Palm Oil News

Closing FCPO1 @ MYR3916/MT

US lawmakers seek crackdown on Chinese used cooking oil imports over fraud concerns June 27 (Reuters) - A group of U.S. farm state senators is pushing for a regulatory crackdown on surging imports of used cooking oil from China and elsewhere amid concerns some of the shipments could be fraudulent. U.S. biofuels manufacturers have been buying increasing volumes of used cooking oil in recent years to make products like biodiesel that can fetch lucrative federal and state climate subsidies. But some of the cargoes may include virgin palm oil, a product linked to climate and environmental damage from deforestation, the senators wrote in a letter to several U.S. regulators and agencies and released Thursday. According to the letter, the U.S. has gone from importing less than 200 million pounds of used cooking oil per year to importing over 3 billion pounds in 2023, with more than half coming from China. "We understand there are good actors utilizing UCO as part of a diverse array of feedstocks in their renewable fuel production, and domestic sources of UCO are held to rigorous verification and traceability requirements,” the senators wrote in the letter, dated June 20. "However, we are concerned with the lack of transparency surrounding the United States’ efforts in the area of verifying imported UCO," they said. The letter was addressed to the Environmental Protection Agency, the Department of Agriculture, Customs and Border Protection, and the U.S. Trade Representative, and asked for details on U.S. enforcement and verification actions related to used cooking oil imports. It was signed by six farm state U.S. senators, including Republicans Chuck Grassley, Joni Ernst, Roger Marshall, Deb Fischer, and Pete Ricketts, along with Democrat Sherrod Brown. Biofuels producers can collect a number of federal and state subsidies for making low-carbon fuels, including by earning tradable credits called RINs under the U.S. Renewable Fuels Standard overseen by the EPA. Europe's used cooking oil imports declined steeply after greater scrutiny on imports to prevent mislabeling, the letter said.

Export Summary-US sells soybeans to unknown; Saudi Arabia seeks wheat June 27 (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: SOYBEAN SALE: The U.S. Department of Agriculture confirmed private sales of 120,000 metric tons of U.S. soybeans to undisclosed destinations for delivery in the 2024/25 marketing year that begins Sept. 1, 2024. WHEAT TENDER: Saudi Arabia issued a tender to buy 595,000 metric tons of wheat for arrival from September through December, the General Food Security Authority (GFSA) said. The deadline for submissions of price offers in the tender is June 28, a GFSA statement said. Results are expected on Monday, July 1, European traders said. WHEAT TENDER: Jordan's state grain buyer issued an international tender to buy 120,000 tonnes of milling wheat which can be sourced from optional origins, European traders said. The deadline for submission of price offers in the tender is July 2. PENDING TENDERS: FEED BARLEY TENDER: Jordan's state grain buyer was believed to have made no purchase in an international tender for 120,000 metric tons of animal feed barley which closed on Wednesday, European traders said. A new tender for feed barley was issued, closing on July 3, they said.

Global soybean market attention remains focused on weather dynamics in North America 2024/25 SOYBEAN MARKET OUTLOOK - JUNE 2024 The global soybean market is currently driven by various supply-side factors, most notably early season U.S. crop conditions amid volatile weather (i.e. lack of moisture in eastern Soy Belt vs. excessive moisture in its western counterpart) and uncertainties/expectations surrounding USDA's June revisions in its Acreage report which is scheduled to be released on 28 June. The near-term direction of the market will likely continue to be dictated by the supply side of the equation - the main theme remains focused on weather dynamics in North America as crops move through important early reproductive stages. South America's dominance in the export market remains intact despite a recent surge of U.S. exports, as China's dependency on Brazil crops grows stronger (despite its recent tax rule changes) with its harvest season now complete exceeding output expectations.

TOP NEWS Agricultural Commodities > IGC raises 2024/25 global corn production forecast > Potential China action against EU pork may be double-edged sword for Brazi > COLUMN-Falling CBOT corn, soy could find ally in bearish funds on Friday -Braun > EU raises 2024 wheat crop and export forecasts, slashes maize > Uyghur group wins appeal over UK probe into 'slave labour' cotton > GRAINS-Wheat set for biggest monthly drop in 2 years on harvest pressure > Brazil's 2024/25 coffee harvest hits 50%, outpacing recent seasons > Argentine wheat planting picks up steam thanks to recent rains -grains exchange > Argentine oilseed union strikes as labor reform up for vote > US farm agency to pay farmers for milk loss due to bird flu > India's monsoon overcomes delay, set to cover country on time > Nigerian minister says Saudi Arabia has expressed interest in importing red meat, (Full Story) > Export Summary-US sells soybeans to unknown; Saudi Arabia seeks wheat > VEGOILS-Palm oil ends higher for second day on lower output concerns > SOFTS-Raw sugar futures rise sharply; focus on Brazil, July expiry

Argentine oilseed workers union strikes as labor reform up for vote BUENOS AIRES, June 27 (Reuters) - Argentine oilseed crushers workers union SOEA has kicked off a strike in protest of a proposed labor reform which is awaiting a vote in the lower house of Congress, a union leader said on Thursday.

CIF/FOB Gulf Grain-Soy, corn barge bids steady as river flooding persists June 27 (Reuters) - Basis bids for soybeans and corn shipped by barge to the U.S. Gulf Coast terminals were little changed on Thursday despite high water on the upper Mississippi River that has halted barge loadings this week at river elevators around Saint Paul, Minnesota, traders said. * Heavy rains last weekend sent river gauges rising above flood levels on the upper reaches of the Mississippi River, the main artery for moving grain and fertilizer from the Farm Belt to Gulf exporters. * The Mississippi is forecast to crest at St. Paul this weekend but water levels are still rising downstream. Lock 17 at New Boston, Illinois, was expected to close on Thursday due to high water, with Lock 16 expected to close on Friday, the U.S. Army Corps of Engineers said in a statement this week. * Still, traders noted little urgency at the Gulf, given slow export business. "It's about a lack of demand," one broker said of the quiet tone in Gulf grain bids. * CIF Gulf soybean barges loaded in June were bid at 66 cents a bushel over CBOT July SN24 futures, down 1 cent from Wednesday, and traded at 67 and 66 cents over futures. July soybean barges traded at 62 cents over futures and were re-bid at 60 cents over futures. * FOB export premiums for July soybean loadings held at around 70 cents over CBOT July futures but premiums for August loadings were around 90 cents over August SQ24 futures, up 9 cents. * For corn, CIF Gulf barges loaded in June were bid 53 cents over CBOT July futures CN24, unchanged from Wednesday, while July barge bids were steady at 55 cents over futures. * Export premiums for corn shipments loaded from the Gulf in July were around 61 cents over CBOT July futures, steady with Wednesday. * Underscoring sluggish demand for U.S. grain supplies, the U.S. Department of Agriculture (USDA) on Thursday reported export sales of old-crop soybeans in the week ended June 20 at 282,900 metric tons, below trade expectations for 300,000 to 600,000 tons. EXP/SOY * Weekly export sales of old-crop corn totaled 542,200 tons, toward the low end of expectations for 400,000 to 1,100,000 tons. Weekly wheat export sales were a bright spot at 667,200 tons, topping trade expectations for 200,000 to 600,000 tons. EXP/CORNEXP/WHE * Under its daily reporting rules, the USDA confirmed private sales of 120,000 metric tons of U.S. new-crop soybeans to undisclosed destinations.

European feeds-Soymeal plummet on extreme weather ahead of acreage report Gdynia, June 27 (LSEG) - Soymeal on the European meals and feeds market was bearish on Thursday following a decline in CBOT soybean and soymeal futures as traders weighed the impact of heat and flooding on the central U.S. and positioned themselves ahead of the U.S. Department of Agriculture's acreage report on Friday at 1600 GMT. Headlines Traders assessed the effect of flooding that hit the U.S.Midwest, putting crops at risk after storms rolled through theregion during the weekend and early part of the week. Market players awaited the release of the USDA's acreage report on Friday. South American soymeal was offered as much as $20 a tonne lower from Wednesday. The market was under pressure from Argentina's strong pace of soybean sales in the current harvest season. The harvesting of 2023/24 the soy crop was 98.3% complete through last week, according to the Buenos Aires Grain Exchange, which forecasted total soybean production to reach 50.5 million tonnes. EU rapemeal was quoted around 2 euros per tonne up tracking stronger European rapeseed futures. A lower forecast for EU rapeseed production in the 2024/25 season supported the market. European commission forecasts EU rapeseed usable production in 2024/25 at 18.8 million tonnes vs 19.1 million tonnes last month.

European vegoils Palm oil down despite futures, weak export GDYNIA, June 27 (LSEG) - Palm oil in the European vegetable oils market eased on Thursday tracking CBOT soyoil futures down and because of disappointing exports from Malaysia, which offset firmer palm oil futures. Asking prices for palm oil were between $10 per tonne up and $17.50 down, while Malaysian palm oil futures closed between 21 ringgit a tonne lower and 54 higher. The support came from falling production in Malaysia and stronger energy markets today, while exports fell by 16% in June and capped gains. Concerns about demand after India's decision to grant concession for vegetable oil imports. CBOT soyoil futures were between 0.45 cents per pound up and 0.67 cent down at 1700 GMT on positioning ahead of the USDA acreage and stocks data due on Friday. The impact of flooding and heat in soybean growing belt in the U.S weighed, while firm energy markets limited losses. Open Asking prices for the EU rapeoil continued to rise on Thursday following firm European rapeseed futures and because of stronger energy markets. July shipment was offered unchanged and August shipment was offered as much as 31 euros a tonne up technically. More distant periods were between five and 20 euros a tonne higher. #COM: Coconut oil was offered unchanged from Wednesday, while palmkernel oil was offered in a tight range, between $5 a tonne down and $5 up on palm oil futures. Lack of demand weighed.

CBOT soybean futures dip on demand and USDA report CHICAGO, June 27 (Reuters) - Chicago Board of Trade most active soybean Sv1 futures dipped on Thursday on low demand and positioning ahead of the U.S. Department of Agriculture's acreage report. CBOT August soybeans SQ24 ended down 6 cents at $11.36-1/4 a bushel. CBOT new crop November soybeans SX24 closed 2-1/4 cents lower at $11.04-3/4 per bushel. CBOT August soymeal SMQ24 closed $1.10 cents higher at $348.10 per short ton. CBOT August soyoil BOQ24 finished 0.01 cent higher at $43.73 per pound. USDA reported weekly old-crop U.S. soy export sales of 282,900 metric tons, below analyst estimates for 300,000 to 600,000 tons. USDA said exporters sold 120,000 metric tons of U.S. soy to unknown buyers for delivery in 2024/25. Traders assessed the effect of flooding that hit the U.S. Midwest earlier in the week. Damage from flooding kept a floor on prices with traders reporting flooded rail lines and difficulties loading barges on the overflowing Mississippi River. Market players awaited the release of the USDA's acreage report on Friday.

CBOT corn dips on Midwest weather ahead of USDA report CHICAGO, June 27 (Reuters) - Chicago Board of Trade corn futures Cv1 fell on Thursday as industry players kept monitoring weather in the U.S. corn belt and positioned ahead of the U.S. Department of Agriculture's acreage report. CBOT September corn CU24 settled down 3 cents at $4.22-1/2 per bushel. CBOT new crop December corn CZ24 ended down 2-3/4 cents at $4.33-3/4 a bushel. USDA reported weekly old-crop U.S. corn export sales at 542,200 metric tons, within analyst estimates for 400,000 to 1.1 million tons. Traders weighed the impacts of both heavy rains causing flooding in the central U.S., as well as an extreme heat wave across the same region. Traders awaited data from the USDA's acreage report to be released on Friday.

Alberta daily canola price as of June 27 June 27 (Reuters) - Closing Canola Average Prices (per tonne, in Canadian dollars) as of June 27 2024: Region June27 June26 June25 Peace 583.29 577.69 563.49 North Alta 590.61 584.92 570.52 South Alta 588.15 582.54 569.40