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