WHEAT
SINGAPORE, Nov 8 (Reuters) – A bullish target at $7.61-¼ for the CBOT wheat December contract has been established, as an upward wave “c” is progressing. >>>>>>>>>>>> More
Showing posts with label barley and wheat. Show all posts
Showing posts with label barley and wheat. Show all posts
Monday, November 8, 2010
Soft Commodity Technicals by Reuters
WHEAT
SINGAPORE, Nov 8 (Reuters) – A bullish target at $7.61-¼ for the CBOT wheat December contract has been established, as an upward wave “c” is progressing. >>>>>>>>>>>> More
Thursday, September 30, 2010
Commodity News Snapshot-Pakistan
KARACHI (September 30, 2010): Dollar buying pressure kept the rupee lower on the local currency market on Wednesday in process of trading, dealers said. The rupee lost six paisa against the dollar for buying at 86.20 and it also shed seven paisa at 86.25, they said. In the third Asian trade, the ailing dollar looked vulnerable to further losses against a swathe of currencies as falling Treasury yields and disappointing US data fuelled talk that US policy needed further easing.
KARACHI (September 30, 2010): Rates came down on the cotton market on Wednesday after the news that India would begin cotton export from November, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 7250, they said. In ready business, around 20,000 bales changed hands at Rs 4200-7400, they said.
ISLAMABAD (September 30, 2010): Timely availability of critical agriculture inputs will be essential to prevent drastic losses in yield, says the Food and Agriculture Organisation of the United Nations (FAO). According to the executive brief on Pakistan released by FAO, the organisation has received 20.5 million dollars against the requested amount of 107 million dollars under the revised PFERP to assist flood affected people by providing seed, livestock, fisheries and forestry interventions.
International New
LONDON (September 30, 2010): Gold hit its 10th record high in 12 trading days on Wednesday as investors worried that aggressive measures by the Federal Reserve to prop up the US economy could undermine the dollar and spark inflation. Spot gold hit a record $1,313.20 and was bid at $1,308.65 an ounce at 1443 GMT, against $1,307.40 late in New York on Tuesday. US gold futures for December delivery rose $1.70 an ounce to $1,310.10.
NEW YORK (September 30, 2010): US gold futures settled on Tuesday near its new all time high above $1,311 an ounce driven up as three reports argued for further quantitative easing by central banks that drove the euro up against the dollar and set off stop-loss buy orders in both markets, traders said. COMEX December gold futures closed up $9.70 at $1,308.30 an ounce on the COMEX division of the NYMEX. Range ran from $1,276.20 to $1,311.80, a record high.
LONDON: Oil hovered above $76 a barrel on Wednesday, paring losses after US government data showed crude and oil products stocks fell last week.
Japan to Slash Stockpiles of U.S. Corn as Rice Production Grows
Sept. 30 (Bloomberg) -- Japan will slash its stockpiles of corn and sorghum by 33 percent next fiscal year, cutting imports as the largest buyer of U.S. grain aims to boost feed rice output to reduce its reliance on overseas supplies.
The country’s corn and sorghum inventories will drop to 400,000 metric tons, from 600,000 tons in the year ending March 31, said Eri Utamaru, assistant director at the livestock production and feed division of the Ministry of Agriculture, Forestry and Fisheries. Corn represents about 90 percent of Japan’s feed grains stored for this year, she said in an interview in Tokyo yesterday.
Japan is aiming to boost feed-rice production by tenfold to 700,000 tons a year within the next decade on concern that growth in China, an expanding global population and improving diets will tighten supplies. The government also wants to promote the use of waste materials from Japanese food processors, aiming to replace 630,000 tons of corn in feed annually by the year ending March 2021.
“Japan is enhancing the role of its rice as an alternative to U.S. corn,” said Nobuyuki Chino, president of Unipac Grain Ltd. in Tokyo. “Competition between Japan and other corn buyers intensified” as China became a net importer this year and Russia’s ban on grain exports following its worst drought in 50 years prompted countries such as South Korea and Egypt to seek alternative supplies from the U.S., the largest exporter of corn and wheat, he said.
Japan imported 11 million tons of feed corn last year, 96 percent of it from the U.S. Corn futures in Chicago climbed to a two-year high of $5.2875 a bushel on Sept. 27 and traded at $5.05 at 10:31 a.m. Tokyo time.
Import Costs
The cost of importing U.S. corn into Japan has increased to about 25,000 yen ($298) per ton, including freight, Chino said. In December, import costs averaged about 20,000 yen, according to the Feed Supply Stabilization Organization, a Tokyo-based industry group.
The agriculture ministry plans to boost cash payments to domestic growers of rice, wheat and five other crops by 42 percent to 796 billion yen next fiscal year as it expands an income-support program to improve food self-sufficiency. Japan produces 40 percent of its food, the lowest level among industrialized nations, according to the ministry.
The ministry plans to cut its budget for stockpiling feed corn and sorghum by 34 percent to 2.75 billion yen next fiscal year, said Utamaru at the livestock division.
“Even if we reduce inventories, that won’t hurt stability in feed-grain supplies,” she said. “We expect more products to come from domestic growers.”
Feed Barley
Imports of feed barley and wheat through state tenders may expand this fiscal year, helping to stabilize supply, as the ministry boosted purchasing opportunities for feed mills and trading houses, Utamaru said.
The ministry, which previously held feed-grain import tenders twice a month, began holding the events every week from July, responding to industry requests.
Japan imported 1.35 million tons of feed grains through state tenders last fiscal year, of which 1.22 million tons was barley and the rest was wheat.
“Imports may increase by about 100,000 tons this fiscal year as we increased tenders,” Utamaru said.
Japan imports rice, wheat and barley under the state trading system to stabilize supplies. For corn, Japanese feed mills purchase the grain through trading companies in private deals with shippers such as Cargill Inc.
For feed-use grains, the ministry holds tenders under the so-called simultaneous buy-and-sell system, in which end-users and trading companies jointly bid for supplies of any origin and quality.
--Editors: Matthew Oakley, Jarrett Banks.
To contact the reporter on this story: Aya Takada in Tokyo atakada2@bloomberg.net Yasumasa Song in Tokyo at ysong9@bloomberg.net.
The country’s corn and sorghum inventories will drop to 400,000 metric tons, from 600,000 tons in the year ending March 31, said Eri Utamaru, assistant director at the livestock production and feed division of the Ministry of Agriculture, Forestry and Fisheries. Corn represents about 90 percent of Japan’s feed grains stored for this year, she said in an interview in Tokyo yesterday.
Japan is aiming to boost feed-rice production by tenfold to 700,000 tons a year within the next decade on concern that growth in China, an expanding global population and improving diets will tighten supplies. The government also wants to promote the use of waste materials from Japanese food processors, aiming to replace 630,000 tons of corn in feed annually by the year ending March 2021.
“Japan is enhancing the role of its rice as an alternative to U.S. corn,” said Nobuyuki Chino, president of Unipac Grain Ltd. in Tokyo. “Competition between Japan and other corn buyers intensified” as China became a net importer this year and Russia’s ban on grain exports following its worst drought in 50 years prompted countries such as South Korea and Egypt to seek alternative supplies from the U.S., the largest exporter of corn and wheat, he said.
Japan imported 11 million tons of feed corn last year, 96 percent of it from the U.S. Corn futures in Chicago climbed to a two-year high of $5.2875 a bushel on Sept. 27 and traded at $5.05 at 10:31 a.m. Tokyo time.
Import Costs
The cost of importing U.S. corn into Japan has increased to about 25,000 yen ($298) per ton, including freight, Chino said. In December, import costs averaged about 20,000 yen, according to the Feed Supply Stabilization Organization, a Tokyo-based industry group.
The agriculture ministry plans to boost cash payments to domestic growers of rice, wheat and five other crops by 42 percent to 796 billion yen next fiscal year as it expands an income-support program to improve food self-sufficiency. Japan produces 40 percent of its food, the lowest level among industrialized nations, according to the ministry.
The ministry plans to cut its budget for stockpiling feed corn and sorghum by 34 percent to 2.75 billion yen next fiscal year, said Utamaru at the livestock division.
“Even if we reduce inventories, that won’t hurt stability in feed-grain supplies,” she said. “We expect more products to come from domestic growers.”
Feed Barley
Imports of feed barley and wheat through state tenders may expand this fiscal year, helping to stabilize supply, as the ministry boosted purchasing opportunities for feed mills and trading houses, Utamaru said.
The ministry, which previously held feed-grain import tenders twice a month, began holding the events every week from July, responding to industry requests.
Japan imported 1.35 million tons of feed grains through state tenders last fiscal year, of which 1.22 million tons was barley and the rest was wheat.
“Imports may increase by about 100,000 tons this fiscal year as we increased tenders,” Utamaru said.
Japan imports rice, wheat and barley under the state trading system to stabilize supplies. For corn, Japanese feed mills purchase the grain through trading companies in private deals with shippers such as Cargill Inc.
For feed-use grains, the ministry holds tenders under the so-called simultaneous buy-and-sell system, in which end-users and trading companies jointly bid for supplies of any origin and quality.
--Editors: Matthew Oakley, Jarrett Banks.
To contact the reporter on this story: Aya Takada in Tokyo atakada2@bloomberg.net Yasumasa Song in Tokyo at ysong9@bloomberg.net.
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