THE INVESTMENT APPROACH OF CALVIN TAN
PALM OIL SELLDOWN LAST CHANCE TO BUY CHEAP: (Calvin)Argentina Halts Export Registration for Soy Oil, Meal By Reuters | March 13, 2022, at 8:56 p.m.
calvintaneng
Publish date: Mon, 14 Mar 2022, 03:34 PM
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Hi Guys,
I have An Investment Approach I which I would like to all.
I have An Investment Approach I which I would like to all.
Dear Investors of i3 Forum
The Sell Down of Palm oil Shares now overdone
LATEST NEWS:
Argentina halts export of Soyoil
FILE PHOTO: A trucker drives past a soy plantation affected by a long drought that finally ended this month by the arrival of rain, in a farm in 25 de Mayo, in the outskirts of Buenos Aires, Argentina January 24, 2022. REUTERS/Agustin MarcarianREUTERS
By Jorge Iorio and Eliana Raszewski
BUENOS AIRES (Reuters) - Argentina has halted registration of export sales of soy oil and meal, the South American country'sovernment said in a statement on Sunday, drawing swift condemnation from the industry in the world's top exporter of processed soy products.
The move stops sales and exports of the 2021/22 crop, but physical shipments have not started because no harvesting has taken place. The decision by Argentina, the top global exporter of both soybean meal and oil, will likely roil the world soy market, which has seen prices spike on Russia's invasion of Ukraine.
U.S. soymeal futures prices jumped more than 2.2% in the wake of the announcement, while soyoil futures eased 1.26%.
Argentina's average monthly exports stood at 1.5 million tonnes of meal and 300,000 tonnes of soy oil in 2021, according to shipping agency NABSA.
The country is forecast to account for 41% of global soymeal exports and 48% of world soy oil exports in the 2021-22 crop year, according to the U.S. Department of Agriculture.
he sub-secretary of agricultural markets said in a statement that export registrations of soybean oil, soymeal and other related products would immediately be halted, a move which comes ahead of the 2021/22 harvest starting within weeks. Around 5 million tonnes of soy oil and other soy byproducts from the 2021/22 campaign have so far been formally registered for export, government data showed.
The local CIARA chamber of oilseed processors and exporters, which represents the industry, said that the government had closed export registration because, the chamber alleged, the government wanted to raise tariffs "by two points" on exports.
"It is totally contrary to the export interest of Argentina," the chamber said on Twitter. "In addition to being illegal, it will affect the income of foreign currency and employment in the agroindustrial chain."
The government statement made no mention of export tariffs though these have long been a point of tension with farmers and exporters. The government, battling high debts, needs the dollar income and tax revenues from soy sales, Argentina's top export.
Argentina's soy oil and meal exports are currently taxed at 31%. The country's 2021/22 soy crop is estimated at between 40 million-42 million tonnes, though was hit hard by drought at the start of the year.
Soy traders said the sudden halt in Argentine supplies will steer importers toward the United States and Brazil for replacement supplies.
"Buyers have no choice but to reduce consumption or go to alternative sources for supplies," said one Singapore-based trader.
"We expect higher demand for U.S. meal. In Southeast Asia, buyers such as Indonesia, Malaysia and Thailand were heavily reliant on Argentine meal."
(Reporting by Jorge Iorio and Eliana Raszewski; Additional reporting by Gavin Maguire and Naveen Thukral; Editing by Adam Jourdan, Cynthia Osterman and Kenneth Maxwell)
Copyright 2022 Thomson Reuters.
SEE FOREIGN FUNDS STILL BUYING KLK SHARES SHOW CONFIDENCE
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KUALA LUMPUR KEPONG BHD
KLSE (MYR): KLK (2445)
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Last Price
26.14
Today's Change
+0.04 (0.15%)
Day's Change
25.78 - 26.56
Trading Volume
2,564,300
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Calvin Tan
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Discussions
Be the first to like this. Showing 4 of 4 comments
The well managed plantations’s realized CPO price for FY 2021 was about $4,300+ and achieved very high earnings . FCPO April was about $6,900 yesterday and spot price was even higher. Therefore, no need to be overly worried of the temporary CPO price correction. That’s just my view .
2022-03-15 07:36
Canola oil still holding firmly above Usd1,100 (Last world record was Usd600), Soyoil still above Usd80
Cpo should hold firmly above Rm6,000
At cost of Rm1,600 to Rm1800 for most the gross profit is over 200%
Which industry can even give 20% profit now ??
As far as the eye can see and the mind can perceive there is no other class of stocks like Palm oil in superior real time earnings now
The results of May, August and Nov 2022 will throw up fantastic earnings and surprises of high dividend , special dividend and free bonus as well
2022-03-15 09:50
Those bought during correction in fear is now sitting on handsome gains now
Hold tight !
Expect at least 100% gain if not 200 to 300% for we will see THE ONCE A CENTURY PALM OIL SUPERBULL UNFOLDS
2022-03-28 07:37
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