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Opening FCPO @ MYR3988/MT
12-Jul 10:42 AM
JUL4 3988 -17 , 4005 vs 4080 ( 3988 / 3988 )
AUG4 4012 +29 , 4011 vs 4013 ( 4027 / 3980 )
SEP4 3974 +39 , 3972 vs 3973 ( 3991 / 3931 )
OCT4 3950 +44 , 3948 vs 3950 ( 3965 / 3906 )
NOV4 3942 +44 , 3939 vs 3942 ( 3958 / 3898 )
DEC4 3949 +44 , 3946 vs 3949 ( 3963 / 3907 )
JAN5 3965 +44 , 3963 vs 3965 ( 3980 / 3921 )
FEB5 3985 +44 , 3982 vs 3984 ( 4000 / 3944 )
MAR5 3993 +48 , 3986 vs 3990 ( 3993 / 3950 )
APR5 3980 +47 , 3972 vs 3977 ( 3980 / 3958 )
MAY5 3966 +45 , 3956 vs 3962 ( 3966 / 3933 )
JUN5 3935 +32 , 3936 vs 3943 ( 3935 / 3915 )
JUL5 3908 +16 , 3922 vs 3930 ( 3908 / 3908 )
SEP5 3870 unch , 3901 vs 3912 ( 0 / 0 )
NOV5 3872 unch , 3895 vs 3923 ( 0 / 0 )
Vol 21606

PA:
BO Dec 46.75 +0.60
SB Nov 1071.75 +4.00

DCE:
BO Sep 7688 +90
SB Sep 4626 +4
PO Sep 7802 +148

IDR 16140 EUR 1.0865
MYR Spot 4.668 NDF 4.6533

CO Jul 83.12 +0.50

Jul24/Aug24 -5 , ( 3 ) -5 vs +68 ( 2 ) , hilo -5 / -5 , vol 2
Aug24/Sep24 +39 , ( 8 ) +38 vs +40 ( 13 ) , hilo +47 / +36 , vol 683
Sep24/Oct24 +23 , ( 44 ) +23 vs +24 ( 23 ) , hilo +29 / +22 , vol 704
Oct24/Nov24 +8 , ( 78 ) +7 vs +8 ( 73 ) , hilo +10 / +7 , vol 663
Nov24/Dec24 -7 , ( 532 ) -8 vs -7 ( 70 ) , hilo -6 / -9 , vol 960
Dec24/Jan25 -17 , ( 544 ) -18 vs -17 ( 25 ) , hilo -16 / -18 , vol 309
Malaysia 1-10 Jul vs 1-10 Jun palm oil exports (in mt) :

SGS: 564,438 vs 347,045 (+217,393 or +62.64 %)
AmSpec: 528,843 vs 284,540 (+244,303 or +85.86%)
ITS: 536,193 vs 294,516 (+241,677 or +82.06 %)
China Jan-June soybean imports falls 2.2%

China imported 11.11 million metric tons of soybeans in June, customs data showed on Friday.

Imports in the first half of the year by the world's top soybean buyer came to 48.48 million tons, down 2.2% from the year-ago period, the data also showed.
CBOT soybeans stabilize on short covering ahead of USDA report

CHICAGO, July 11 (Reuters) - Chicago Board of Trade soybean futures Sv1 ended slightly higher Thursday on signs of short covering, after lackluster export demand and predictions of a large U.S. crop sent prices to lows not seen since mid-November 2020, traders said.

Traders said buyers took advantage of low prices to stock up on the oilseed ahead of the U.S. Department of Agriculture's supply and demand report, set to be released on Friday.

Brazilian crop agency Conab trimmed its estimate of the country's 2023/24 soybean crop to 147.336 million metric tons, down from its previous estimate of 147.353 million.

The USDA reported export sales of U.S. old-crop soybeans in the week ended July 4 at 208,000 metric tons, toward the low end of trade expectations for 200,000 to 600,000 tons.

Remnants of Hurricane Beryl crossed the U.S., adding beneficial soil moisture in parts of Illinois and Indiana, analysts said.

Most-active November soybeans SX24 settled up 3/4 cent at $10.67-3/4 per bushel.

August soybeans SQ24 settled the day up 3-3/4 cents at $11.17 per bushel.

Earlier in the session, August soybean futures set a new contract low of $11.08 per bushel. Nine other soybean futures contracts also set new contract lows on the day.

Numerous CBOT soymeal contracts also set new lows on the day.

CBOT August soymeal SMQ24 ended up $3.20 at $342.40 per short ton, while December soymeal SMZ24 closed $0.90 lower at $315.50 per short ton.

CBOT August soyoil BOQ24 finished 0.78 cents higher at 47.12 cents per pound, while December soyoil BOZ24 ended 0.57 higher at 46.15 cents per pound.
ICE canola ends higher in bounce from two-week lows

July 11 (Reuters) - ICE canola futures closed higher on Thursday in a light round of bargain-buying and short-covering after the benchmark November contract RSX4 dipped to a two-week low, traders said.

Traders were squaring positions and reducing their risk exposure ahead of monthly crop supply/demand reports due on Friday from the U.S. Department of Agriculture.

Most-active November canola RSX4 settled up $4.30 at $622.20 per metric ton, bouncing after falling to $615.30, its lowest since June 27.

The November-January canola spread RSX4-F5 firmed, with the November contract narrowing its discount to the January contract to $8.90, from $9.70 a day earlier.

Rallies were capped by warm but generally favorable crop weather in the Canadian Prairies that favors production prospects. In Saskatchewan, crops are "reported to be in overall good condition," the province's weekly crop progress report said on Thursday.

On the Chicago Board of Trade (CBOT), November soybeans SX24 rose 3/4 U.S. cents to end at US$10.67-3/4 a bushel, steadying after dipping to US$10.61-1/2, the lowest on a continuous chart of the most-active soybean contract Sv1 since November 2020.

Euronext August rapeseed futures COMQ4 fell 0.21% while Malaysian palm oil FCPOc3 markets ended on Thursday up 0.43%.

*All figures in Canadian dollars unless noted
Alberta daily canola price as of July 11

July 11 (Reuters) - Closing Canola Average Prices (per tonne, in Canadian dollars) as of July. 11 2024:

Region July11 July10 July09
Peace 579.39 575.09 589.49
North Alta 588.04 583.99 598.54
South Alta 587.79 584.18 599.19
European vegoils- Palm oil strong on lower Malaysia supplies

GDYNIA, July 11 (LSEG) - Palm oil in the European vegetable oils market was bullish on Thursday following stronger Malaysian palm oil futures due to lower palm oil production in Malaysia. Crude palm oil production fell 5.23% to 1.62 million tonnes from May to end-June, while palm oil exports plunged 12.82% to 1.21 million tonnes, the Malaysian Palm Oil Board (MPOB) said on Wednesday.

Asking prices for palm oil were mostly between $25 a tonne higher and $5 a tonne lower from Wednesday amid strong global demand. Strong demand from the leading buyers India and China supported the market.

At 1700 GMT, CBOT soyoil futures were between 0.92 and 1.19 cent per pound higher from Wednesday following strong Chicago soybean futures as investors covered short positions ahead of the U.S. Department of Agriculture's supply and demand report set to be released on Friday, July 12, at 12 p.m. EDT (1600 GMT).

EU rapeoil was quoted between 2 euros and 8 euros per tonne lower due to slack demand. Yesterday's decline in European rapeseed and Canadian canola futures also played a role.

Lauric oils were mostly offered at around $30 per tonne higher due to active imports.
European feeds- Soymeal rallies ahead of fresh USDA data, bargain buying

Gdynia, July 11 (LSEG) - Soymeal on the European meals and feeds market was bullish on Thursday due to gains in CBOT soybean futures on bargain buying. The traders kept squaring positions ahead of Friday's monthly USDA supply/demand reports due on July 12, at 12 p.m. EDT (1600 GMT).

South American soymeal was mostly offered between $7 a tonne up and $9 a tonne down from Wednesday. The market was under pressure from the soybean and soybean meal harvests from Brazil and Argentina.

Brazil has taken a larger share in the global oilseed market as its soybean production has roughly doubled in the last decade. The USDA projected that Brazil would harvest a record-high soybean crop at 169 million tonnes in the 2024/25 season.

EU rapemeal was quoted between 1 euro per tonne lower and 3 euros higher from Wednesday tracking stronger Canadian canola futures. The market was supported by lower canola production in Canada. Canada's 2024/25 rapeseed production lowered by 1% to 18.1 [17.3–19.4] million tonnes amid recent and expected dryness over Saskatchewan, the major producing crop region, according to LSEG data.
Uptrend in palm oil stockpile to continue into July 2024

KUALA LUMPUR: The uptrend in the palm oil stockpile will likely continue into July 2024, according to Hong Leong Investment Bank Bhd (HLIB).

The palm oil stockpile remained on an uptrend, rising by 4.3 per cent month on month (MoM) to 1.83 million metric tonnes in June 2024, as the slump in exports more than offset lower production.

HLIb said the stockpile came in slightly higher than the Bloomberg survey's estimate, due mainly to lower-than-expected exports.

Stockpiles will likely remain on the uptrend in July, on the back of the continuation of the seasonal uptick in cropping patterns..... https://www.nst.com.my/business/economy/2024/07/1075431/hlib-uptrend-palm-oil-stockpile-continue-july-2024
CIF/FOB Gulf Grain-Corn barge bids firm, traders monitor flooding

July 11 (Reuters) - Basis bids for corn shipped by barge to U.S. Gulf Coast terminals rose further on Thursday as traders continued to monitor high water on the Mississippi River.

Eight locks on the mid-Mississippi River in Illinois, Iowa and Missouri are closed due to flooding, according to the U.S. Army Corps of Engineers.

The locks are expected to open within the next week, said Anna Wolverton, a meteorologist for the National Weather Service. Rains benefited lower portions of the river after forecasts in early June showed the potential for low water levels, she said on a press call.

"Overall we didn't hear of any impacts because of these closures," Wolverton said. "This rainfall is keeping the river up."

For the week ending July 6, 275 grain barges moved down river, down 24% from a week earlier, according to U.S. Department of Agriculture data. There were 447 grain barges unloaded in the New Orleans region, 33% more than the previous week.

The USDA separately reported export sales of U.S. old-crop corn in the week ended July 4 at 538,300 metric tons, compared to analysts' expectations for 300,000 to 850,000 tons. Weekly U.S. old-crop soybean export sales were 208,000 metric tons, compared to expectations for 200,000 to 600,000 tons.

Brazil remains China's preferred soybean supplier, a broker said.

CIF corn barges loaded in July were bid around 64 cents over Chicago Board of Trade September CU24 corn futures, up a penny from Wednesday. Barges loaded in August were bid about 67 cents over futures.

FOB offers for corn shipments loaded from the Gulf in August were steady at around 72 cents over September futures.

CIF soybean barges loaded in July were bid at 75 cents a bushel over CBOT August SQ24 futures, up two cents. Barges loaded in August were bid at about 65 cents over futures.

FOB export premiums for soybean shipments loaded from the Gulf in August were flat at around 86 cents over CBOT August futures.
VEGOILS-Malaysian palm oil futures up, mirroring soyoil

NEW DELHI, July 12 (Reuters) - Malaysian palm oil futures rose on Friday, extending gains from the previous session as the market tracked strength in Chicago soyoil.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 20 ringgit, or 0.51%, to 3,955 ringgit ($847.08) by the midday break.

Palm oil prices jumped despite reports of higher inventories in June, as exports are likely to pick up in July, a Mumbai-based trader said.

Malaysia's palm oil stocks at the end of June rose 4.35% from May to 1.83 million metric tons, the highest since February, the Malaysian Palm Oil Board (MPOB) said on Wednesday.

The MPOB attributed the rise in stocks to a steeper decline in exports compared with production.

Crude palm oil production declined 5.23% from May to 1.62 million tons, while palm oil exports plunged 12.82% to 1.21 million tons.

A Reuters survey had forecast inventories at 1.83 million tons, with output at 1.62 million tons and exports at 1.24 million tons.

India's palm oil imports in June rose to hit the highest level in six months on robust demand from refiners for upcoming festivals.

Crude palm oil prices are expected to remain supported by tighter production conditions and strong demand from top buyers India and China, state agency Malaysian Palm Oil Council (MPOC) said.

Soyoil prices on the Chicago Board of Trade BOc2 rose 0.5%.

Palm oil is affected by price movements in related oils as they compete for a share of the global vegetable oils market.

Palm oil FCPOc3 may climb into a range of 4,018-4,058 ringgit per metric ton as an uptrend from the June 26 low of 3,830 ringgit may have resumed.

Oil prices inched up on Friday amid signs of easing inflationary pressures in the world's biggest oil consumer, the United States, though the contracts were headed for a weekly decline.

Stronger crude oil futures make palm an attractive option for biodiesel feedstock.

($1 = 4.6680 ringgit)
GRAINS-Soybeans head for biggest weekly fall in over a year on strong supply outlook

CANBERRA, July 12 (Reuters) - Chicago soybean prices rose slightly on Friday but were headed for their biggest weekly fall since June last year amid plentiful supply, lacklustre U.S. export demand and predictions of a large U.S. crop.

Wheat and corn futures fell and were also set for weekly declines, with both markets amply supplied.

"U.S. conditions are looking pretty phenomenal for soy and corn. It looks like it's going to be a big harvest," said Dennis Voznesenski, a Commonwealth Bank analyst in Sydney.

Meanwhile, South American soybeans and corn and northern hemisphere wheat are being harvested, bringing new supply onto the market and pressuring prices, Voznesenski added.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.3% at $10.70-1/2 a bushel by 0407 GMT. It was down 5.2% over the week having slipped to $10.61-1/2 on Thursday, its lowest since 2020.

CBOT wheat Wv1 was down 0.5% at $5.68-1/4 a bushel and was down 3.8% from last Friday's close, after hitting a three-month low of $5.56 on Wednesday.

CBOT corn Cv1 slipped 0.2% to $4.10 a bushel and was heading for a 3.4% weekly loss. Prices are close to a four-year low reached in late June.

All three crops fell sharply earlier in the week after the U.S. Department of Agriculture (USDA) said U.S. crop condition ratings have improved more than analysts had expected.

Speculators are betting heavily on further price falls.

Traders now await a USDA supply and demand report due later in the day.

The dollar weakened sharply on Thursday, supporting U.S. farm products by making them cheaper for buyers holding other currencies.

For corn, crop agency Conab on Thursday raised its estimate of Brazil's 2023/24 corn crop by 1.7 million metric tons.

For wheat, France is set for a steep fall in exports and stocks this season due to a rain-hit harvest, farm office FranceAgriMer said, and the Rosario grains exchange said Argentina's 2024/25 crop would be around 500,000 metric tons smaller than it previously estimated due to a lack of rain.

However, lower French and Argentinian output is offset by promising U.S. and Russian harvest prospects.
TECHNICALS-CBOT soybeans may bounce into $10.80-1/2 to $10.86-1/2 range

SINGAPORE, July 12 (Reuters) - The CBOT soybeans November contract SX24 may bounce into a range of $10.80-1/2 to $10.86-1/2 per bushel, following its stabilization around key support at $10.61-3/4.

The downtrend has become very exhausted as bullish divergence formed on the hourly RSI. The break above a falling trendline suggests a reversal of the trend from the July 5 high of $11.33-3/4.

A break above $10.73-1/4 would be the early confirmation of the trend reversal. A break below $10.61-3/4 would open the way towards $10.52-1/4.

On the daily chart, a doji formed around support at $10.65-1/4. It is interpreted as a valid reversal signal as the preceding candles gradually became smaller from July 8.

The doji symbolizes the dissipation of the bearish momentum.
Positive outlook for plantation sector

PETALING JAYA: Analysts are maintaining their “neutral” stance on the plantation sector, with pockets of positivity based on a projected increase in crude palm oil (CPO) stockpile in the second half of 2024 (2H24).

In a note published yesterday, Hong Leong Investment Bank (HLIB) Research observed that the palm oil stockpile had remained on an uptrend for the second straight month in June, rising by 4.3% month-on-month (m-o-m) to 1.83 million tonnes, as the slump in exports more than offset lower production.

It said the increase in palm oil supply came in slightly higher than Bloomberg’s estimate, due mainly to lower-than-expected exports.

“Palm oil exports declined by 12.8% to 1.21 million tonnes in June, and we believe the decline was due mainly to palm’s weak price competitiveness over competing oils, and the absence of festive-driven demand.

“According to data published by cargo surveyor Intertek Services, lower exports in June were due mainly to lower exports to Africa, Asia Oceania, China and the European Union,” said the research unit...... https://www.thestar.com.my/business/business-news/2024/07/12/positive-outlook-for-plantation-sector
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Tunisian olive oil export revenues jump 80% to $1.41 bln

TUNIS, July 11 (Reuters) - Tunisian olive oil export revenues jumped 80% from November 2023 to June 2024 to $1.41 billion compared to the same period a year ago, the state olive oil office said on Thursday, as it benefits from a rise in global oil prices.

Tunisia, one of the top three olive oil exporters, exported 165,000 tonnes for November to June 2024, while it exported 150,000 tonnes in the same period last year.
India's palm oil imports at six-month peak, sunflower oil hits record high

MUMBAI (July 11): India's palm oil imports in June rose to reach the highest level in six months on robust demand from refiners for upcoming festivals, while sunflower oil imports surged to a record level, a leading trade body said on Thursday.

Higher palm oil purchases by India, the world's biggest importer of vegetable oils, could help leading producers Indonesia and Malaysia bring down stocks and support the benchmark Malaysian palm oil futures FCPOc3.

Palm oil imports rose about 3% in June from the previous month to 786,134 tonnes, the highest since December, the Solvent Extractors' Association of India (SEA) said in a statement....... https://theedgemalaysia.com/node/718635
Export Summary-South Korea feed makers buy wheat, seek corn

July 11 (Reuters) - Snapshot of the global export markets for grains, oilseeds and edible oils as reported by government and private sources as of the end of business on Thursday:

WHEAT PURCHASE: South Korea's Major Feedmill Group (MFG) purchased about 68,000 metric tons of animal feed wheat in an international tender, European traders said.

CORN TENDER: South Korea's Major Feedmill Group (MFG) issued an international tender to purchase up to 140,000 metric tons of animal feed corn to be sourced from South America or South Africa, European traders said. The deadline for submission of price offers is July 12.

NO PURCHASE IN CORN TENDER: South Korea's Korea Feed Association (KFA) is believed to have rejected all offers and made no purchase in a tender to buy up to 68,000 metric tons of animal feed corn from South America or South Africa, European traders said.

BARLEY TENDER: Jordan's state grains buyer issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said. The deadline for submission of price offers is July 17.
WHEAT PURCHASE: Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) bought 107,330 metric tons of food-quality wheat from the United States, Canada and Australia, in a regular tender.

PENDING TENDERS:
WHEAT TENDER: Jordan's state grain buyer issued an international tender to buy 120,000 metric tons of milling wheat that can be sourced from optional origins, European traders said. The deadline for submission of price offers is July 16.