Malaysian Palm Oil Council Russia

2021-07-01 10:36:26 *SPPOMA: 1-30th Jun 21*
Overall Summary :
Yield : -4.50%
OER : +0.31%
*Prod : -2.87%*

SPPOMA: 1-25th JUNE 21
Overall Summary :
Yield : +3.71%
OER : +0.49%
Prod : +6.28%

SPPOMA: 1-20th JUNE 21
Overall Summary :
Yield : +10.29%
OER : +0.59%
Prod : +13.40%

SPPOMA: 1-15th Jun 21
Overall Summary :
Yield : +13.63%
OER : +0.64%
Prod : +17.50%

SPPOMA: 1-10th Jun 21
Overall Summary :
Yield : -13.77%
OER : +0.70%
Prod : -10.50% Открыть/Комментировать

2021-07-01 09:29:36 MPOB EXPECTS MALAYSIA'S RBD EXPORTS TO INDIA TO RISE - Bernama
01-Jul-2021 01:24:13 PM

KUALA LUMPUR, July 1 (Bernama) -- Malaysia can now export more refined, bleached and deodorised (RBD) palm olein to India after the Indian government removed its 18-month long restriction on imports of refined palm oil products.

“This is good news for us and we hope that we can export more red palm oil (RPO) -- which has the same fatty acid composition as RBD palm oil -- into India now,” Malaysian Palm Oil Board (MPOB) director-general Dr Ahmad Parveez Ghulam Kadir said to Bernama.

He noted that Malaysia exported an average of 550,000 tonnes of RPO to India from 2010-2018, adding that exports of the product had surged to 2.6 million tonnes in 2019.

This was thanks to the Malaysia-India Comprehensive Economic Cooperation Agreement which gave Malaysian RPO a five per cent tax advantage over Indonesian RPO.

“Unfortunately, after the restriction was placed on Jan 8, 2020, we were only able to export 150,000 tonnes of RPO," he said.

According to a notification by the Indian Ministry of Commerce’s Directorate General of Foreign Trade on Wednesday, imports of RBD palm olein would be allowed without restrictions until year-end.

Earlier this week, the Indian government announced its move to reduce the import duty on crude palm oil (CPO) from 15 per cent to 10 per cent.

At the current price of between RM3,500 and RM3,800 per tonne, CPO export to the world's largest palm oil consumer is bound to increase further in the near future, said MPOB.

According to MPOB’s data, Malaysia’s palm oil export to India increased by more than eight folds to 1.29 million tonnes from January until May 2021, from 0.15 million tonnes recorded during the same period in 2020. Открыть/Комментировать

2021-07-01 08:16:06 Russian Federation : Vladimir Putin during a direct line explained the rise in food prices

Answering the question of the customer Valentina, asked by her from the trading floor in the grocery store during the direct line of the President of Russia, Vladimir Putin explained the rise in food prices.

The head of state linked the rise in food prices in the country with the global trend. ?Today, world food indices are at the highest level in the last 10 years. This is a global trend, price increases are happening everywhere, and Russia is part of the global economy. Covid consequences, reduction of production and jobs, ?he explained.

The largest increase in food prices was recorded last year. ?Sugar has grown the most - by 41 percent, and sunflower oil,? Putin recalled.
Another reason for the increase in prices is the lack of their products. ?Vegetables and fruits in the country are still produced in insufficient volume for domestic consumption. And products are imported from abroad, we need to look at the logistics issues, ?the head of state suggested.

On behalf of the President, the country's government has taken a number of decisions to contain prices. Thus, agreements were concluded between manufacturers and retail chains, subsidies were issued to manufacturers of final products for the purchase of raw materials at high prices, and increased export duties were introduced. ?In general, the state pays attention to this, maybe sometimes out of time. But measures are being taken, ?Vladimir Putin stressed. Открыть/Комментировать

2021-07-01 08:15:17 GRAINS-Corn climbs over 1% on lower U.S. planting, soybeans ease

• Corn gains more ground after surprise U.S. planting data
• Chicago soybean futures drop, losses limited by supply worries

SINGAPORE, July 1 - Chicago corn futures rose more than 1% on Thursday as lower-than-expected U.S. plantings raised concerns over supplies amid strong demand led by China.

Soybean and wheat prices lost some ground after a rally fuelled by the U.S. Department of Agriculture's (USDA) plantings estimates and inventory data.
"The planting report raises supply concerns on longer term," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

"But the main focus now is still weather as the corn crop could swing 20-40 million tonnes on that alone."

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 rose 1.2% to $5.95-1/4 a bushel by 0238 GMT.

Soybeans Sv1 slid 0.6% to $13.90-1/2 a bushel and wheat Wv1 lost 0.6% to $6.75-3/4 a bushel.

On Wednesday, corn futures climbed by their daily exchange-imposed limit after the USDA pegged plantings of the crop at 92.692 million acres, below analysts' expectations for 93.787 million.

The agency said soybean plantings totalled 87.555 million acres, compared to analysts' expectations for 88.955 million.

In its quarterly stocks report, the USDA said domestic corn supplies on June 1 stood at 4.122 billion bushels, the lowest for that date since 2014.

Soybean stocks came in at a six-year low of 767 million bushels and wheat stocks were 844 million bushels, also the lowest in six years.

Analysts had predicted corn stocks of 4.144 billion bushels, soybean stocks of 787 million and wheat stocks of 859 million.

The U.S. estimates are fuelling global supply concerns as inventories are slim and growing areas in North and South America are grappling with unfavourable weather.

Commodity funds were net buyers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Wednesday, traders said. Открыть/Комментировать

2021-07-01 08:08:31 Duty cut on palm oil to cool prices of cooking oil

Consumers can expect some relief from the high cooking oil prices as the government has cut import duty on crude palm oil by 5.5 percentage points, a move that will reduce its price by ?4, 657 per tonne, for three months. The revenue department on Tuesday issued a notification to reduce the effective import duty on crude palm oil to 30.

25% from 35.75% between June 30 and September 30.Duties on import of refined palmolein and refined palm oil have also been reduced from 45% to 37.

5%. However, these oils are in the restricted category, hence the impact of import duty cut will be limited. Cooking oil prices had doubled during the past one year, driven by historic rally in the international prices.

Industry insiders said the move will help balance interests of consumers and those of farmers as duty cut is limited to three months, which will ensure that cheaper imports do not coincide with the arrival of domestic crops."The duty cut can suppress edible oil prices in India, " said Rahul Chauhan, director at commodity market research firm IGrain India. "However, we will have to wait and watch if the prices at the KLC (Kuala Lumpur Commodities Exchange) jump on Wednesday after opening up of the market. Открыть/Комментировать

2021-07-01 08:05:40 European vegoils- Palm oil firms with futures on India import tax cut

ROTTERDAM, June 30 (Refinitiv) - Palm oil on the European vegetable oils market was mostly firmer on Wednesday following stronger Malaysian palm oil futures on the back of an India palm oil import tax cut.

Asking prices for palm oil were mostly between $10 and $15 per tonne higher after Malaysian palm oil futures closed between 11 and 44 ringgit per tonne higher for 2021 positions.

At 1600 GMT, CBOT soyoil futures were between 2.00 and 0.62 cents per pound lower on positioning ahead of fresh USDA plantings and quarterly stocks figures, which were expected to be bearish for soybeans. USDA data was released late in the European afternoon on Wednesday.

EU rapeoil was mostly quoted between 10 and 25 euros per tonne lower, tracking weaker soyoil and due to slack demand as many players were waiting for Chicago dealers to digest today’s USDA numbers.

Lauric oils were mostly quoted between flat and $45 a tonne lower, pressured by a stronger dollar, which weighs on dollar-priced products and due to slack demand. Открыть/Комментировать

2021-07-01 07:41:08 VEGOILS-Palm jumps 4% after India allows imports of refined palm oil, lowers tax

KUALA LUMPUR, July 1 (Reuters) - Malaysian palm oil futures jumped 4% to a touch a near three-week peak on Thursday, as top buyer India removed restrictions on the imports of refined palm oil and lowered its import tax.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange rose 146 ringgit, or 4.06%, to 3,745 ringgit ($901.76) a tonne during early trade.

Palm rose for a third consecutive session to its highest level since June 11.

FUNDAMENTALS
India on Wednesday declared that the import of refined palm oil is amended from 'Restricted' to 'Free', allowing imports of the product for six months.

The country also late on Tuesday cut the import tax on refined palm oil to 41.25% from 49.5% for three months to bring down local edible oil prices.

Malaysia is facing a labour shortfall of around 32,000 people and annual losses of 10 billion ringgit ($2.41 billion) due to corononavirus restrictions, the country's commodities minister said.

Top producer Indonesia has set a lower reference price in July for crude palm oil at $1,094.15 a tonne, an official document seen by Reuters showed on Wednesday.

Dalian's most-active soyoil contract DBYcv1 rose 3%, and its palm oil contract DCPcv1 gained 3.8%. Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.5%.

Palm oil may break a resistance at 3,691 ringgit per tonne, and rise into 3,757-3,853 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS
Global shares retreated from recent highs on Wednesday, as Asian markets grew jittery about a resurgence of COVID-19 cases and Western markets awaited Friday's U.S. jobs report and what it might mean for monetary policy. Открыть/Комментировать

2021-07-01 07:41:03 Открыть/Комментировать

2021-06-30 13:16:37 Malaysia's June palm oil exports rise 7.1 pct -ITS

KUALA LUMPUR, June 30 - Exports of Malaysian palm oil products for June rose 7.1 percent to 1,519,180 tonnes from 1,418,932 tonnes shipped during May, cargo surveyor Intertek Testing Services said on Wednesday.

Here is the breakdown of the ITS palm export figures for June compared with a month ago (in tonnes):

PALM PRODUCTS
June May

Crude palm oil 425,395 475,465

RBD palm oil 84,355 108,070

RBD palm olein 429,370 369,095

RBD palm stearin 114,700 91,408

Crude palm kernel oil 25,200 30,879

Palm fatty acid distillate 73,145 51,105


TOP PALM MARKETS

June May

European Union 358,790 397,199

China 233,265 138,360

India & subcontinent 363,300 388,270


(Only selected palm products and destinations are displayed here; they may not add up to total exports)

TOTAL PALM EXPORTS, BY MONTH

Month Total Net Change m/m %
June 1,519,180 +100,248 +7.1
May 1,418,932 +21,016 +1.5
April 1,397,916 +127,858 +10.1 Открыть/Комментировать

2021-06-30 07:02:38 GRAINS-Soybeans firm ahead of U.S. crop report; corn eases

SINGAPORE, June 30 (Reuters) - Chicago soybean futures edged higher on Wednesday, as traders adjusted positions ahead of a U.S. government report on stock and acreage, while corn prices eased.

Wheat futures ticked higher although expectations of strong output in Russia, the world's biggest exporter, capped gains.

FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $13.15-1/4 a bushel by 0012 GMT.

Wheat Wv1 added 0.1% to $6.46-3/4 a bushel and corn Cv1 lost 0.4% to $5.46-1/2 a bushel.

The U.S. Department of Agriculture (USDA) on Wednesday is expected to increase its estimate for corn plantings by about 3% from March, according to a Reuters poll of analysts. Soybean plantings are seen up 1.5% from March.
Still, fears remain about the risk from hot and dry weather when grain stocks are slim.

Analysts expect the USDA on Wednesday to report that corn and soybean inventories on June 1 were down 17% and 43%, respectively, from a year earlier.

The USDA, in a weekly report on Monday, rated 64% of the U.S. corn crop in good-to-excellent condition, down 1 percentage point from the prior week and below analysts' expectations. Just 20% of spring wheat was rated good-to-excellent, below a week earlier and analysts' expectations.

Russian agriculture consultancy IKAR said on Tuesday it had raised its 2021 forecast for wheat production to 83.6 million tonnes from 82 million tonnes.
It also said it sees Russia's exports of wheat at 39 million tonnes this year.

Soft wheat exports from the European Union in the 2020/21 season that started last July had reached 25.38 million tonnes by June 27, data published by the European Commission showed on Tuesday.

That was down from 34.64 million tonnes cleared by the same week last season, the data showed.

MARKET NEWS
Global shares edged lower, as new coronavirus outbreaks in Asia vied with strong U.S. and European consumer confidence, and investors speculated about whether the Federal Reserve would accelerate its timetable to end easy monetary policy. Открыть/Комментировать