Global News Summary
Global CRUDE OIL FALLS FROM 6 MONTH HIGH Crude oil fell from a six-month...
Global GLOBAL BIOFUEL MARKET WORTH $30 BILLION IN 2008 According ...
North America US EPA RELEASES PROPOSED RFS2 RULING On Tuesday, US E...
GLOBAL The Southern African Biofuels Alliance, representing 14 southern Afric...
NORTH AMERICA Beginning Friday, Minnesota's biodiesel mandate will increase...
Global Palm oil prices are being pushed up by bullish factors relating to soy...
NORTH AMERICA CBOT soybeans dropped the most in over two months on speculatio...
NORTH AMERICA California has adopted a low-carbon fuel standard, the first of...
NORTH AMERICA US biodiesel production in January fell to about 33.4 million g...
GLOBAL Oil and gasoline manufacturers are investing heavily in biodiesel and ...
CRUDE OIL FALLS FROM 6 MONTH HIGH
Crude oil fell from a six-month high on speculation last week's 10% advance won't be sustained as global output increases, Bloomberg reports Monday. Crude oil for June delivery fell 1.5% to $57.76 a barrel at 10am Monday on the NYMEX. Read More [http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aNSHJi1F5.HM]
USDA TO CUT SOYBEAN STOCK ESTIMATES
USDA is expected to cut its estimates for 2008-09 soybean ending stocks due to strong exports. Stocks are likely to come in below the previous month's estimate of 165 million bushels.
BIODIESEL RACK PRICES GAIN ON WEEK
Average biodiesel prices at the rack gained 5 cents nationwide last week, to about $3.24/gal. Petroleum diesel at the rack rose 9 cents, topping $1.545/gal by Thursday.
MAPLE RIVER ENERGY SECURES MARKETING AGREEMENT
Renewable Energy Group Inc. has signed an agreement to market biodiesel from Maple River Energy's 5 million gal/yr Iowa biodiesel plant. REG also has agreements with at least six other biodiesel plants in Iowa.
COMMODITY HEDGE FUNDS PICKING UP AGAIN
Hedge funds positions in the commodities markets essentially disappeared after the September crash, but speculative activity is starting to pick up again, which could affect the price of soybeans. "They're not seeing good returns with stocks, they're not big on bonds...real estate's out...so the hedge guys are viewing energy with an inflation mentality," said one analyst, Biodiesel Magazine reports. Read More [http://www.biodieselmagazine.com/article.jsp?article_id=3449]
BRAZIL SOY EXPORTS SURGE IN APRIL
Brazilian soy exports surged in April, mainly due to strong Chinese buying and the absence of Argentina selling in the market after its smaller-than-expected crop. Brazil's Foreign Trade Ministry pegged soybean exports at a record-high 4.5 to 4.9 million mt for April.
ARGENTINE SOYBEAN CROP REVISED AGAIN TO DROP 26%
The Argentine soybean harvest, which was 83% complete as of May 6, will decline 26% this year to 33 million mt, from a record 46.2 million mt a year ago. The corn harvest is 81% complete and is expected to fall 42% to 12.7 million mt, from 22 million mt a year ago, Bloomberg reports. Read More [http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6nwIEmoafpk]
GERMAN BIODIESEL SALES DROP IN 2008
German biodiesel sales were down 14% in 2008 compared to 2007 with biodiesel blend sales increasing and B100 sales decreasing 36%, according to the German Federal Statistical Office and the Federal Office of Economics and Export Control. Read More [http://www.ufop.de/3143.php#Teaser_PM_Sales]
UK POWER PLANTS TO BURN PALM OIL
The operators of Britain's first biofuel power plants are considering burning palm oil. At least four new power stations are being planned around the UK to burn vegetable oils with the assurance that they will generate less pollution than burning fossil fuels.
EU BECOMING MAIN ARGENTINE BIODIESEL IMPORTER
The EU has become the main importer of Argentine biodiesel since December, 2008, becoming the sole buyer in April, 2009 instead of the US. The prominent companies in the sector are Renova, Ecofuel, Louis Dreyfus Commodities, and Explore.
Asia / Pacific
PALM OIL LIKELY ENDING ITS RALLY
Palm oil may be ending its fastest rally in almost seven years and drop 25% to $600/mt this year as the world's biggest growers reap record harvests. Indonesia and Malaysia may boost world supplies by 5% in 2009, but India will likely slow imports.
INDIA SOYBEAN OUTPUT TO DROP ON YEAR
India's soybean output may drop to 8.2 million mt in the year ending Sept 2009, down more than 20% from earlier estimates, as lower rainfall trimmed yields in producing areas, Reuters reports. Read More [http://in.reuters.com/article/domesticNews/idINBMB00523920090511]
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