Global News Summary
GLOBAL Over the weekend, China enacted a $585.5 billion stimulus package to b...
GLOBAL A group of eight biofuel producing countries have warned the EU that t...
GLOBAL The dollar gained ground on the euro following Barack Obama’s presiden...
GLOBAL The Abu Dhabi National Oil Co. notified term customers that it would c...
GLOBAL Crude oil is poised for its largest monthly drop since trading began i...
GLOBAL Soybeans will continue to be important to the world food supply, altho...
GLOBAL Oil fell to a new 17-month low below $62 a barrel on Monday, driven do...
GLOBAL Oil fell below $64 a barrel on Friday to new 16-month lows, as concern...
GLOBAL Oil prices fell below $70 Wednesday on worries about energy demand ami...
GLOBAL Crude oil rose on speculation that OPEC will cut production by 1 to 2 ...
CPO FORECAST UP FOR 2010
In a report, Citi analysts raised crude palm oil price forecasts for 2009 to $650/mt from $610/mt previously, while next year's forecast was raised to $650/mt from $550/mt. Citi expects, 'CPO prices to be range-bound over the near term, close to $650/mt, barring any adverse weather developments and significant movement in oil prices beyond $65 per barrel.
DRAFT CLIMATE BILL EXPECTED NEXT WEEK
Environment and Public Works Chairwoman Barbara Boxer will release next week a draft climate bill. Sources off Capitol Hill say they expect Boxer to start legislative hearings during the week of Oct. 5, with a tentative markup penciled in for the week of Oct. 12, The New York Times reports.
BIODIESEL PRICES SLIP SLIGHTLY ON WEEK
Last week, the national average for B100 at the rack slipped less than 2.6cts, to about $3.37/gal by Thursday, while diesel racks dipped below $1.88/gal before recovering at an average of $1.95/gal. The price premium for biodiesel dropped during the week by over 10%, around 42cts/gal, OPIS reports.
HURRICANE RECOVERY BONDS GRANTED FOR BIODIESEL PLANT
The State Bond Commission allowed use of $100-million in hurricane-recovery bonds to help finance construction of a 60-million gal/yr biodiesel plant in St. Rose, LA that is being developed by REG, Bunge, and IMTT. The project is about 50% complete.
MANSFIELD OIL ANNOUNCES DEF CONTRACT WITH YARA INT.
Mansfield Oil announced this week an exclusive supply contract with Yara International for diesel exhaust fluid (DEF). "The combined DEF offering from Mansfield Oil and Yara will help transportation companies meet EPA mandates while also improving fuel efficiency and mileage," the companies said in a statement, OPIS reports.
USDA ANNOUNCES SOY EXPORT SALES TO UNKNOWN
On Monday, USDA announced private export sales of 98k mt of soyoil for delivery to unknown destinations for the 2009-10 marketing year beginning Oct. 1, Dow Jones reports.
CRUDE OIL FALLS FOR THIRD DAY
Crude oil fell for a third day Monday on speculation further evidence of a global recovery is needed to extend the commodity’s 61% gain this year, Bloomberg reports. NYMEX Oct. crude fell as much as 72 cents, 1%, to $71.32 a barrel in after-hours electronic trading.
BRAZIL APPROVES NEW GMO FOR CORN PRODUCTION
Brazil's biosecurity regulator, CTNBio, has approved two new varieties of genetically modified corn developed by Monsanto and Syngenta that resist pests and glyphosate-based herbicide. According to Celeres, 30% of the seed planted for Brazil's 2009/10 summer corn crop will be one of these types.
Asia / Pacific
CHINA PRESIDENT TO UNVEIL CLIMATE PLANS
Chinese President Hu Jintao will unveil plans for tackling global warming at a UN summit on Tuesday, potentially laying out new initiatives, including proposing some form of carbon intensity target. China's senior climate envoy, Xie Zhenhua, said Hu's speech will be "important" and lay out "the next policies, measures and actions that China is going to take.”
BIODIESEL PLANT COMMENCES IN TANZANIA
Tanzania-based Mafuta Sasa Ltd. has commenced biodiesel production from waste vegetable oil at its 2,600 gal/wk plant in Dar es Salaam. The company collects waste vegetable oil from 60 hotels in Dar es Salaam and plans to increase production to 4,000 gal/wk, The East African Reports.
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