GRAINS-U.S. corn drops on profit-taking; wheat, soybeans edge higher
Sept 14 (Reuters) - Chicago corn futures dipped in Asian trading on Wednesday, as traders chose to pocket profits from recent gains spurred by expectations of tight U.S. supplies, while risks of a global economic slowdown also weighed on sentiment.
Wheat rose slightly in range-bound trade amid concerns over Black Sea supplies in the wake of Russia's criticism of a diplomatic deal allowing grain shipments from Ukraine. Soybeans were also slightly firmer.
FUNDAMENTALS
The most-traded corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.3% at $6.91 a bushel, as of 0245 GMT, extending losses after hitting its strongest level since June 27 on Monday.
Wheat Wv1 climbed 0.4% to $8.63-1/2 a bushel, while soybeans Sv1 added 0.4% to $14.85-1/4 a bushel.
Argentine soybean farmers have sold around 57% of the 2021/22 crop, the agriculture ministry said on Tuesday citing data through last week, reflecting a boost after the government offered them a preferential foreign exchange rate.
Some U.S. railroads will start halting crop shipments on Thursday, a day ahead of a potential work stoppage, an agricultural association and sources at two grain cooperatives said on Tuesday, threatening exports and feed deliveries for livestock.
The United Nations is trying to broker a resumption of Russian ammonia exports through Ukraine, a Western diplomat said on Tuesday, a move that could stabilise a landmark deal allowing Ukrainian food and fertiliser shipments from Black Sea ports.
France, the European Union's biggest grain grower, on Tuesday reduced its forecast for this year's drought-hit maize crop by 1 million tonnes to the lowest level since 1990.
MARKET NEWS
Asian shares tumbled, the dollar held firm and the U.S. yield curve was deeply inverted, as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer.
Sept 14 (Reuters) - Chicago corn futures dipped in Asian trading on Wednesday, as traders chose to pocket profits from recent gains spurred by expectations of tight U.S. supplies, while risks of a global economic slowdown also weighed on sentiment.
Wheat rose slightly in range-bound trade amid concerns over Black Sea supplies in the wake of Russia's criticism of a diplomatic deal allowing grain shipments from Ukraine. Soybeans were also slightly firmer.
FUNDAMENTALS
The most-traded corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.3% at $6.91 a bushel, as of 0245 GMT, extending losses after hitting its strongest level since June 27 on Monday.
Wheat Wv1 climbed 0.4% to $8.63-1/2 a bushel, while soybeans Sv1 added 0.4% to $14.85-1/4 a bushel.
Argentine soybean farmers have sold around 57% of the 2021/22 crop, the agriculture ministry said on Tuesday citing data through last week, reflecting a boost after the government offered them a preferential foreign exchange rate.
Some U.S. railroads will start halting crop shipments on Thursday, a day ahead of a potential work stoppage, an agricultural association and sources at two grain cooperatives said on Tuesday, threatening exports and feed deliveries for livestock.
The United Nations is trying to broker a resumption of Russian ammonia exports through Ukraine, a Western diplomat said on Tuesday, a move that could stabilise a landmark deal allowing Ukrainian food and fertiliser shipments from Black Sea ports.
France, the European Union's biggest grain grower, on Tuesday reduced its forecast for this year's drought-hit maize crop by 1 million tonnes to the lowest level since 1990.
MARKET NEWS
Asian shares tumbled, the dollar held firm and the U.S. yield curve was deeply inverted, as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer.
Opportunities for Palm Oil in Saudi Arabia’s Horeca Sector
https://mpoc.org.my/opportunities-for-palm-oil-in-saudi-arabias-horeca-sector/
Background Saudi Arabia’s HORECA has been experiencing rapid socio-cultural changes over the past two years, mainly due to the major diversification of the economy initiated by the Kingdom to remove its dependencies on crude oil. Tourism is among various new sectors being focused for economic growth and development; it is anticipated that the country will […]
https://mpoc.org.my/opportunities-for-palm-oil-in-saudi-arabias-horeca-sector/
Background Saudi Arabia’s HORECA has been experiencing rapid socio-cultural changes over the past two years, mainly due to the major diversification of the economy initiated by the Kingdom to remove its dependencies on crude oil. Tourism is among various new sectors being focused for economic growth and development; it is anticipated that the country will […]
“During the period of January–August 2022, the CPO production in Malaysia had reached 11.56 million mt, as compared to 11.60 million mt in the same period of last year. Although MPOC was anticipating that Malaysian CPO production will reach 18.5 million mt in 2022, however, we would revise our estimate to 18.3 million mt for the current year,” Wan Aishah said
Парламент Казахстана одобрил переименование столицы в Астану и увеличил президентский срок до семи лет с запретом переизбираться
Депутаты и сенаторы приняли соответствующие поправки в конституцию единогласно.
Теперь документ отправят на подпись президенту Касым-Жомарту Токаеву. Ранее он уже поддерживал переименование столицы Казахстана в Астану. В 2019 году он же предложил переименовать город в Нур-Султан
Депутаты и сенаторы приняли соответствующие поправки в конституцию единогласно.
Теперь документ отправят на подпись президенту Касым-Жомарту Токаеву. Ранее он уже поддерживал переименование столицы Казахстана в Астану. В 2019 году он же предложил переименовать город в Нур-Султан
Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics, said the new MPOB reference price at 8% tax rate, coupled with Indonesia's current policy of not collecting levies for palm oil exports, which is extended until Oct 31, will further diminish demand for Malaysian-produced CPO.
VEGOILS-Palm recovers on strong India demand
KUALA LUMPUR, Sept 20 (Reuters) - Malaysian palm oil futures rose on Tuesday after a three-session slide, as traders weighed forecasts of rising production against strong demand from top buyer India ahead of a key festival.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.81%, to 3,730 ringgit ($819.78) in early trade.
FUNDAMENTALS
Indonesian palm oil producers are whittling down their hefty inventory overhang with discounts versus rivals and aggressive sales to India, where demand is picking up for next month's Diwali festival, industry officials said.
Malaysia's palm production is expected to increase in September, though labour shortages and higher exports may limit the rise, Refinitiv Commodities Research said in a note late on Monday.
Dalian's most-active soyoil contract DBYcv1 fell 1.8%, while its palm oil contract DCPcv1 plunged 3.2%. 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 break a support of 3,646 ringgit per tonne, and fall into 3,481-3,583 ringgit range, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian shares edged up in early trade following a rebound in the final hour of New York trading as investors turned their attention to an expected hefty Federal Reserve interest rate hike this week to tackle inflation.
Oil prices were little changed on concerns that interest rate hikes in the United States to tame inflation will curb economic growth and fuel demand in the world's biggest crude consumer.
KUALA LUMPUR, Sept 20 (Reuters) - Malaysian palm oil futures rose on Tuesday after a three-session slide, as traders weighed forecasts of rising production against strong demand from top buyer India ahead of a key festival.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.81%, to 3,730 ringgit ($819.78) in early trade.
FUNDAMENTALS
Indonesian palm oil producers are whittling down their hefty inventory overhang with discounts versus rivals and aggressive sales to India, where demand is picking up for next month's Diwali festival, industry officials said.
Malaysia's palm production is expected to increase in September, though labour shortages and higher exports may limit the rise, Refinitiv Commodities Research said in a note late on Monday.
Dalian's most-active soyoil contract DBYcv1 fell 1.8%, while its palm oil contract DCPcv1 plunged 3.2%. 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 break a support of 3,646 ringgit per tonne, and fall into 3,481-3,583 ringgit range, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian shares edged up in early trade following a rebound in the final hour of New York trading as investors turned their attention to an expected hefty Federal Reserve interest rate hike this week to tackle inflation.
Oil prices were little changed on concerns that interest rate hikes in the United States to tame inflation will curb economic growth and fuel demand in the world's biggest crude consumer.
GRAINS-Corn edges higher as USDA crop report fans supply concerns
Sept 20 (Reuters) - U.S. corn futures edged higher in early Asian trading on Tuesday following a weekly U.S. Department of Agriculture (USDA) crop progress report that showed harvest lagging behind average analyst estimate and fuelled concerns over global supply.
Wheat rose, while soybean was flat.
Trading was muted ahead of a slew of central bank meetings this week led by the U.S. Federal Reserve, which is likely to raise interest rates by 75 basis points.
FUNDAMENTALS
The most-traded corn contract on the Chicago Board of Trade (CBOT) Cv1 was up 0.2% at $6.79-3/4 a bushel, as of 0036 GMT.
CBOT wheat Wv1 edged up 0.1% to $8.31-1/2 a bushel, while CBOT soybeans Sv1 held its ground at $14.61 a bushel.
The U.S. corn harvest was 7% complete, as of Sunday, the USDA said, below the average estimate in a Reuters analyst poll of 10% and just behind the five-year average of 8%.
U.S. soy harvest was 3% complete, lagging the average analyst estimate of 5% and the five-year average, also 5%.
Condition ratings for both corn and soybeans declined, the report showed, although analysts on average had expected no change.
As for wheat, the USDA said 21% of the crop had been seeded as of Sunday, ahead of the average analyst estimate of 20% and the five-year average of 17%.
Ukraine expects a 2022 grain crop of 50 million-52 million tonnes, unchanged from the previous estimate and down from 86 million tonnes last year.
Russian agriculture consultancy IKAR has raised its forecast for Russia's 2022 wheat crop by 2 million tonnes to 99 million tonnes.
MARKET NEWS
World stock markets remained on edge and the dollar maintained its firm tone, given expectations that the Fed would maintain its aggressive tightening path until next year to contain stubbornly high inflation.
Sept 20 (Reuters) - U.S. corn futures edged higher in early Asian trading on Tuesday following a weekly U.S. Department of Agriculture (USDA) crop progress report that showed harvest lagging behind average analyst estimate and fuelled concerns over global supply.
Wheat rose, while soybean was flat.
Trading was muted ahead of a slew of central bank meetings this week led by the U.S. Federal Reserve, which is likely to raise interest rates by 75 basis points.
FUNDAMENTALS
The most-traded corn contract on the Chicago Board of Trade (CBOT) Cv1 was up 0.2% at $6.79-3/4 a bushel, as of 0036 GMT.
CBOT wheat Wv1 edged up 0.1% to $8.31-1/2 a bushel, while CBOT soybeans Sv1 held its ground at $14.61 a bushel.
The U.S. corn harvest was 7% complete, as of Sunday, the USDA said, below the average estimate in a Reuters analyst poll of 10% and just behind the five-year average of 8%.
U.S. soy harvest was 3% complete, lagging the average analyst estimate of 5% and the five-year average, also 5%.
Condition ratings for both corn and soybeans declined, the report showed, although analysts on average had expected no change.
As for wheat, the USDA said 21% of the crop had been seeded as of Sunday, ahead of the average analyst estimate of 20% and the five-year average of 17%.
Ukraine expects a 2022 grain crop of 50 million-52 million tonnes, unchanged from the previous estimate and down from 86 million tonnes last year.
Russian agriculture consultancy IKAR has raised its forecast for Russia's 2022 wheat crop by 2 million tonnes to 99 million tonnes.
MARKET NEWS
World stock markets remained on edge and the dollar maintained its firm tone, given expectations that the Fed would maintain its aggressive tightening path until next year to contain stubbornly high inflation.
VEGOILS-Palm climbs for second day on India demand
KUALA LUMPUR, Sept 21 (Reuters) - Malaysian palm oil futures rose on Wednesday, extending gains to a second session on strong export demand ahead of a key festival in top buyer India.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange rose 56 ringgit, or 1.5%, to 3,793 ringgit ($830.71) a tonne in early trade.
FUNDAMENTALS
Exports of Malaysian palm oil products for Sept. 1-20 rose 32.7% to 952,888 tonnes from 718,291 tonnes shipped during Aug. 1-20, cargo surveyor Societe Generale de Surveillance (SGS) said.
SGS data showed shipments to India during the period surged 50%. The world's biggest edible oil buyer is ramping up purchases ahead of the Diwali festival next month.
Dalian's most-active soyoil contract DBYcv1 rose 1.2%, while its palm oil contract DCPcv1 gained 0.9%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.2%.
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 retest a resistance at 3,796 ringgit per tonne, a break above which could lead to a gain into 3,847-3,897 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
Stocks in Asia sank and bond yields were elevated, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve later in the day.
Oil prices slid, extending the previous day's losses, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand.
KUALA LUMPUR, Sept 21 (Reuters) - Malaysian palm oil futures rose on Wednesday, extending gains to a second session on strong export demand ahead of a key festival in top buyer India.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange rose 56 ringgit, or 1.5%, to 3,793 ringgit ($830.71) a tonne in early trade.
FUNDAMENTALS
Exports of Malaysian palm oil products for Sept. 1-20 rose 32.7% to 952,888 tonnes from 718,291 tonnes shipped during Aug. 1-20, cargo surveyor Societe Generale de Surveillance (SGS) said.
SGS data showed shipments to India during the period surged 50%. The world's biggest edible oil buyer is ramping up purchases ahead of the Diwali festival next month.
Dalian's most-active soyoil contract DBYcv1 rose 1.2%, while its palm oil contract DCPcv1 gained 0.9%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.2%.
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 retest a resistance at 3,796 ringgit per tonne, a break above which could lead to a gain into 3,847-3,897 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
Stocks in Asia sank and bond yields were elevated, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve later in the day.
Oil prices slid, extending the previous day's losses, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand.
GRAINS-U.S. soybeans fall as Argentine supply competition persists
Sept 21 (Reuters) - U.S. soybean futures fell in early Asian trading on Wednesday, pressured by competition from Argentina exports, while wheat retreated after touching a 10-week peak in the previous session.
Corn also pulled back after hitting a one-week high on Tuesday on slower-than-expected progress in the U.S. harvest.
Fears of a global recession as central banks continue to tighten monetary policies to combat inflation, also weighed on the market, with the U.S. Federal Reserve widely expected to hike rates by 75 basis points later in the day.
FUNDAMENTALS
The most-traded soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $14.73-1/4 a bushel, as of 0115 GMT.
Farmers in Argentina, the world's leading exporter of oil and meal derived from soybeans, continued to offload soy stockpiles last week following a series of carrot-and-stick measures aimed at spurring exports.
CBOT wheat Wv1 fell 1.2% to $8.83 a bushel, after climbing 8% in the previous session. The contract reached $8.96-3/4 on Tuesday, its highest since July 11, underpinned by renewed fears about Black Sea supplies.
CBOT corn Cv1 shed 0.5% to $6.88-1/4 a bushel.
Ukrainian farms in all government-controlled regions have started sowing winter wheat for the 2023 harvest, seeding 364,000 hectares, or 9% of the expected area.
Ukraine's 2023 wheat harvest may decrease to 16-18 million tonnes from 19 million tonnes in 2022 due to an expected fall in the winter wheat sowing area, first deputy agriculture minister Taras Vysotskyi said.
Concerns over Black Sea shipments flared as Moscow-installed leaders in occupied areas of four Ukrainian regions plan to hold referendums on joining Russia in coming days, a challenge to the West that could sharply escalate the war.
MARKET NEWS
The U.S. dollar ascended close to a two-decade high on Tuesday, as investors geared up for another hefty Fed rate hike. Global stocks fell and oil prices extended losses.
Sept 21 (Reuters) - U.S. soybean futures fell in early Asian trading on Wednesday, pressured by competition from Argentina exports, while wheat retreated after touching a 10-week peak in the previous session.
Corn also pulled back after hitting a one-week high on Tuesday on slower-than-expected progress in the U.S. harvest.
Fears of a global recession as central banks continue to tighten monetary policies to combat inflation, also weighed on the market, with the U.S. Federal Reserve widely expected to hike rates by 75 basis points later in the day.
FUNDAMENTALS
The most-traded soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $14.73-1/4 a bushel, as of 0115 GMT.
Farmers in Argentina, the world's leading exporter of oil and meal derived from soybeans, continued to offload soy stockpiles last week following a series of carrot-and-stick measures aimed at spurring exports.
CBOT wheat Wv1 fell 1.2% to $8.83 a bushel, after climbing 8% in the previous session. The contract reached $8.96-3/4 on Tuesday, its highest since July 11, underpinned by renewed fears about Black Sea supplies.
CBOT corn Cv1 shed 0.5% to $6.88-1/4 a bushel.
Ukrainian farms in all government-controlled regions have started sowing winter wheat for the 2023 harvest, seeding 364,000 hectares, or 9% of the expected area.
Ukraine's 2023 wheat harvest may decrease to 16-18 million tonnes from 19 million tonnes in 2022 due to an expected fall in the winter wheat sowing area, first deputy agriculture minister Taras Vysotskyi said.
Concerns over Black Sea shipments flared as Moscow-installed leaders in occupied areas of four Ukrainian regions plan to hold referendums on joining Russia in coming days, a challenge to the West that could sharply escalate the war.
MARKET NEWS
The U.S. dollar ascended close to a two-decade high on Tuesday, as investors geared up for another hefty Fed rate hike. Global stocks fell and oil prices extended losses.
Expanding palm oil stockpile to dampen CPO prices
https://mpoc.org.my/expanding-palm-oil-stockpile-to-dampen-cpo-prices/
THE Malaysian palm oil inventory, which is likely to have surpassed two million tonnes for the first time in two years, is expected to add further downward pressure on crude palm oil (CPO) prices that have fallen from their peak in April this year. As production picks up in the second half and stiffer competition […]
https://mpoc.org.my/expanding-palm-oil-stockpile-to-dampen-cpo-prices/
THE Malaysian palm oil inventory, which is likely to have surpassed two million tonnes for the first time in two years, is expected to add further downward pressure on crude palm oil (CPO) prices that have fallen from their peak in April this year. As production picks up in the second half and stiffer competition […]
Russia's Putin announces partial military mobilization
Russian President Vladimir Putin on Wednesday announced a partial military mobilization in Russia, putting the country's people and economy on a wartime footing as Moscow's invasion of Ukraine continues.
Russian President Vladimir Putin on Wednesday announced a partial military mobilization in Russia, putting the country's people and economy on a wartime footing as Moscow's invasion of Ukraine continues.
*Bunge to sell Russian oilseed processing business*
Bunge has agreed to sell its oilseed processing business in Russia to Karen Vanetsyan, the controlling shareholder of Exoil Group.
The sale includes the sunflower processing plant in Voronezh. The completion of the sale is subject to customary closing conditions, including regulatory approval.
“We are grateful to the team for continuing to deliver essential food and feed in this challenging environment,” said Gregory Heckman, chief executive officer of Bunge. “With Karen Vanetsyan's more than 25 years of experience in agricultural processing, we are confident the team will continue to successfully serve customers.”
In March, Bunge and other major US agribusinesses started scaling back their Russian operations, following Russia’s invasion of Ukraine. Bunge had been cutting back on Russian grain trading activities even earlier, including the sale of its Rostov export terminal in March 2021.
The Voronezh plant opened in 2008 and has an annual crushing capacity of 540,000 tonnes and can produce more than 200 million bottles of sunflower oil.
Bunge has agreed to sell its oilseed processing business in Russia to Karen Vanetsyan, the controlling shareholder of Exoil Group.
The sale includes the sunflower processing plant in Voronezh. The completion of the sale is subject to customary closing conditions, including regulatory approval.
“We are grateful to the team for continuing to deliver essential food and feed in this challenging environment,” said Gregory Heckman, chief executive officer of Bunge. “With Karen Vanetsyan's more than 25 years of experience in agricultural processing, we are confident the team will continue to successfully serve customers.”
In March, Bunge and other major US agribusinesses started scaling back their Russian operations, following Russia’s invasion of Ukraine. Bunge had been cutting back on Russian grain trading activities even earlier, including the sale of its Rostov export terminal in March 2021.
The Voronezh plant opened in 2008 and has an annual crushing capacity of 540,000 tonnes and can produce more than 200 million bottles of sunflower oil.
Growth Potential of Palm Oil in the Philippines’ Foodservice Industry
https://mpoc.org.my/growth-potential-of-palm-oil-in-the-philippines-foodservice-industry/
The Philippines has been one of the most dynamic economies in the East Asia Pacific region. Average annual growth increased to 6.4% between 2010-2019 from an average of 4.5% between 2000-2009. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported […]
https://mpoc.org.my/growth-potential-of-palm-oil-in-the-philippines-foodservice-industry/
The Philippines has been one of the most dynamic economies in the East Asia Pacific region. Average annual growth increased to 6.4% between 2010-2019 from an average of 4.5% between 2000-2009. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported […]