Global News Summary
GLOBAL OPEC has cut its 2009 oil demand forecast for an eighth consecutive mo...
GLOBAL Last week, vegetable oil prices experienced significant price increase...
GLOBAL IEA on Friday cut its 2009 world oil demand forecast by 1 million barr...
GLOBAL Pirates commandeered a US-flagged container ship with 20 American crew...
NORTH AMERICA On Friday, the US IRS issued a notice stating that the revised ...
GLOBAL The success of second generation biofuels depends mostly on national p...
GLOBAL Airlines may gain approval to start using biofuels as early as 2010 an...
GLOBAL Crude oil futures fell below $50 a barrel, as the dollar strengthened ...
GLOBAL Crude-oil futures fell Friday, after a six week rally that had lifted ...
NORTH AMERICA US senators are asking EPA not to propose regulations assuming ...
OPEC has cut its 2009 oil demand forecast for an eighth consecutive month as the economic slowdown in the world’s largest oil consumers worsens. The estimate was lowered by 430,000 barrels per day to 84.18 million barrels per day, a decrease of 1%.
US soybeans hit a three-month high on signs of rising exports and improved domestic demand for animal feed and vegetable oil as US inventories head for the lowest level in five years. The US inspected 20.481 million bushels for export in the week ended April 9, up 25% from 2008.
Cargill Inc. has announced fiscal third-quarter profits plunged 68% due to lower fertilizer demand. Net income dropped to $326 million in the three months through February from a record $1.03 billion in the same period a year earlier.
Brazil-based Agrenco is expected to sell its 34 million gallon per year biodiesel facility in Parana State to Brazilian biofuels company BSBIOS. The deal is in the final stages and should be concluded in May.
Germany-based EOP Biodiesel AG is expecting to break-even on biodiesel production in April 2009 after posting a net loss of $12.5 million in the first half 2008/09, ending Dec 31, 2008.
UK biodiesel company Sundance Renewables has bought BioTech Oils’ used vegetable oil biodiesel facility in Tredegar, South Wales. The nonprofit company plans to produce 40 mt of biodiesel per week beginning in late April.
In France, the planted area for cereals will decrease 1.7% to 7.65 million ha this year from 2008, according to the government. Last year’s cereal production surged 18% from a year earlier.
ASIA / PACIFIC
China's soybean imports may exceed 40 million mt for the first time in 2009 as processors turn to less expensive imports rather than compete with the government for local soybeans, who has been paying higher-than-market prices, analysts said.
Oil palm plantation companies in Peninsular Malaysia could start paying windfall taxes again in May and June if the average CPO price hits $693 /mt this month. However, CPO prices are likely to retreat as production increases in the second half of the year, analysts said.
Malaysian palm oil futures rose for a fourth day on investors’ concerns that supplies of vegetable oils are tighter than expected. Palm oil stocks in the Country fell 13% to 1.36 million mt, the lowest level since July 2007.
The Philippine government may sign agreements next month in South Korea for the construction of two biofuel plants worth $168 million, including a jatropha biodiesel plant and a sugarcane ethanol plant.
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