Thai soybean imports to dropThailand's soybean imports for 1998 are expected to drop by 30 per cent from an estimated 800,000 tonnes last year because of the side-effects of the current economic crisis. The weaker baht, demand dented by the current economic crisis and a liquidity crunch had badly hit the industry. In order to lower costs of production, the industry was forced to seek local raw materials including ricebran, safflower and sunflower seeds.
EU reviewing flour export bids
The European Union is reviewing a new wave of bids for slightly over 900,000 tonnes of soft wheat flour exports at a refund of 22.60 Ecus per tonne. The Commission has three working days to decide on the bids, which were submitted last Monday. In France alone exporters bid for licences covering a total of 301,271 tonnes of soft wheat flour exports. The heavy bidding led the European Union to cut the soft wheat flour refund to 18.00 Ecus per tonne from 22.60 Ecus. The new refund level becomes operational as ofFebruary 3.
Thailand rice export levy doubled
Thailand has decided to double the levy on rice exports to the European Union to 5,000 baht from 2,500 bhat per tonne. The surcharge will be applied to white rice only. White rice exports to the EU subject to the new surcharge totalled 21,455 tonnes. Thailand's 1998 EU export quota was 64,867 tonnes, comprising 21,455 tonnes of white rice, 1,812 tonnes of cargo rice and 41,600 tonnes of broken rice.
Indonesian rice stocks
Indonesia expected to have rice stocks of between 1.5 and 1.7 million tonnes by the end of March, Bulog Chief Beddu Amang said early this week. The country has imported a total of 441,000 tonnes of rice in 1997. "Rice imports were 441,000 tonnes in 1997. We will import more if needed for domestic procurement in 1998," Amang said, adding that rice imports continued to enter Indonesia.
Traders said on January 20 that Indonesia had contracted to import a total of two million tonnes of rice, with the bulk coming from Thailandand China. Arrivals were expected to last into March and possibly early April. The government has said it would import two million tonnes of rice to safeguard stock levels being depleted by a delay in the main harvest because of a severe drought late last year.
Officials have also given regular assurances Indonesia had enough rice stocks as the country suffers from its worst economic crisis in decades, which has prompted an increase in prices of some basic foods.
Malaysian palm oil exports may rise
Cargo surveyor Societe Generale de Surveillance (SGS) Malaysia Sdn Bhd said it estimated Malaysia's palm oil exports for January at 771,806 tonnes compared with 769,512 tonnes for December. It said the exports comprised 235,502 tonnes of RBD palm oil, 242,208 tonnes of RBD palm olein and 74,355 tonnes of RBD palm stearin. The other products accounted for 219,741 tonnes. Countries in the European Union bought the most Malaysian palm oil in January, taking 156,588 tonnes. Pakistan was the second topbuyer, taking 117,932 tonnes, followed by India which bought 116,143 tonnes, Egypt (43,250 tonnes) and China (41,160 tonnes).
Mexico's corn imports in 1998
Mexico's 1998 corn imports are expected to rise to nearly three million tonnes, or about 24 per cent higher than 1997 imports, the Mexico representative for the US Feed Grains Council said last week. "We will be at about three million tonnes of corn," Mexico USFGC director Ricardo Celma told Reuters, refering to Mexico's 1998 imports. In 1997 Mexico imported 2.43 million tonnes of corn.
The North American Free Trade Agreement (Nafta) allows a quota of 2.5 million tonnes in corn imports per year, with an increase of three per cent per year. Within 15 years the quota would be lifted, according to Nafta. Mexico's quota for 1998 should be 2.83 million tonnes, he said, estimating the imports will be more than the quota. He said the greater imports were likely because of unfavorable weather conditions and less land dedicated to corncrops.
Thai sugar production at 2.45 mt
Thai sugar production for the 1997-98 crushing season (November-June) reached 2.45 million tonnes as of February 4, but the pace had slowed and the yields had decreased, industry sources said on Friday. A total of 26.40 million tonnes of cane had been crushed to produce 1.35 million tonnes of raw sugar and 1.10 million tonnes of white, they said. The yield picked up only slightly from two weeks back to 93.11 kg of sugar per tonne of cane compared with 97.32 kg during the same period last year.
Thai sugar price hike
Representatives of sugar planters and mill operators in Thailand's tripartite Cane and Sugar Board have agreed to raise the domestic retail sugar price by 2.50 baht/kg in a move aimed at averting a major public protest by cane growers. A spokeswoman for the board told reporters the price hike was agreed upon early last week after a day of intense and acrimonious negotiations between planters, millowners and industry ministry officials onhow to satisfy planters' demands for an increased share of domestic sales and export revenues.
Tens of thousands of cane planters had threatened to rally at Bangkok's Government House to press for higher retail prices after they rejected a decision by the board last week to raise the price of refined white sugar to 13.50 baht/kg (26 cents) from 13.00. The latest agreement, still subject to cabinet approval this week, would raise the retail price to 15.50 baht.
CBOT terminals in Japan
The Chicago Board of Trade (CBOT) says it hopes to install Project A electronic trading terminals in Japan by the end of the year to allow the Japanese to participate in CBOT markets around the clock. CBOT chairman Patrick Arbor told a Tokyo news conference that one of the purposes of his visit to Japan was to seek advice from officials and industry leaders on the installation of Project A terminals in the offices of Japanese companies.
"It's obvious to us that there is demand here in Japan for these terminals,"Arbor said. "We hope to install them in Japan later this year." Arbor said Japanese orders for CBOT agricultural commodity futures had grown significantly recently, and Japan's forthcoming foreign exchange deregulation was likely to further boost Japanese participation in such trade.
Japan was the biggest agricultural customer of the United States, importing about $10.7 billion worth of U.S. Agricultural products annually, he said.
Forest products trade
Seaborne forest products trade will grow over the next decade with expansion strongest in processed goods rather than bulk commodities, a new report said Friday. Drewry Shipping Consultants Ltd said it estimates total seaborne trade of forest products will grow to around 190 million tonnes a year by 2004, from a current 170-175 million tonnes.
However, the report said: "Trade growth will not be distributed evenly -- the focus will be on downstream products such as sawn woods and boards/panels rather than logs and pulp, and paper products ratherthan pulp wood." The development will be crucial for port and ship operators,the report said, as it will mean more importance being attached to cargo care and just-in-time delivery systems
.Pakistan veg oil imports seen low
Pakistani vegoil imports are likely to be lower in the coming week because of high stocks and steady prices in the domestic market, dealers said on Saturday. "Imports will slow down a bit as stocks position is quite high while their is no bullish trend in the domestic market," one dealer said. The dealer said prices had risen in the international markets during the last week but had now stabilised and were on the decline. "Low international prices might attract some importers tobook orders but overall it seems to be a quite week," he said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
