JAKARTA, Dec 18 (Reuters) - Indonesia, the world's top crude palm oil (CPO) producer, may hike the export tax to 3 percent in January from zero now because of higher prices, but the move is unlikely to hit exports given tight global supply.
Trade ministry and industry officials meet every month to decide the tax rate for the following month, using the average spot CPO prices in Rotterdam in the preceding 30 days as a reference price. Their next meeting will take place next week.
"As palm oil prices are predicted to continue to rise to 3,000 ringgit ($873.36) per tonne next year, we expect the export tax to rise further due to the progressive tax system," Susanto Yang, head of the marketing division at the Indonesian Palm Oil Association (GAPKI), told Reuters.
The existing CPO export tax system, aimed at safeguarding domestic supply and reducing volatility in cooking oil prices, allows the government to impose tax rates from 1.5 percent to 25 percent.
Monday, December 21, 2009
Breaking News-RTRS-Informa sees more US corn acres in 2010, less soy
CHICAGO, Dec 18 (Reuters) - Analytical firm Informa Economics expects an 3.7 percent increase in U.S. corn plantings in 2010, while soybean seedings should drop by 0.7 percent, trade sources said Friday.
Informa estimated 2010 U.S. corn acreage at 89.504 million and soybeans at 76.993 million, traders said.
In 2009, U.S. farmers planted 86.4 million acres of corn and 77.5 million acres of soybeans, the U.S. Department of Agriculture has said.
Informa estimated 2010 U.S. corn acreage at 89.504 million and soybeans at 76.993 million, traders said.
In 2009, U.S. farmers planted 86.4 million acres of corn and 77.5 million acres of soybeans, the U.S. Department of Agriculture has said.
Trader's Highlight
DJI-NEW YORK, Dec 18 (Reuters) - U.S. stocks rose on Friday in choppy trade as quarterly results from Oracle and Research In Motion lifted the Nasdaq more than 1 percent, but the U.S. dollar's climb curbed gains in both the Dow and the S&P 500.
The Dow Jones industrial average <.DJI> added 20.63 points, or 0.20 percent, to 10,328.89. The Standard & Poor's 500 Index <.SPX> gained 6.39 points, or 0.58 percent, to 1,102.47. The Nasdaq Composite Index <.IXIC> climbed 31.64 points, or 1.45 percent, to 2,211.69.
NYMEX-NEW YORK, Dec 18 (Reuters) - U.S. crude futures rose nearly 1 percent in choppy pre-holiday trade on Friday, on short covering ahead of the January contract expiration on Monday.
A dispute between Iran and Iraq and cold weather across the U.S. and Europe helped support prices.
On the New York Mercantile Exchange January crude rose 71 cents, or 0.98 percent, to settle at $73.36, trading from $72.55 to $74.69.
CBOT-SOYBEANS - January down 10 cents per bushel at $10.12. Firm dollar lends pressure, with additional weight from good soy crop weather in South America.
CBOT-SOYOIL - January down 0.31 cent per lb at 38.33 cents per lb. Spillover pressure from lower soy and firm dollar; fading gains in crude oil add pressure.
FCPO-JAKARTA, Dec 17 (Reuters) - Malaysian crude palm oil futures jumped 1.3 percent on Thursday to the highest closing level in six and a half months as investors continued to bet on good demand and prospects of tight supply, traders said.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled up 34 ringgit at 2,620 ringgit ($762.74) per tonne, the highest closing level since June 1.
Overall volume shot up to 22,564 lots of 25 tonnes each, more than double the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, Dec 18 (Reuters) - Southeast Asian stock markets
mostly edged down on Friday in thin turnover, with concerns about the earnings outlook at top U.S. financial firms fuelling selling in banks such as Singapore's DBS Group and Thailand's Bangkok Bank.
Singapore's benchmark stock index <.FTSTI> fell 0.38 percent, after rising to its highest in more than a year the previous day, and Thailand's main index <.SETI> ended flat, after dropping as much as 0.64 percent.
The Philippine stock market <.PSI> closed down 1.02 percent, having hit a one-week low in early trade, but Vietnam <.VNI> rose 1.95 percent, a day after falling to a near-five-month low. Stock markets in Malaysia <.KLSE> and Indonesia <.JKSE> were
closed for holidays.
The Dow Jones industrial average <.DJI> added 20.63 points, or 0.20 percent, to 10,328.89. The Standard & Poor's 500 Index <.SPX> gained 6.39 points, or 0.58 percent, to 1,102.47. The Nasdaq Composite Index <.IXIC> climbed 31.64 points, or 1.45 percent, to 2,211.69.
NYMEX-NEW YORK, Dec 18 (Reuters) - U.S. crude futures rose nearly 1 percent in choppy pre-holiday trade on Friday, on short covering ahead of the January contract expiration on Monday.
A dispute between Iran and Iraq and cold weather across the U.S. and Europe helped support prices.
On the New York Mercantile Exchange January crude
CBOT-SOYBEANS - January
CBOT-SOYOIL - January
FCPO-JAKARTA, Dec 17 (Reuters) - Malaysian crude palm oil futures jumped 1.3 percent on Thursday to the highest closing level in six and a half months as investors continued to bet on good demand and prospects of tight supply, traders said.
The benchmark March contract
Overall volume shot up to 22,564 lots of 25 tonnes each, more than double the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, Dec 18 (Reuters) - Southeast Asian stock markets
mostly edged down on Friday in thin turnover, with concerns about the earnings outlook at top U.S. financial firms fuelling selling in banks such as Singapore's DBS Group and Thailand's Bangkok Bank.
Singapore's benchmark stock index <.FTSTI> fell 0.38 percent, after rising to its highest in more than a year the previous day, and Thailand's main index <.SETI> ended flat, after dropping as much as 0.64 percent.
The Philippine stock market <.PSI> closed down 1.02 percent, having hit a one-week low in early trade, but Vietnam <.VNI> rose 1.95 percent, a day after falling to a near-five-month low. Stock markets in Malaysia <.KLSE> and Indonesia <.JKSE> were
closed for holidays.
CBOT soyoil Weekly: Consolidation
Market maintain in consolidation mode. Thus, we continue to look of the upside resistance at USc41.40 and downside support is lies at USc37.50-36.50.
NYMEX Crude Weekly: Market momentum remains weak
Market momentum remains weak despite prices close at above the physiological support at USD70.00. Thus, market likely to extend its sideways to lower in near term. As for now, we continue to look for the upside resistance at USD82.00. While, underline support remains pegged at USD65.00.
FCPO Weekly: More room to bias upside potential
Market violated the recent high at 2606 levels and close off the weekly high had beautified the immediate technical outlook to bias upside potential. Hence, we maintain our view to move higher in near term with upside resistance looking at 2650 followed by 2800 levels. While, downside support remains at 2450-2420 followed by 2428-2419 (left over gap on 29/11/2009).
FKLI Weekly: Remains in sideways
Nothing much changes on the immediate weekly technical landscape as market still stuck in between 1250 to 1286 levels. Violation of either way may give us a clearer direction.
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