest producer and pegged prices to remain above 6,000 ringgit ($1,367.37) a tonne this year.
India has slashed the base import prices of crude and refined palm oil, while raising the price of crude soyoil, the government said in a statement late on Tuesday.
Dalian's most-active soyoil contract DBYcv1 was up 0.14%, while its palm oil contract DCPcv1 rose 1.03%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.16%.
Palm oil looks neutral in a range of 6,220-6,423 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian share markets fell on widespread investor worries over high inflation and a threat of recession, while oil prices slumped following a report of reassurances from Saudi Arabia over production.
JAKARTA, June 2 (Reuters) - Malaysian palm oil futures rose for a third straight session on Thursday, as output outlook dimmed after Indonesia stopped a group of migrant workers from entering Malaysian plantations facing severe labour crunch.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 0.85%, to 6,410 ringgit ($1,459.80) a tonne in early trade.
FUNDAMENTALS
Indonesia cancelled a plan to send its citizens to work in palm oil plantations in neighbouring Malaysia, which is facing a labour shortage, its envoy to Kuala Lumpur said on Tuesday.
State agency the Malaysian Palm Oil Council (MPOC) lowered its production outlook on Wednesday for the world's second-largest producer and pegged prices to remain above 6,000 ringgit ($1,367.37) a tonne this year.
India has slashed the base import prices of crude and refined palm oil, while raising the price of crude soyoil, the government said in a statement late on Tuesday.
Dalian's most-active soyoil contract DBYcv1 was up 0.14%, while its palm oil contract DCPcv1 rose 1.03%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.16%.
Palm oil looks neutral in a range of 6,220-6,423 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian share markets fell on widespread investor worries over high inflation and a threat of recession, while oil prices slumped following a report of reassurances from Saudi Arabia over production.
GRAINS-U.S. wheat firms as uncertainty over Black Sea exports linger
BEIJING, June 2 (Reuters) - U.S. wheat futures recouped losses to edge higher on Thursday, after a sharp decline in the previous session as the market gauged the impact of diplomatic talks to unblock Ukrainian ports; while corn and soybeans ticked lower.
FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.43% at $10.45-3/4 a bushel.
Corn Cv1 shed 0.41% to $7.28-1/4 a bushel while soybeans Sv1 fell 0.44% at $16.83 a bushel.
Talks of Russia opening Black Sea shipping channels to Ukrainian grain vessels have pressured wheat prices this week, although the market remains nervous about the possibility on increased grains exports from the region.
Ukraine's 2022 wheat harvest is likely to drop to 19.2 million tonnes, Ukrainian grain traders' union UGA said on Wednesday, though lower exports are seen pushing stocks to record levels.
U.S. President Joe Biden's administration is likely to retroactively raise ethanol blending mandates for 2021 above the figure it proposed in December, Reuters reported, citing sources.
Egypt's state grains buyer, the General Authority for Supply Commodities, said on Wednesday it bought 465,000 tonnes of wheat in an international tender.
Argentina's grain industry sold $4.2 billion in May, the best month since monthly records started, the Argentine Chamber of the Oil Industry and the Grain Exporters Center said in a report on Wednesday.
Commodity funds were net buyers of Chicago Board of Trade soybeans and soyoil futures contracts on Tuesday and net sellers of corn, wheat and soymeal futures contracts, traders said.
MARKET NEWS
Global equities fell and the U.S. dollar advanced on Wednesday after stronger-than-expected economic data was unable to assuage investor concerns of high inflation and an impending recession driven partly by rising oil prices.
BEIJING, June 2 (Reuters) - U.S. wheat futures recouped losses to edge higher on Thursday, after a sharp decline in the previous session as the market gauged the impact of diplomatic talks to unblock Ukrainian ports; while corn and soybeans ticked lower.
FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.43% at $10.45-3/4 a bushel.
Corn Cv1 shed 0.41% to $7.28-1/4 a bushel while soybeans Sv1 fell 0.44% at $16.83 a bushel.
Talks of Russia opening Black Sea shipping channels to Ukrainian grain vessels have pressured wheat prices this week, although the market remains nervous about the possibility on increased grains exports from the region.
Ukraine's 2022 wheat harvest is likely to drop to 19.2 million tonnes, Ukrainian grain traders' union UGA said on Wednesday, though lower exports are seen pushing stocks to record levels.
U.S. President Joe Biden's administration is likely to retroactively raise ethanol blending mandates for 2021 above the figure it proposed in December, Reuters reported, citing sources.
Egypt's state grains buyer, the General Authority for Supply Commodities, said on Wednesday it bought 465,000 tonnes of wheat in an international tender.
Argentina's grain industry sold $4.2 billion in May, the best month since monthly records started, the Argentine Chamber of the Oil Industry and the Grain Exporters Center said in a report on Wednesday.
Commodity funds were net buyers of Chicago Board of Trade soybeans and soyoil futures contracts on Tuesday and net sellers of corn, wheat and soymeal futures contracts, traders said.
MARKET NEWS
Global equities fell and the U.S. dollar advanced on Wednesday after stronger-than-expected economic data was unable to assuage investor concerns of high inflation and an impending recession driven partly by rising oil prices.
Тихвинский вагоностроительный завод остановлен до конца июня.
В наличии нет подшипников, которые ранее поставляли американские поставщики. Отечественного аналога пока найти не удалось. Нет ни производства новых вагонов, ни ремонта старых. В простое одного из крупнейших производителей грузовых вагонов находится порядка 7000 работников.
В наличии нет подшипников, которые ранее поставляли американские поставщики. Отечественного аналога пока найти не удалось. Нет ни производства новых вагонов, ни ремонта старых. В простое одного из крупнейших производителей грузовых вагонов находится порядка 7000 работников.
INDONESIAN PLANTATION WORKERS BARRED FROM TRAVELLING TO MALAYSIA DUE TO PROCEDURAL ISSUES, IMPROPER VISA - MIGRANT WORKERS PROTECTION BODY
Indonesia plantation workers heading to Malaysia yet to meet requirements -official - Reuters
02-Jun-2022 01:24:49 PM
JAKARTA, June 2 (Reuters) - Indonesian plantation workers were barred from travelling to Malaysia because the recruiters did not follow proper procedures and some of the workers do not have the proper work visa, Benny Rhamdani, head of the migrant worker protection agency, said.
The agency, known as BP2MI, had coordinated with Indonesia's Labour Ministry and the ministry has asked BP2MI to conduct pre-departure orientation despite the visa issue, he told media on Thursday.
Indonesia plantation workers heading to Malaysia yet to meet requirements -official - Reuters
02-Jun-2022 01:24:49 PM
JAKARTA, June 2 (Reuters) - Indonesian plantation workers were barred from travelling to Malaysia because the recruiters did not follow proper procedures and some of the workers do not have the proper work visa, Benny Rhamdani, head of the migrant worker protection agency, said.
The agency, known as BP2MI, had coordinated with Indonesia's Labour Ministry and the ministry has asked BP2MI to conduct pre-departure orientation despite the visa issue, he told media on Thursday.
Malaysia 1-31 May 2022 vs. 1-30 Apr 2022 export (in mt):
*SGS : 1,329,186 vs. 1,103,093 (+226,093 or up 20.50%)*
Amspec : 1,361,634 vs. 1,112,578 (+249,056 or up 22.39%)
ITS : 1,415,569 vs. 1,135,681 (+279,888 or up 24.64%)
*SGS : 1,329,186 vs. 1,103,093 (+226,093 or up 20.50%)*
Amspec : 1,361,634 vs. 1,112,578 (+249,056 or up 22.39%)
ITS : 1,415,569 vs. 1,135,681 (+279,888 or up 24.64%)
VEGOILS-Palm oil set for 2nd weekly gain on higher May export, sluggish output
JAKARTA, June 3 (Reuters) - Malaysian palm oil futures edged higher on Friday, headed for its second weekly gain, supported by output concern due to severe labour crunch after Indonesia barred a group of its plantation workers from travelling to Malaysia and strong May export data.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 152 ringgit, or 2.35%, to 6,620 ringgit ($1,510.04) a tonne in early trade.
FUNDAMENTALS
Exports of Malaysian palm oil products for May rose 20.5% to 1,329,186 tonnes from 1,103,093 tonnes shipped during April, cargo surveyor Societe Generale de Surveillance said on Thursday.
Indonesia barred a group of its plantation workers from travelling to Malaysia because recruiters did not follow proper procedures and most of the workers did not have the right visa, the head of the country's migrant worker protection agency said.
As of early Thursday, Indonesia has issued export permits for 179,464 tonnes of palm oil as of June 2, a senior trade ministry official said after a ban on shipments was lifted last week.
State agency the Malaysian Palm Oil Council (MPOC) lowered its production outlook on Wednesday for the world's second-largest producer and pegged prices to remain above 6,000 ringgit ($1,367.37) a tonne this year.
Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.17%. Dalian Commodity Exchange was closed on Friday for Dragon Boat Festival holidays.
Palm oil FCPOc3 may break a resistance at 6,577 ringgit per tonne, and rise into a range of 6,682-6,731 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian shares rose broadly on Friday morning after softer-than-expected U.S. employment data raised the possibility of the Federal Reserve turning less aggressive on its policy tightening stance in coming months.
JAKARTA, June 3 (Reuters) - Malaysian palm oil futures edged higher on Friday, headed for its second weekly gain, supported by output concern due to severe labour crunch after Indonesia barred a group of its plantation workers from travelling to Malaysia and strong May export data.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 152 ringgit, or 2.35%, to 6,620 ringgit ($1,510.04) a tonne in early trade.
FUNDAMENTALS
Exports of Malaysian palm oil products for May rose 20.5% to 1,329,186 tonnes from 1,103,093 tonnes shipped during April, cargo surveyor Societe Generale de Surveillance said on Thursday.
Indonesia barred a group of its plantation workers from travelling to Malaysia because recruiters did not follow proper procedures and most of the workers did not have the right visa, the head of the country's migrant worker protection agency said.
As of early Thursday, Indonesia has issued export permits for 179,464 tonnes of palm oil as of June 2, a senior trade ministry official said after a ban on shipments was lifted last week.
State agency the Malaysian Palm Oil Council (MPOC) lowered its production outlook on Wednesday for the world's second-largest producer and pegged prices to remain above 6,000 ringgit ($1,367.37) a tonne this year.
Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.17%. Dalian Commodity Exchange was closed on Friday for Dragon Boat Festival holidays.
Palm oil FCPOc3 may break a resistance at 6,577 ringgit per tonne, and rise into a range of 6,682-6,731 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian shares rose broadly on Friday morning after softer-than-expected U.S. employment data raised the possibility of the Federal Reserve turning less aggressive on its policy tightening stance in coming months.
GRAINS-Wheat extends gains on supply concerns; corn, soybeans ease
SINGAPORE, June 3 (Reuters) - Chicago wheat futures gained more ground on Friday with the market underpinned by concerns over tightening world supplies and rising prices in key consuming countries.
Corn and soybeans slid in early Asian trade.
FUNDAMENTALS
The Chicago Board of Trade (CBOT) most-active wheat contract Wv1 edged up 0.1% to $10.59-3/4 a bushel, as of 0019 GMT, corn dipped 0.2% to $7.28-1/2 a bushel and soybeans fell 0.1% to $17.28-1/4 a bushel.
For the week, wheat is down more than 8%, corn has lost 6% and soybeans have dropped marginally.
The agricultural markets are cautious about the likelihood of a deal over Ukrainian ports while fighting continues in Ukraine and as Moscow seeks sanctions concessions rejected by Kyiv and its Western allies.
Prices had eased earlier this week on expectations of resumption in Black Sea supplies.
U.N. aid chief Martin Griffiths is in Moscow to discuss clearing the way for exports of grain and other food from Ukraine's Black Sea ports, a U.N. spokesperson said.
Griffiths will meet Russian officials days after another senior U.N. official, Rebecca Grynspan, had "constructive" talks in Moscow with Russian First Deputy Prime Minister Andrei Belousov on expediting Russian grain and fertilizer exports.
Chinese consumers are likely to have to pay more for food staples like noodles and bread this year, as record wheat prices in the world's top consumer of the grain get passed on to food makers, traders and analysts said.
Argentina's wheat planting area for the 2022/23 season is expected to be around 6.5 million hectares, down from previous forecast of 6.6 million hectares, the Buenos Aires Grains Exchange said on Thursday.
The exchange blamed the 100,000 hectare (247,000 acre) reduction on dry conditions in northern Argentina, with no rains seen in short-term forecasts. The exchange said previously that high fertilizer prices and rising input costs are also having negative effects on the new wheat season.
India has allowed wheat shipments of 469,202 tonnes since banning most exports last month, but at least 1.7 million tonnes is lying at ports and could be damaged by looming monsoon rains, government and industry officials told Reuters.
Commodity funds were net buyers of CBOT soybeans, soyoil, wheat and soymeal futures contracts on Thursday and net even on corn futures contracts, traders said.
MARKETS NEWS
Global equity markets rose while U.S. yields were lower on Thursday after lower-than-expected private payrolls data stirred hopes that the American economy was likely cooling and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation.
SINGAPORE, June 3 (Reuters) - Chicago wheat futures gained more ground on Friday with the market underpinned by concerns over tightening world supplies and rising prices in key consuming countries.
Corn and soybeans slid in early Asian trade.
FUNDAMENTALS
The Chicago Board of Trade (CBOT) most-active wheat contract Wv1 edged up 0.1% to $10.59-3/4 a bushel, as of 0019 GMT, corn dipped 0.2% to $7.28-1/2 a bushel and soybeans fell 0.1% to $17.28-1/4 a bushel.
For the week, wheat is down more than 8%, corn has lost 6% and soybeans have dropped marginally.
The agricultural markets are cautious about the likelihood of a deal over Ukrainian ports while fighting continues in Ukraine and as Moscow seeks sanctions concessions rejected by Kyiv and its Western allies.
Prices had eased earlier this week on expectations of resumption in Black Sea supplies.
U.N. aid chief Martin Griffiths is in Moscow to discuss clearing the way for exports of grain and other food from Ukraine's Black Sea ports, a U.N. spokesperson said.
Griffiths will meet Russian officials days after another senior U.N. official, Rebecca Grynspan, had "constructive" talks in Moscow with Russian First Deputy Prime Minister Andrei Belousov on expediting Russian grain and fertilizer exports.
Chinese consumers are likely to have to pay more for food staples like noodles and bread this year, as record wheat prices in the world's top consumer of the grain get passed on to food makers, traders and analysts said.
Argentina's wheat planting area for the 2022/23 season is expected to be around 6.5 million hectares, down from previous forecast of 6.6 million hectares, the Buenos Aires Grains Exchange said on Thursday.
The exchange blamed the 100,000 hectare (247,000 acre) reduction on dry conditions in northern Argentina, with no rains seen in short-term forecasts. The exchange said previously that high fertilizer prices and rising input costs are also having negative effects on the new wheat season.
India has allowed wheat shipments of 469,202 tonnes since banning most exports last month, but at least 1.7 million tonnes is lying at ports and could be damaged by looming monsoon rains, government and industry officials told Reuters.
Commodity funds were net buyers of CBOT soybeans, soyoil, wheat and soymeal futures contracts on Thursday and net even on corn futures contracts, traders said.
MARKETS NEWS
Global equity markets rose while U.S. yields were lower on Thursday after lower-than-expected private payrolls data stirred hopes that the American economy was likely cooling and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation.
MPOC: Malaysia palm oil prices seen trading above RM6,000 in 2022
MPOC pegged Malaysia's benchmark palm oil prices to remain between RM6,500-RM6,800 until the end of July, and ease to RM6,300-RM6,500 until September due to the resumption of Indonesian exports, Mohd Izham said
MPOC pegged Malaysia's benchmark palm oil prices to remain between RM6,500-RM6,800 until the end of July, and ease to RM6,300-RM6,500 until September due to the resumption of Indonesian exports, Mohd Izham said
Pak govt shocks consumers with unprecedented hike in cooking oil and ghee prices
... around 160,000 tonnes of palm oil stocks are available at the twin ports of Karachi which are sufficient for three weeks of consumption. Despite the lifting of an export ban by Indonesia on palm oil on May 23, not a single loaded vessel had been on the high seas or at Indonesia port for shipments to Pakistan.
... around 160,000 tonnes of palm oil stocks are available at the twin ports of Karachi which are sufficient for three weeks of consumption. Despite the lifting of an export ban by Indonesia on palm oil on May 23, not a single loaded vessel had been on the high seas or at Indonesia port for shipments to Pakistan.
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MPOC Raya Gathering