Opening FCPO (Oct 2024) @ MYR3931/MT

13-Sep 10:36 AM
SEP4 4038 +18 , 4041 vs 4250 ( 4038 / 3960 )
OCT4 3948 +13 , 3951 vs 3954 ( 3979 / 3931 )
NOV4 3882 +30 , 3881 vs 3882 ( 3904 / 3845 )
DEC4 3848 +38 , 3848 vs 3849 ( 3864 / 3802 )
JAN5 3827 +41 , 3828 vs 3830 ( 3843 / 3780 )
FEB5 3820 +44 , 3819 vs 3822 ( 3834 / 3772 )
MAR5 3813 +44 , 3812 vs 3814 ( 3822 / 3766 )
APR5 3794 +40 , 3796 vs 3798 ( 3805 / 3764 )
MAY5 3771 +40 , 3770 vs 3772 ( 3782 / 3727 )
JUN5 3734 +36 , 3733 vs 3736 ( 3743 / 3696 )
JUL5 3692 +36 , 3694 vs 3697 ( 3692 / 3692 )
AUG5 3625 unch , 3664 vs 3671 ( 0 / 0 )
SEP5 3650 +38 , 3650 vs 3656 ( 3654 / 3650 )
NOV5 3605 unch , 3638 vs 3653 ( 0 / 0 )
JAN6 3605 unch , 3500 vs 3670 ( 0 / 0 )
Vol 20945

PA:
BO Dec 40.10 +0.31
SB Nov 1017.5 +6.75

DCE:
BO Jan 7736 +98
SB Jan 4313 +9
PO Jan 7906 +88

IDR 15400 EUR 1.1089
MYR Spot 4.316 NDF 4.298

CO Jul 69.31 +0.34

Sep24/Oct24 +90 , ( 2 ) +90 vs +302 ( 1 ) , hilo +90 / +90 , vol 3
Oct24/Nov24 +70 , ( 1 ) +70 vs +71 ( 3 ) , hilo +87 / +70 , vol 300
Nov24/Dec24 +33 , ( 95 ) +32 vs +33 ( 7 ) , hilo +44 / +32 , vol 2109
Dec24/Jan25 +19 , ( 170 ) +18 vs +19 ( 56 ) , hilo +24 / +18 , vol 716
Jan25/Feb25 +8 , ( 71 ) +7 vs +8 ( 38 ) , hilo +10 / +6 , vol 463
Feb25/Mar25 +8 , ( 40 ) +7 vs +8 ( 14 ) , hilo +9 / +6 , vol 290

VEGOILS-Palm recovers on sunoil supply fears from Black Sea, soyoil strength

MUMBAI, Sept 13 (Reuters) - Malaysian palm oil futures rose in early trade on Friday from their lowest level in three weeks, due to concerns over sunflower oil supplies from the top-producing Black Sea region, following escalating tensions between Russia and Ukraine.

Palm oil also gained support from a rise in rival soyoil.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was up 4 ringgit, or 0.1%, at 3,856 ringgit ($893.32) a metric ton.

FUNDAMENTALS
Ukraine accused Russia on Thursday of using strategic bombers to strike a civilian grain vessel in a missile attack in Black Sea waters near NATO member Romania, escalating tensions between Moscow and the military alliance.

Dalian's most-active soyoil contract DBYcv1 rose 0.84%, while its palm oil contract DCPcv1 was up 0.28%. The Chicago Board of Trade soyoil BOc2 edged up 0.4%.

Palm oil tracks price movements in related oils as they compete for a share in the global vegetable oils market.

The Malaysian ringgit MYR=, palm's currency of trade, rose 0.35% against the dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders.

India's palm oil imports in August fell more than a quarter from a month ago, primarily driven by sufficient domestic stocks and negative margins that discouraged refiners from purchasing more of the tropical oil.

Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana.

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

MARKET NEWS
The dollar on Friday slumped against the yen while gold hit an all-time peak as investors ratcheted up bets for a super-sized Federal Reserve interest rate cut next week after media reports suggested the decision was a tough one for officials.

($1 = 4.3165 ringgit)

GRAINS-Wheat hovers near two-month high amid rising Black Sea tensions

BEIJING, Sept 13 (Reuters) - Chicago wheat futures edged higher on Friday to hover near their highest levels since early July amid escalating tensions in the vital Black Sea region.

Corn rose for a third consecutive session despite the U.S. Department of Agriculture unexpectedly raising the US yield outlook, while soybeans also firmed.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.6% to $5.82 a bushel. It touched its highest since July 7 in the previous session.

The soybean contract Sv1 was up 0.7% to $10.18-1/2 a bushel, as of 0140 GMT, while corn Cv1 gained 0.68% to $4.08-3/4 a bushel.

Ukraine accused Russia on Thursday of using strategic bombers to strike a civilian grain vessel in a missile attack in Black Sea waters near NATO member Romania, escalating tensions between Moscow and the military alliance.

The U.S. Department of Agriculture raised its forecast for U.S. corn production and yields on Thursday, surprising traders who expected declines following a spell of dry summer weather.

The USDA also trimmed its projection for soybean production in a monthly report, though the crop is still expected to be the largest ever.

Farmers who participated in U.S. crop subsidy programmes reported "prevented plantings" for Sept. 3, 2024 of 2.674 million acres of corn, up from 2.67 million acres reported a month ago, 0.775 million acres of soybeans versus 0.775 million acres last month, 0.390 million acres of wheat versus 0.389 million acres last month, the USDA said.

Argentine wheat fields need more rainfall in the coming weeks, the Buenos Aires Grain Exchange said, noting that dry weather has harmed the crop in some western areas as the southern hemisphere's spring fast approaches.

Soil moisture in the Brazilian states of Mato Grosso and Parana, two of the three largest soybean producers in the country, is at its lowest level in 30 years, creating challenging conditions for planting, according to the EarthDaily Agro company.

Brazil's soybean imports are expected to hit their highest in over two decades this year while production is seen down from last year's record and a notch below earlier forecast, oilseed crushing group Abiove said.

There is a 71% chance of La Nina weather conditions developing during the September to November period, a U.S. government forecaster said.

Commodity funds were net buyers of CBOT soyoil, soybean and soymeal futures contracts on Thursday and net sellers of wheat and corn futures, traders said.

MARKET NEWS
Investors on Friday ratcheted up bets for a super-sized Federal Reserve interest rate cut next week, after media reports suggested the decision would be a closer call for officials than previously thought.

ICE canola futures down on weak demand, large stocks

Sept 12 (Reuters) - ICE canola futures tipped down on Thursday on weak demand for Canadian canola, large canola stocks despite below-average yields and lingering bearishness from China's ongoing anti-dumping investigation, traders said.

ICE November canola RSX4 ticked down $7.8 to $561.50 per metric ton.

January canola RSF5 lost $7.70 to $574.80 per ton.

Large supplies of canola from the previous year have added a bearish tone to the market.

Disappointing canola yields from the Canadian Prairies and higher soyoil futures added a floor to prices, however.

CBOT's most-active December soyoil BOZ24 settled up 0.49 cent to finish at 39.79 cents per pound, while most-active November soybeans SX24 settled up 13-1/2 cents to $10.10-3/4 per bushel

Euronext November rapeseed futures COMX4 ticked up about 0.16% and Malaysian palm oil FCPOc3 up 0.62%.

*All figures in Canadian dollars unless noted

Alberta daily canola price as of Sept. 12

Sept 12 (Reuters) - Closing Canola Average Prices (per tonne, in Canadian dollars) as of Sept. 12 2024:

Region Sep.12 Sep.11 Sep.10
Peace 506.78 514.58 515.28
North Alta 523.41 531.21 531.50
South Alta 526.47 534.00 534.08

European vegoils Palm oil quietly mixed ahead of USDA data

GDYNIA, September 12 (LSEG) - Palm oil on the European vegetable oils market was mixed to lower on Thursday in a lackluster mood ahead of the USDA's supply/demand reports, which were issued too late in the day for most of the European players to react to.

Asking prices for palm oil were between $7.50 a tonne up and $27.50 down after Malaysian palm oil futures closed between 53 ringgit per tonne higher and 53 ringgit lower.

At 1700 GMT CBOT soyoil was between 0.13 and 0.94 cent per pound higher on short covering ahead of the USDA's reports and because of the stronger energy prices

EU rapeoil was offered between one euro a tonne lower and seven euros a tonne higher, tracking stronger rival Chicago soyoil and energy prices. Higher energy markets make buying vegetable oils more attractive for biodiesel producers.

Lauric oils were offered between $5 a tonne up and $30 a tonne down tracking lower palm oil.

European feeds- Soymeal up with futures on short covering ahead of USDA data

Gdynia, September 12 (LSEG) - Soymeal on the European meals and feeds market was mostly higher on Thursday following firmer CBOT soybean and soymeal futures on short covering ahead of the USDA's reports.

South American soymeal was offered between $8 a tonne down and $8 up. European high protein soymeal was quoted between $1 and $5 a tonne up. European low protein soymeal was offered between $3 a tonne up and $7 a tonne down. The trade was thin as many participants awaited the fresh USDA report, which were issued too late in the day for most of the European players to react to.

EU rapemeal was offered between one euro a tonne higher and two euros lower, mostly on slightly weaker dollar, while firmer Chicago soy complex limited losses.

CIF/FOB Gulf Grain-Corn barge bids fall on loading, shipping delays

Sept 12 (Reuters) - Basis bids for corn shipped by barge to the U.S. Gulf Coast were flat to lower on Thursday as shipping disruptions on the Mississippi River and loading delays at export terminals around New Orleans backed up supplies in the Midwest, traders said.

Lower Mississippi River levels have fallen back to near historic lows for a third straight year due to a lack of precipitation. The Mississippi River at Memphis is forecast to recede to within 3 feet of its all-time low later this month, according to National Water Prediction Service data.

Shippers are loading less grain in barges to limit drafts in the low water conditions. Barge lines are also restricting the number of barges per tow to navigate the narrower shipping channel.

The low water has also spiked barge freight costs ahead of the Midwest harvest, making U.S. export prices less competitive.

Gulf grain terminals were shut down as Hurricane Francine approached. As the storm has come ashore, grain companies are still assessing any damage to infrastructure and power.

Corn export sales fell short of expectations in a weekly U.S. Department of Agriculture report, while soybean sales were near the high end of trade estimates. EXP/CORNEXP/SOY

CIF bids for corn barges loaded in September were unquoted while offers were down 7 cents at 72 cents over Chicago Board of Trade December CZ24 futures. October barges were bid at about 76 cents over futures, down 4 cents.

FOB Gulf export premiums for corn shipped in November were unchanged at 110 cents over CBOT December futures, holding level as hurricane delays have limited loading capacity.

CIF September soy barges were bid a penny higher at 61 cents over CBOT November soybean SX24 futures. FOB November soy export premiums were unchanged at 117 cents over futures.

Innovation In Sustainable Vegetable Oils Needed To
Address Global Climate, Regulatory Challenges

ROTTERDAM, Sept 12 (Bernama) -- The 3rd Sustainable Vegetable Oils Conference (svoc), held on Tuesday,
Sept 10, in Rotterdam, the Netherlands, gathered a diverse range of global stakeholders.

Co-organised by the Council of Palm Oil Producing Countries (CPOPC) and the Netherlands Oils and Fats
Industry (MVO), along with key industry partners such as the Indonesian Palm Oil Plantations Fund
Management Agency, the event addressed the complex challenges facing the vegetable oils sector,
including climate change, regulatory pressures, and rising global demand.

CPOPC stated that the conference highlighted the urgent need for innovation and sustainable practices to
meet rising global demand while complying with strict environmental standards such as the European Union
Deforestation Regulation (EUDR).

Indonesia's Coordinating Ministry for Economic Affairs senior advisor for connectivity, service sector and
natural resources Musdhalifah Machmud pointed out that EUDR presents a complex landscape for
Indonesia's agricultural sector.

"Adopting a proactive and strategic approach that emphasises stakeholder engagement, capacity building,
certification, and sustainable land use practices, Indonesia can successfully navigate the intricacies of the
EUDR," she said....... https://www.bernama.com/en/news.php?id=2339523

TOP NEWS Agricultural Commodities

> Ukraine says Russia hit grain vessel near NATO member Romania
> Soil moisture in Brazil's top soy states drops to lowest in 30 years
> COLUMN-Huge US corn, soy yields could stave off further increases -Braun
> Spring is coming: Argentine wheat fields need more rain, exchange says
> Strategie Grains cuts EU soft wheat crop estimate to 12-year low
> GRAINS-Corn ends higher despite USDA raising US yield outlook
> Singapore's Olam Agri sweetens bid for Australia's Namoi Cotton to counter rival
> Brazil's sugar output down 6% as mills cut cane allocation to sugar
> Global cocoa stocks drop to 50-year low, 2024/25 output seen recovering - ICCO
> SOFTS-Sugar prices rise as Brazil's output falls; robusta coffee also gains
> Ukraine farmers' corn harvest estimate lower than ministry's, union says
> Leading olive oil producer Spain turns to olive stones for fuel
> General Mills sells N. America yogurt operations in $2 bln deal to focus on
> Zimbabwe blueberry farmers chase booming demand but face funding woes
> India's palm oil imports plunge as buyers shift to soyoil

Export Summary-Egypt buys Russian wheat, US corn sold to unknown

Sept 12 (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 SALE: Egypt's state grains buyer purchased Russian wheat in a private deal this week outside of the traditional tender process, three sources familiar with the matter told Reuters. Two of the sources said the General Authority for Supply Commodities (GASC) bought 430,000 metric tons of Russian wheat for October shipment.

CORN SALE: The U.S. Department of Agriculture confirmed private sales of 118,626 metric tons of U.S. corn for shipment to unknown destinations in the 2024/25 marketing year.

RICE TENDER: Indonesian state purchasing agency Bulog has issued an international tender to buy about 450,000 metric tons of rice, European traders said. The deadline for submissions of price offers in the tender is Sept. 23, they said, with price negotiations to follow for several days before a decision. Rice arrival in Indonesia is sought in October/November.

FAILED WHEAT TENDER: Jordan's state grain buyer is believed to have made no purchase in an international tender to buy 120,000 metric tons of milling wheat on Thursday, European traders said.

PENDING TENDERS:

CORN, BARLEY TENDER: Algerian state agency ONAB issued an international tender to purchase about 160,000 metric tons of corn and 35,000 tons of animal feed barley, European traders said. The deadline for bids in the tender was on Sept. 11, the traders said, adding that indicated ONAB had not bought any corn in a previous tender a week ago.

VEGOILS-Palm extends losses as demand concerns weigh

MUMBAI, Sept 13 (Reuters) - Malaysian palm oil futures extended losses to a second session on Friday, hitting a three-week low, as sluggish demand outweighed concerns over sunflower oil supplies from the top-producing Black Sea region and gains in rival soft oils.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was down 21 ringgit, or 0.55%, at 3,831 ringgit ($888.45) a metric ton. The contract has fallen 1.7% so far this week.

Palm oil is struggling to recover despite gains in soyoil and concerns over sunoil supplies, said a Mumbai-based trader.

"Demand is not supporting a recovery in palm oil."

Ukraine accused Russia on Thursday of using strategic bombers to strike a civilian grain vessel in the Black Sea waters near NATO member Romania, raising concerns over sunoil's supply.

Dalian's most-active soyoil contract DBYcv1 rose 0.84%, while its palm oil contract DCPcv1 was down 0.1%. The Chicago Board of Trade soyoil BOc2 edged up 0.42%.

Palm oil tracks price movements in related oils as they compete for a share in the global vegetable oils market.

"The potential increase in India's import duty and Indonesia's reduction in export taxes are even greater concerns for the (palm oil) market," the trader said.

Meanwhile, India's August palm oil imports fell more than a quarter compared to July.

The Malaysian ringgit MYR=, the palm's currency of trade, rose 0.5% against the dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders.

Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico.

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

Palm oil may bounce into a range of 3,906 ringgit to 3,916 ringgit before testing support at 3,796 ringgit, according to Reuters' technical analyst Wang Tao.

($1 = 4.3120 ringgit)

GRAINS-Wheat hovers near two-month high amid Black Sea tensions

BEIJING, Sept 13 (Reuters) - Chicago wheat futures firmed on Friday to hover near their highest levels in two months, as supply concerns rose due to escalating tensions in the vital Black Sea region.

Corn rose for a third consecutive session despite the U.S. Department of Agriculture (USDA) unexpectedly raising the US yield outlook, while soybeans also firmed.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.43% to $5.81 a bushel by 0447 GMT. It touched its highest since July 7 in the previous session.

The soybean contract Sv1 was up 0.15% to $10.12-1/2 a bushel, while corn Cv1 gained 0.62% to $4.08-3/4 a bushel.

Ukraine accused Russia on Thursday of using strategic bombers to strike a civilian grain vessel in a missile attack in Black Sea waters near NATO member Romania, escalating tensions between Moscow and the military alliance.

"The global wheat outlook is still forecasting supplies held by major exporters near multi-year lows," Bergman Grains Research said in a note.

The USDA raised its forecast for U.S. corn production and yields on Thursday, surprising traders who had expected declines following a spell of dry summer weather.

It also trimmed its projection for soybean production in a monthly report, though the crop is still expected to be the largest ever.
"The bean report wasn't as bearish as feared, but we’re still looking at near burdensome global bean supplies," Bergman Grains Research said.

Farmers who participated in U.S. crop subsidy programmes reported "prevented plantings" for Sept. 3, 2024 of 2.674 million acres of corn, up from 2.67 million acres reported a month ago, 0.775 million acres of soybeans versus 0.775 million acres last month, 0.390 million acres of wheat versus 0.389 million acres last month, the USDA said.

Argentine wheat fields need more rainfall in the coming weeks, the Buenos Aires Grain Exchange said, noting that dry weather has harmed the crop in some western areas as the southern hemisphere's spring fast approaches.

Soil moisture in the Brazilian states of Mato Grosso and Parana, two of the three largest soybean producers in the country, is at its lowest level in 30 years, creating challenging conditions for planting, according to the EarthDaily Agro company.

Brazil's soybean imports are expected to hit their highest in over two decades this year while production is seen down from last year's record and a notch below earlier forecast, oilseed crushing group Abiove said.

There is a 71% chance of La Nina weather conditions developing during the September to November period, a U.S. government forecaster said.

Commodity funds were net buyers of CBOT soyoil, soybean and soymeal futures contracts on Thursday and net sellers of wheat and corn futures, traders said.

​KLK awarded Malaysia's Best Managed Companies for third consecutive year

KLK has once again been recognised as one of Malaysia’s Best Managed Companies in 2024. This marks the third consecutive year we have received this honour, reflecting our Company’s organisational success and contributions to the industry. The awards ceremony took place on 22 August, at Le Meridien Kuala Lumpur.

This year was particularly special, as KLK’s Executive Chairman, Tan Sri Lee Oi Hian was invited to be a guest speaker to share his insights on "Empowering the Next Generation for Business."

Tan Sri Lee paid tribute to his father, the late Founder Chairman Tan Sri Lee Loy Seng, during his speech. He shared his experience as a second-generation leader and how he continued to build upon his father’s legacy. Additionally, he highlighted Tan Sri Lee Loy Seng’s subtle yet impactful mentorship and shared three valuable lessons:

1. Core Values: "Integrity, humility, loyalty." Values that Tan Sri Lee Loy Seng lived by, which continue to guide KLK’s dominant culture of T.H.R.I.I.L.

2. Purpose in life: Finding fulfilment in life goes beyond wealth. It’s about creating a compassionate environment that impacts KLK’s 50,000 employees and their families. Tan Sri Lee Loy Seng reminded us to be good stewards of our stakeholders. Fulfilling this stewardship brings true contentment to life.

3. Balancing work and family: His ability to manage the demands of running a business while fostering family unity and solidarity.

KLK’s COO, Mr. Lee Jia Zhang, accepted the award on behalf of KLK. Ms. Lee Wen Ling, Managing Director of KLK Land, was also invited onstage to answer a few questions about the win.

When asked about the perception of the plantation industry as being part of the "old economy," Ms. Lee responded: "I believe this view is inaccurate. As consumers become more conscious, there is a growing demand for sustainably produced products. To stay ahead, we must continue exploring and adapting, going beyond sustainability certifications to focus on areas like decarbonisation and traceability, among others."

We are excited to announce the line-up of distinguished speakers and panelists at Malaysian Palm Oil Forum (MPOF) KL 2024. These experts will share their insights on the future of the palm oil industry, sustainability, global trade, and more!

Secure your spot now and take advantage of our Early Bird Discount!
Register Now: https://www.mpoc.org.my/malaysian-palm-oil-forum-kuala-lumpur-2024/

Don’t miss this opportunity to connect with industry leaders, policymakers, and experts from around the globe.

Closing FCPO (Oct 2024) @ MYR3905/MT

13-Sep 6:00 PM
SEP4 3930 -90 , *Expired ( 4054 / 3912 )
OCT4 3905 -30 , 3895 vs 3914 ( 3979 / 3892 )
NOV4 3813 -39 , 3812 vs 3819 ( 3904 / 3806 )
DEC4 3776 -34 , 3774 vs 3779 ( 3864 / 3772 )
JAN5 3750 -36 , 3745 vs 3759 ( 3843 / 3749 )
FEB5 3743 -33 , 3725 vs 3745 ( 3834 / 3739 )
MAR5 3732 -37 , 3718 vs 3747 ( 3822 / 3731 )
APR5 3718 -36 , no bid vs 3950 ( 3805 / 3714 )
MAY5 3693 -38 , 3690 vs 3697 ( 3782 / 3688 )
JUN5 3656 -42 , 3645 vs 3746 ( 3743 / 3651 )
JUL5 3616 -40 , 3610 vs 3729 ( 3692 / 3612 )
AUG5 3661 +36 , 3579 vs 3778 ( 3664 / 3661 )
SEP5 3570 -42 , 3520 vs 3688 ( 3654 / 3570 )
NOV5 3620 +15 , 3520 vs 3688 ( 3620 / 3620 )
JAN6 3605 unch , no bid vs no ask ( 0 / 0 )
Vol 121661

PA:
BO Dec 39.70 -0.09
SB Nov 1015.25 +4.50

DCE: (mkt cls)
BO Jan 7638 unch
SB Jan 4313 +9
PO Jan 7766 -52

IDR 15395 EUR 1.1091
MYR Spot 4.298 NDF 4.2802

CO Jul 69.84 +0.87

Sep24/Oct24 +95 , ( ) no bid vs no ask ( ) , hilo +100 / +90 , vol 20
Oct24/Nov24 +93 , ( 7 ) +92 vs +94 ( 4 ) , hilo +97 / +70 , vol 2592
Nov24/Dec24 +39 , ( 68 ) +38 vs +39 ( 1 ) , hilo +44 / +27 , vol 18030
Dec24/Jan25 +22 , ( 9 ) +22 vs +23 ( 94 ) , hilo +24 / +18 , vol 4662
Jan25/Feb25 +12 , ( 53 ) +10 vs +12 ( 117 ) , hilo +14 / +6 , vol 1894
Feb25/Mar25 +8 , ( 25 ) +8 vs +9 ( 39 ) , hilo +11 / +5 , vol 1019