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VEGOILS-Palm oil loses more ground, USDA report eyed

Posted by Flora Sawita Labels: China, Futures, industri sawit, Malaysia, palm oil, Palm Oil Business, palm oil futures, Singapore

* Drought woes in South America and firm demand limit losses
    * Price correction after palm oil hits one-year high on
Tuesday
    * USDA quarterly inventory report and planting forecast due
Friday

(Updates prices)
    By Chew Yee Kiat
    SINGAPORE, March 29 (Reuters) - Malaysian palm oil futures
slipped for a second day on Thursday, as traders booked more
profit from a rally this week, although losses were curbed by
soybean supply fears in South America and firm export outlook
for palm oil.
    Palm oil could not breach the psychological 3,500 ringgit
level this week, especially when market players were cautious
ahead of the U.S. Department of Agriculture's quarterly
inventory report and planting forecast due on Friday.
    "We see that palm oil prices have come to a one-year high,
so it's not surprising that some profit-taking activities start
to kick in, especially now as we are at the end of the month,
some book squaring is going to happen," said Ker Chung Yang, an
analyst at Phillip Futures in Singapore.
    "There could be some positioning ahead of this coming
Friday's reports. Although the market is speculating that there
could be more planted acres for corn, the reports could turn out
to be a surprise and soybean prices could subsequently be
weighed on that."
    Benchmark June palm oil futures on the Bursa
Malaysia Derivatives Exchange closed down 0.5 percent at 3,456
ringgit ($1,127) per tonne. This week the market went as high as
3,497 ringgit, a level unseen since March 10 2011.
    Traded volumes were thin at 20,280 lots of 25 tonnes each,
compared to the usual 25,000 lots.
    Palm oil investors are watching closely on the acreage
battle between corn and soybean because a smaller planted area
for soybean could boost demand for palm oil, which competes with
crushed soybean oil in the vegetable oil market.
    Malaysian export data for the first 25 days of March pointed
to an improvement in buying interest for the tropical oil
compared to a month ago, and traders are expecting exports for
the full month to end higher.
    Market players are also focusing on Malaysia's palm oil
supply, which could be lower in March on the back of seasonality
and the effect of biological stress.
    A lower palm oil production may push up prices further as
global oilseed supply is tight especially as a drought in South
America has disrupted soybean production.
    Oil prices held near $124 a barrel on Thursday on concerns
about the loss of Iranian oil despite the prospect of a release
of strategic oil reserves in the West and renewed promises of
additional supply from Saudi Arabia.
    In other vegetable oil markets, the most active U.S. soyoil
contract for May lost 0.1 percent in Asian trade while
the most active September 2012 soyoil contract on
China's Dalian Commodity exchange was trading down 0.8 percent.

Palm, soy and crude oil prices at 1004 GMT

Contract        Month    Last   Change     Low    High Volume
MY PALM OIL      APR2    3483   -17.00    3465    3500     214
MY PALM OIL      MAY2    3465   -17.00    3451    3483    1971
MY PALM OIL      JUN2    3456   -17.00    3445    3477   11141
CHINA PALM OLEIN SEP2    8664   -66.00    8620    8734 241496
CHINA SOYOIL     SEP2    9642   -74.00    9606    9722 589938
CBOT SOY OIL     MAY2   54.57    -0.03   54.44   54.83    8184
NYMEX CRUDE      MAY2 104.92    -0.49 104.89 105.70   16785

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel
($1=3.066 ringgit)

(Editing by Niluksi Koswanage)

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Corn, Wheat, Soybeans Called to Open Higher on South America Crop Concerns

Posted by Flora Sawita Labels: Futures, Futures Corn, Futures Soybeans, Futures Wheat

What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 3 cents to 5 cents a bushel higher on the Chicago Board of Trade on expectations that excessive heat and little rain over the next three days will cause irreversible damage to some crops in Argentina and southern Brazil, before rains develop Jan. 9, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.

-- Soybean futures may open 5 cents to 7 cents a bushel higher on the CBOT on speculation that weather damage to crops in South America will boost overseas demand for U.S. supplies, Roose said. Soybean-oil futures are expected to open 0.25 cent to 0.35 cent a pound higher, and soybean-meal futures may open $2 to $3 higher per 2,000 pounds.

-- Wheat futures may open 4 cents to 6 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that demand for the grain will rise from makers of livestock feed as corn prices climb, Roose said.

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Corn, Wheat, Soybeans Called to Open Higher on South America Crop Concerns

Posted by Flora Sawita Labels: Futures, Futures Corn, Futures Soybeans, Futures Wheat

What follows are opening calls for U.S. grain and oilseed markets.

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Upside Movement In Cotton Seed Oilcake

Posted by Flora Sawita Labels: 2011 News, Futures, India

(India Info Online)Cotton Seed oilcake futures are up today on short covering today, extending its recent bounce back. The futures had plummeted to seven week low of near Rs. 1110 per quintal in last week amid steady arrivals and a decent crushing activity. Weak global cues had also had a depressing effect.

All NCDEX Cotton Seed Oil Cake futures are up today. The benchmark NCDEX Dec 11 contract closed at 1176 Rs./Quintal, after hitting a high of 1181 Rs./Quintal. The contract pushed up by Rs. 34 or 2.98% during the session and dropped 6.95% in the open interest which stood at 52230 lots as against 56130 lots in last session.

The Jan 12 contract closed at 1191Rs./Quintal, after hitting a high of 1193 Rs./Quintal. The contract surged by Rs. 35 or 3.03% during the session and added 2.97% in the open interest which stood at 53380 lots as against 51840 lots in last session.

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Tokyo rubber futures climb; Shanghai up

Posted by Flora Sawita Labels: 2011 News, Futures

Key Tokyo rubber futures ended higher on Monday after news that Asean's rubber group will take tough action on buyers who default on shipments, prompting some traders to say the contract could rise to 300 yen as supply concerns mount in China.

The key Tokyo Commodity Exchange rubber contract for May delivery settled up 1 percent, or 2.8 yen, at 283.6 yen after rising as high as 286.4 yen, up 5.6 yen.

The most active Shanghai rubber contract for May delivery closed up 0.5 percent at 26,025 yuan per tonne.

Volume stood at 702,138 lots.

"With producing nations threatening to squeeze supply, buyers in China will have a hard time obtaining rubber at a time when production is decreasing due to the rainy season (in Southeast Asia) and as demand in China rises ahead of the Chinese New Year in January," a trader said.

He said the benchmark contract would test the 300 yen mark by the end of December.

The Asean Rubber Business Council has blacklisted buyers who default on shipments and has urged members to ignore requests for discounts following a plunge in prices, the group said in a statement seen on Monday.

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Farmers don't need options trading

Posted by Flora Sawita Labels: Farmer, Futures, India, Support Price

The proposed amendment to the law will help speculators, not farmers.

Commodity futures exchanges and market participants are clamouring for introduction of ‘options' trading in commodities, in addition to futures, and the policymakers seem to be going along, unaware of ground realities. The government has, perhaps, been led to believe that introduction of ‘options in goods' will benefit farmers.

Do farmers need ‘options' trading? This question is being debated in the context of proposed amendments to the Forward Contracts (Regulation) Act, 1952, (FCRA). The Amendment Bill was introduced in the Lok Sabha almost a year ago, and is currently being examined by the Parliamentary Standing Committee for the Department of Consumer Affairs.

IN THE NAME OF FARMERS

In the last session of Parliament, the Minister of State for Consumer Affairs, Food and Public Distribution had answered in the affirmative to a question on whether the government proposes to change/amend the existing FCRA (Foreign Contribution Regulation Act) to allow ‘options' trading.

The proposed amendment, among some others, seeks to introduce ‘options' in goods. ‘Options in goods' as a method of commodity trading was banned sometime in the mid-1960s, and has remained so for more than five decades.

And rather ironically, some of the conditions that prevailed at the time of imposing a ban exist currently: uncertain output, demand-supply mismatch and high level of food inflation.

Explaining the benefits likely to accrue to the farmers, the minister said, “(Options) will provide farmers with a risk management tool, which is more suitable for farmers who aren't trading on a daily basis. In ‘options', farmers aren't required to monitor the futures prices on a day-to-day basis, nor do they have to keep paying or receiving daily margin differences to/from exchanges, till the contract is settled.”

The government's belief could well turn out to be fallacious and erroneous. For one, farmers — much less the small and marginal farmers who constitute more than 80 per cent of Indian peasantry — don't trade commodity futures on a daily basis. Their notion of risk management is vastly different from that of traders and some other market participants.

The farmer wants to produce his crop without risk of climate uncertainty, as well as risk relating to input availability, quality and price. When he is ready with the harvest, he wants risk-free or assured marketing and remunerative price. ‘Options trading' in harvested produce certainly won't provide any assistance before harvest, and post-harvest it cannot guarantee remunerative prices.

ROLE OF SUPPORT PRICES

The Minimum Support Price (MSP) the government announces actually performs the function of ‘options' trading. As the expression itself suggests, MSP is a guarantee given by the government to the grower, that in the event of the open market price falling below the specified MSP, the grower is assured of at least the MSP and nothing less. Indeed, the government is under obligation to purchase from the grower at MSP should market prices prevail at, or fall below, MSP.

On the other hand, if the open market price is above MSP, the grower is under no obligation to surrender his goods to the government. He is free to sell to anyone in the open market at prevailing prices above MSP.

When the system of MSP is prevalent to safeguard the interests of growers, there is no need to introduce ‘options' trading, that too, in the name of the farmer, who actually does not need it. It is, of course, a different issue if our price support operations are efficient. Surely, there is case for strengthening the price support operations by designated agencies.

Policymakers in New Delhi, and elsewhere, should know that nowhere in the world do farmers trade commodity futures. They may take a cue from futures prices, but seldom trade on the bourses. In India, farmers want to simply dispose of the produce they bring to the market yard at the best possible price and return home with the money.

Instead of indulging in non-essential and non-priority activities such as introduction of ‘options' trading, the government must demonstrably strive to build capacity among growers to produce more, to lower production cost, to produce better quality and meet the growing and specific needs of the market.

If introduced, ‘options' trading in agricultural commodities will turn out to be yet another avenue for speculation by market participants, many of whom may have no clue how farm goods are actually produced. Policymakers shouldn't get carried away by academic or pedantic arguments.

The Hindu

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Wheat export premiums firmer at US Gulf Coast

Posted by Flora Sawita Labels: Futures, Wheat

Wheat export premiums at the US Gulf Coast were steady to firm on Friday as domestic consumption kept supplies in the export market tight amid solid global demand, particularly for high-protein wheat, traders said.

Optimism that US wheat could capture a share of an upcoming tender by Saudi Arabia that closes on Friday.

Canadian wheat may also be a contender, while quality concerns could limit Australian offers, traders said.

US wheat may struggle to compete with Russian wheat in a tender by Iraq that closes on Monday, traders said.

Dryness in Ukraine, a major grain exporter, could restrict its ability to export grain next year and the country may be forced to turn to imports, the farm ministry said.

US traders keeping an eye on the situation as it was still too soon to forecast failure of the winter crop.

Ukraine's Agriculture Ministry cut its wheat export forecast for 2011/12 to 6 million tonnes from a previous estimate of 9-10 million tonnes.

Soyabean export premiums at the US Gulf Coast held steady, underpinned by moderate demand from China, traders said.

Top importer China may have bought one cargo of Gulf soyabeans on Friday for late-January shipment after buying small amounts from the Gulf earlier in the week, but the sales tally was lighter than normal for the time of year, traders said.

China bought about two to four cargoes of US Gulf soyabeans since midweek but bought at least six cargoes from Brazil for early 2012 shipment, a period typically dominated by US soyabean exports, traders said.

Corn export premiums at the US Gulf eased on Friday in tandem with weaker CIF barge basis values amid sluggish export demand, traders said.

US corn struggling to compete in world markets with cheaper Black Sea corn and feed wheat from the Black Sea and Australia.

But strong demand from US corn processors and ethanol makers, and slow farmer selling, has kept supplies in the export pipeline tight and underpinned premiums.

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CBOT wheat falls, nears 5-month low on firm dollar

Posted by Flora Sawita Labels: Futures, Grain, Wheat

CHICAGO: Chicago Board of Trade soft red winter wheat futures fell in an abbreviated trading session on Friday, pressured by a firm dollar and continued concerns surrounding the debt crisis in Europe, traders said.

* A stronger greenback makes US wheat relatively more expensive to overseas buyers. Demand for US wheat on the export market has been hurt as importers have found cheaper supplies from countries such as Russia and Ukraine.

* CBOT front-month December wheat dipped to $5.72-1/4 per bushel, the lowest spot wheat price on continuous price charts in nearly five months.

* For the week, wheat was down 3.8 percent, its fourth straight weekly decline.

* December options expired on Friday.

* USDA reported export sales of all varieties of US wheat in the latest week at 614,500 tonnes, the most in nine weeks and above trader estimates ranging from 300,000 to 450,000 tonnes. South Korea and China were the top destinations.

* Ukraine's grain exports are unlikely to exceed 20 million tonnes in the 2011/12 season due to a shortage of railway grain wagons, the head of Ukrainian Grain Association traders' union was quoted as saying on Friday.

* International Grains Council on Thursday cut its forecast for global wheat production in 2011/12 by 1 million tonnes to 683 million, above the prior season's 653 million. Global wheat consumption was raised but world wheat stocks still seen at highest in a decade, IGC said.

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Canada Wheat Board forecasts lower values

Posted by Flora Sawita Labels: Canada, Futures, Prices, Wheat

The Canadian Wheat Board projected lower wheat values on Thursday for the 2011-12 (August-July) marketing year.

Values vary depending on class, grade and protein level.

Wheat values down $1 to $14 per tonne from last month's outlook.

Concerns about world economy and global wheat fundamentals pressure wheat prices.

Significant wheat export competition also weighs down prices.

CWB has priced about 40 percent of the expected wheat crop, expects wheat pricing to reach 50 percent by end December.

Durum values lost between $1 and $25 per tonne.

Durum weakened by buyer resistance to high prices.

Overall durum prices still historically high and buyers are substituting non-durum wheat where possible.

Malting barley drop $4 per tonne, feed barley down $3.

Feed prices under pressure from large barley crops in Australia and Argentina.

Malting barley prices declined as international competition increases into China, the largest malting barley importer.

PROs are estimates of crop year returns that the CWB - which holds a monopoly on sales of wheat and barley to millers, maltsters and export markets from Canada's Prairie Provinces - reviews monthly to give farmers a sense of projected returns.

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VEGOILS-Palm oil loses more ground, USDA report eyed

Corn, Wheat, Soybeans Called to Open Higher on South America Crop Concerns

Corn, Wheat, Soybeans Called to Open Higher on South America Crop Concerns

Upside Movement In Cotton Seed Oilcake

Tokyo rubber futures climb; Shanghai up

Farmers don't need options trading

Wheat export premiums firmer at US Gulf Coast

CBOT wheat falls, nears 5-month low on firm dollar

Canada Wheat Board forecasts lower values

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