Malaysian Palm Oil Council Russia

2021-06-30 06:31:02 ICE canola futures surge to contract highs on Canadian heatwave

WINNIPEG, Manitoba, June 29 (Reuters) - ICE canola futures surged to contract highs on Tuesday as hot, dry weather threatened to scorch the Canadian crop.

Prices have further upside due to limited supplies and a Canadian canola crop that is in trouble due to excessive heat, said analyst Wayne Palmer.

Hot, dry, windy weather is stressing Manitoba crops, the provincial government said.

Most-active November canola RSX1 gained $25.10 or 3.3% to $794.60 per tonne. November set a contract high of $814.50.

Statistics Canada pegged canola plantings at 22.5 million acres, up 1 million acres from the agency's April estimate of seeding intentions and up 8% from last year. The estimate matched the average trade expectation.

November-January canola spread traded 1,698 times.

Chicago soyoil BOv1, Euronext November rapeseed futures /COMX1 and Malaysian September palm oil futures /FCPOU1 also climbed.

*All figures in Canadian dollars unless noted Открыть/Комментировать

2021-06-30 06:27:24 European vegoils- Palm oil up with futures on technical selling and export hopes

ROTTERDAM, June 29 - Palm oil on the European vegetable oils market rose on Tuesday following gains in both Malaysian palm oil and CBOT soyoil futures on expectations for improved exports and technical buying.

Asking prices for palm oil were mostly between $10 and $30 per tonne higher after Malaysian palm oil futures closed between six and 70 ringgit per tonne down as June exports were expected to improve from the month before.

At 1630 GMT, CBOT soyoil futures were between 0.29 and 1.17 cents per pound higher, on technical buying with Chicago traders selling soymeal futures and buying back soyoil contracts.

EU rapeoil was mostly quoted between 10 and 32 euros per tonne higher, tracking stronger Chicago soyoil futures and because of sharp gains in rapeseed futures on the back of worries over Canadian canola due to hot and dry weather.

Coconut oil was offered between flat and $20 a tonne higher, following the firmer tone in palm oil, while palmkernel oil was quoted between $10 and $30 a tonne down from Monday as sellers were lowering levels in an effort to attract buying interest. Открыть/Комментировать

2021-06-30 06:25:09 VEGOILS-Palm oil jumps over 3% after India reduces import tax

KUALA LUMPUR, June 30 (Reuters) - Malaysian palm oil futures rose more than 3% to hit a near three-week high on Wednesday after world's biggest vegetable oil buyer India cut its import tax, stoking hopes for a rise in demand.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 116 ringgit, or 3.26%, at 3,669 ringgit ($883.67) a tonne during early trade.

Palm rose for a second straight day to its highest level since June 11.

FUNDAMENTALS
India on Tuesday cut the base import tax on crude palm oil to 10% from 15% for three months, the government said in a statement, as the country tries to dampen near record high prices.

Indonesia's health minister is leading a push for stricter controls as coronavirus infections in the country surge to unprecedented levels, with The Straits Times reporting that the government will tighten restrictions this week.

Investors are anticipating June 1-30 export data from cargo surveyors due later in the day. Market talks have pegged shipments from Malaysia to rise 6.5% month-on-month.

Dalian's most-active soyoil contract DBYcv1 rose 1.6%, and its palm oil contract DCPcv1 gained 2%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.7%.

Palm oil may test a resistance at 3,602 ringgit per tonne, a break above could lead to a gain at 3,691 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Global shares edged lower on Tuesday, 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

2021-06-30 06:25:06 Открыть/Комментировать

2021-06-30 06:06:27 Russia, Jordan boost agricultural trade 10.5% in 5M Agroexport - - Interfax Russia & CIS Business and Financial Newswire

MOSCOW. June 29 (Interfax) - Trade turnover of agricultural products between Russia and Jordan came to $26.2 million in 5M this year, up 10.5% from the same time last year, the Agriculture Ministry's Agroexport center said in a statement.

Russian exports to Jordan grew 6% to $24.5 million, and supplies from Jordan rose 2.6-fold to $1.7 million.

The growth in Russian exports can be explained by renewed supplies of wheat and soybean oil, which amounted to $13.2 million and $0.5 million, respectively. Shipments of rice grew $1 million to $2.8 million, and those of dried chickpeas were up $0.6 million to $3.2 million.

At the same time, barley shipments stopped, which reduced the export volume $11 million. Exports of live sheep reduced $1.6 million, of sunflower oil - $0.9 million, and of chocolate products - $0.4 million.

In 2020, agricultural trade turnover between the two countries grew 51.9% compared to 2019, to $171.3 million. Russia's exports to Jordan increased 50.6% to $166.9 million, and Jordan's exports to Russia rose 2.3-fold to $4.4 million.

Russian exports to Jordan accounted for 97.4% of agricultural trade turnover between the two countries in 2020. Agricultural trade turnover with Jordan accounted for 0.3% of overall Russian foreign trade turnover of agricultural products.

Barley made up 45.5% of Russian agricultural exports to Jordan in value terms in 2020, wheat - 38.4%, and sunflower oil - 4.8%.

According to Agroexport's estimate, the potential increase in agricultural supplies from Russia to Jordan by 2030 is $215 million. Products with the greatest prospects on the Jordanian market are grain, including wheat, barley, corn, and rice; soybean cake and meal; meat, including lamb and mutton, beef, and poultry meat; non-alcoholic beverages; and sunflower oil. Открыть/Комментировать

2021-06-30 06:05:44 Russian Federation : In the Republic of Tatarstan, more than 220 thousand tons of grain were controlled, sent to other regions of the Russian Federation

Since the beginning of 2021, the Rosselkhoznadzor Administration for the Republic of Tatarstan has controlled 220.8 thousand tons of regulated products from the republic to other regions of the Russian Federation, which is 2.5 times more than the same period last year. The increase was due to the higher volume of shipments of wheat and barley.

Wheat in the amount of 158 thousand tons was sent to the Leningrad, Rostov, Pskov and Novgorod regions, the Republic of Mari El and the Krasnodar Territory.
Barley was shipped to the Astrakhan, Rostov regions and Krasnodar regions with a total weight of 38 thousand tons.
Oats weighing 1,990 tons were shipped to the Udmurt Republic and the Samara Region.

Sunflower weighing 11.9 thousand tons to the Republic of Bashkortostan.

Rye weighing 3.7 thousand tons to the Kaliningrad region and the Krasnodar Territory.

And also crops such as corn, chickpeas, peas and rapeseed with a total weight of 6.4 thousand tons were sent to the regions of Russia.
The main routes are railway, river transport and freight transport.

All shipped products are controlled by sampling and laboratory examinations in the subordinate Service of the Federal State Budgetary Institution "Tatar MVL". Открыть/Комментировать

2021-06-30 06:04:40 Russian Federation : The construction of a mill complex is nearing completion in the Irkutsk region

An enterprise for the production of wheat flour of the highest, first and second grades, as well as semolina, will soon begin work in the village of Kuznetsovka, Bratsk District.

The investment project was developed by the Burenka agricultural consumer processing cooperative. The total cost was 85 million rubles. The launch of the enterprise will ensure the creation of at least 10 jobs. Recall that the Governor of the Angara region Igor Kobzev in his message "On the state of affairs in the Irkutsk region in 2020 and the main directions of the regional state policy for 2021" called the development of agriculture in the region one of the important directions, and the development of agricultural cooperation - a priority for the near future.

In 2020, SPPK "Burenka" received two grants from the Ministry of Agriculture of the Irkutsk Region for a total of 39.9 million rubles, a soft loan under the program of the Ministry of Economic Development of the Russian Federation, as well as borrowed funds from a bank. The Irkutsk Region Development Corporation provides organizational support to the project.

Work on the construction of an industrial complex for the storage and processing of grain began in the fall of 2020 and is now coming to an end. The building with a total area of ??1300 m? consists of three premises: a utility, a production workshop, and a warehouse for finished products.

- Currently, the equipment is being installed. In August, we plan to start producing flour, - said the head of the enterprise Alexander Shaposhnikov.

By 2025, production volumes are expected to increase to 9,374 tons of first grade flour. Grain will be supplied to the flour mill by agricultural producers of the Bratsk region. The launch of such a production will help them solve the problem of product sales. On average, 36 thousand tons of wheat are grown in the Bratsk District per year. Of these, 14 thousand tons will be guaranteed to be purchased by the new mill.

The first partners of the new enterprise will be bakeries in the northern regions of the Irkutsk region. The cooperative concludes contracts for the supply of products - Beloyarynya flour. The trademark has already been registered. Flour must be of high quality. It will be manufactured in accordance with GOST 26574-85, without adding any impurities and food additives. At first, the flour will be sold in bags of 50 kilograms. In the future, the company plans to install filling lines so that it can supply products to retail stores. Открыть/Комментировать

2021-06-30 06:02:30 MALAYSIA BENCHMARK CRUDE PALM OIL FUTURES FCPOC3 RISE 3.04% TO 3,661 RGT/T Открыть/Комментировать

2021-06-30 06:00:29 India cuts crude palm oil import tax, potentially boosting imports

MUMBAI, June 29 (Reuters) - India on Tuesday cut the base import tax on crude palm oil to 10% from 15% for three months, the government said in a statement, as the world's biggest vegetable oil buyer tries to dampen near record high prices.

The tax cut could make palm oil more attractive than rival soyoil and sunflower oil for Indian refiners and boost imports of the tropical oil in the next three months, supporting benchmark Malaysian prices

The lower tax rate will apply from June 30 to September 30, the government said.

The duty cut would provide a necessary respite to consumers from the high edible oil prices, said Sudhakar Desai, president of the Indian Vegetable Oil Producers' Association (IVPA).

Domestic soyoil and palm oil prices have more than doubled in the past year, hitting consumers already stung by record fuel prices and reduced incomes amid the COVID-19 pandemic.

India, which imports palm oil mainly from Indonesia and Malaysia, could buy 500,000 tonnes of additional palm oil in these three months and average monthly imports could be around 850,000 tonnes, Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil broker, said.

After the tax reduction, palm oil imports will be subject to a 30.25% tax in total, including 10% base import duty and other taxes.

The overall tax rate on palm oil imports was previously 35.75%.

Palm oil is the most widely used and imported oil in India, but is mainly for bulk buyers such as food processors and for use in restaurants. Households usually prefer soyoil, sunflower oil and rapeseed oil.

The government has cut the duty on palm oil but kept the duty structure intact for soyoil and sunflower oil, effectively making palm oil more attractive than its rival oils, a Mumbai-based trader with a global trading firm said. Открыть/Комментировать

2021-06-29 12:57:53 Malaysia - 1-30 June vs 1-31 May export (in mt)- _*Rumour only*_

*AmSpec: 1530k vs 1423k (+107k or up 7.52%)*

ITS: 1,511,679 vs. 1,418,932 (+92,747 or up 6.54%) Открыть/Комментировать