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Palm Stockpiles in Indonesia Seen Falling to Lowest in One Year
By Bloomberg on 2:40 pm July 15, 2013.
Category Business, Commodities
Tags: Indonesia palm oil, palm oil
A worker holds a handful of palm oil seeds in Serba Jadi, East Aceh, on December 11, 2010. (AFP Photo/Sutanta Aditya)
Palm oil inventories in Indonesia, the world’s largest producer, probably dropped in June to the lowest level in a year as domestic consumption and exports gained to meet increased demand for the Muslim month of Ramadan.
Stockpiles contracted 7.7 percent to 2.4 million tons from May, the median of estimates from five plantation executives and a refiner compiled by Bloomberg showed. That’s the lowest since 1.85 million tons estimated in June 2012. Shipments rose 2.2 percent to 1.86 million tons compared with May, the median showed. Output gained 19 percent to 2.38 million tons from May, according to the median of five estimates.
Palm oil has lost 27 percent in Kuala Lumpur over the past year as supply of the commodity used in everything from cooking oil to biofuel outpaced demand. Reserves in Malaysia, the second-largest producer, dropped to lowest level in two years in June as output in the country’s biggest-producing state fell.
“Domestic consumption is increasing,” said Derom Bangun, chairman of the Indonesian Palm Oil Board. “I think exports marginally increased after a surge in May and, as stockpiles in India are also quite high, they’re adjusting imports with the reserves that they have.”
Communal meals during the fasting month of Ramadan, which started on July 10 in Indonesia this year, typically boost total palm demand. The Southeast Asian nation is the world’s most populous Muslim country.
Lower prices
Palm oil futures dropped as much as 1.8 percent to 2,260 ringgit ($709) a ton on Bursa Malaysia Derivatives today, the lowest level since May 7. The contract for September traded at 2,268 ringgit at 11:27 a.m. in Kuala Lumpur.
The Indonesian association, which doesn’t publish output and inventory figures, may release export data this week after saying June 19 that shipments climbed 22 percent in May. The forecasts for changes in reserves and production in June were derived by Bloomberg compared with earlier survey findings.
Second-quarter consumption in Indonesia expanded 11 percent compared with the first quarter, said Sahat Sinaga, executive director at the Indonesian Vegetable Oil Industry Association. Local demand was also driven by biodiesel use, he said.
Exports “may increase in July and August as rising crude oil prices will boost biofuel demand,” Bangun said. “It’s price-supportive. I’m optimistic palm oil will rise gradually.”
West Texas Intermediate crude climbed to 15-month high of $107.45 a barrel in New York on July 11. Futures have advanced 15 percent this year.
Inventories in Malaysia fell 9.4 percent to 1.65 million tons in June from May, the lowest level since March 2011, the country’s palm board said July 10. That was less than the median estimate of 1.75 million tons in a Bloomberg survey. Output rose 2.3 percent to 1.42 million tons, while exports gained 0.3 percent to 1.41 million tons.
India’s cooking oil stockpiles were 1.98 million tons on June 1 from 1.69 million tons a year earlier and a record 2.12 million tons in March, according to the Solvent Extractors’ Association of India.
Bloomberg
Palm Stockpiles in Indonesia Seen Falling to Lowest in One Year - The Jakarta Globe
Lower Beef Prices Expected as Second Cattle Shipment Departs from Australia
By Jakarta Globe on 3:04 pm August 1, 2013.
Category Business, Commodities
Tags: Indonesia cattle beef
Indonesia is expecting the second shipment of live cattle from Australia to arrive this Sunday to help curb rising prices around the Idul Fitri holiday.
Indonesias Ministry of Trade has allowed imports of an additional 25,000 heads of live cattle over the next three months to curb beef prices, which have climbed to around Rp 100,000 ($9.7) per kilogram as demand spikes during Ramadan.
The figure includes 12,500 ready-to-slaughter cattle expected to arrive from Australia between July 31 and Aug. 13.
The first shipment from Darwin saw 1,478 ready-to-slaughter cattle arrive at Tanjung Priok Port in North Jakarta on Wednesday.
The second shipment, which consists of 4,817 cattle, left Darwin on Jul. 29 and is expected to arrive at Tanjung Priok on Aug. 4, the Indonesian consulate in Darwin said in a press statement on Thursday.
The next shipments of ready-to-slaughter cattle have been scheduled for July 31 and Aug. 1, the statement said, adding that all the imported cattle would have to pass biosecurity checks by veterinarians in Darwin before their shipment to Indonesia.
In a bid to promote its domestic beef market, Indonesia slashed its import quota for live cattle by more than a third in 2012 and by another 30 percent for 2013. The beef-import quota was cut by nearly two-thirds in 2012 and by 6 percent for 2013.
http://www.thejakartaglobe.com/business/lower-beef-prices-expected-as-second-cattle-shipment-departs-from-australia/
The total beef-import quotas for 2013 were set at 32,000 tons, of which approximately 20 percent consisted of prime cuts, while the live-cattle import quota was set at 267,000 heads of cattle.
In the wake of rising beef prices in Ramadan, Trade Minister Gita Wirjawan said last month that additional beef and cattle imports outside the earlier-agreed-upon quota would only be allowed if local prices spiked by more than 15 percent.
The Indonesian Feedlot Association separately said prices were expected to return below Rp 80,000 per kilogram with the import of the 25,000 heads of cattle.
By Bloomberg on 2:40 pm July 15, 2013.
Category Business, Commodities
Tags: Indonesia palm oil, palm oil
A worker holds a handful of palm oil seeds in Serba Jadi, East Aceh, on December 11, 2010. (AFP Photo/Sutanta Aditya)
Palm oil inventories in Indonesia, the world’s largest producer, probably dropped in June to the lowest level in a year as domestic consumption and exports gained to meet increased demand for the Muslim month of Ramadan.
Stockpiles contracted 7.7 percent to 2.4 million tons from May, the median of estimates from five plantation executives and a refiner compiled by Bloomberg showed. That’s the lowest since 1.85 million tons estimated in June 2012. Shipments rose 2.2 percent to 1.86 million tons compared with May, the median showed. Output gained 19 percent to 2.38 million tons from May, according to the median of five estimates.
Palm oil has lost 27 percent in Kuala Lumpur over the past year as supply of the commodity used in everything from cooking oil to biofuel outpaced demand. Reserves in Malaysia, the second-largest producer, dropped to lowest level in two years in June as output in the country’s biggest-producing state fell.
“Domestic consumption is increasing,” said Derom Bangun, chairman of the Indonesian Palm Oil Board. “I think exports marginally increased after a surge in May and, as stockpiles in India are also quite high, they’re adjusting imports with the reserves that they have.”
Communal meals during the fasting month of Ramadan, which started on July 10 in Indonesia this year, typically boost total palm demand. The Southeast Asian nation is the world’s most populous Muslim country.
Lower prices
Palm oil futures dropped as much as 1.8 percent to 2,260 ringgit ($709) a ton on Bursa Malaysia Derivatives today, the lowest level since May 7. The contract for September traded at 2,268 ringgit at 11:27 a.m. in Kuala Lumpur.
The Indonesian association, which doesn’t publish output and inventory figures, may release export data this week after saying June 19 that shipments climbed 22 percent in May. The forecasts for changes in reserves and production in June were derived by Bloomberg compared with earlier survey findings.
Second-quarter consumption in Indonesia expanded 11 percent compared with the first quarter, said Sahat Sinaga, executive director at the Indonesian Vegetable Oil Industry Association. Local demand was also driven by biodiesel use, he said.
Exports “may increase in July and August as rising crude oil prices will boost biofuel demand,” Bangun said. “It’s price-supportive. I’m optimistic palm oil will rise gradually.”
West Texas Intermediate crude climbed to 15-month high of $107.45 a barrel in New York on July 11. Futures have advanced 15 percent this year.
Inventories in Malaysia fell 9.4 percent to 1.65 million tons in June from May, the lowest level since March 2011, the country’s palm board said July 10. That was less than the median estimate of 1.75 million tons in a Bloomberg survey. Output rose 2.3 percent to 1.42 million tons, while exports gained 0.3 percent to 1.41 million tons.
India’s cooking oil stockpiles were 1.98 million tons on June 1 from 1.69 million tons a year earlier and a record 2.12 million tons in March, according to the Solvent Extractors’ Association of India.
Bloomberg
Palm Stockpiles in Indonesia Seen Falling to Lowest in One Year - The Jakarta Globe
Lower Beef Prices Expected as Second Cattle Shipment Departs from Australia
By Jakarta Globe on 3:04 pm August 1, 2013.
Category Business, Commodities
Tags: Indonesia cattle beef
Indonesia is expecting the second shipment of live cattle from Australia to arrive this Sunday to help curb rising prices around the Idul Fitri holiday.
Indonesias Ministry of Trade has allowed imports of an additional 25,000 heads of live cattle over the next three months to curb beef prices, which have climbed to around Rp 100,000 ($9.7) per kilogram as demand spikes during Ramadan.
The figure includes 12,500 ready-to-slaughter cattle expected to arrive from Australia between July 31 and Aug. 13.
The first shipment from Darwin saw 1,478 ready-to-slaughter cattle arrive at Tanjung Priok Port in North Jakarta on Wednesday.
The second shipment, which consists of 4,817 cattle, left Darwin on Jul. 29 and is expected to arrive at Tanjung Priok on Aug. 4, the Indonesian consulate in Darwin said in a press statement on Thursday.
The next shipments of ready-to-slaughter cattle have been scheduled for July 31 and Aug. 1, the statement said, adding that all the imported cattle would have to pass biosecurity checks by veterinarians in Darwin before their shipment to Indonesia.
In a bid to promote its domestic beef market, Indonesia slashed its import quota for live cattle by more than a third in 2012 and by another 30 percent for 2013. The beef-import quota was cut by nearly two-thirds in 2012 and by 6 percent for 2013.
http://www.thejakartaglobe.com/business/lower-beef-prices-expected-as-second-cattle-shipment-departs-from-australia/
The total beef-import quotas for 2013 were set at 32,000 tons, of which approximately 20 percent consisted of prime cuts, while the live-cattle import quota was set at 267,000 heads of cattle.
In the wake of rising beef prices in Ramadan, Trade Minister Gita Wirjawan said last month that additional beef and cattle imports outside the earlier-agreed-upon quota would only be allowed if local prices spiked by more than 15 percent.
The Indonesian Feedlot Association separately said prices were expected to return below Rp 80,000 per kilogram with the import of the 25,000 heads of cattle.