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BERITA AGRIKOMODITI 2024

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(Jan 15): A Chinese subsidiary of Asian food giant Wilmar International Ltd has denied allegations by a city prosecution agency that one of its units was partially accountable for a trade fraud that led to a 5.2 billion yuan (US$725 million) loss for a state-owned company.

Wilmar’s Yihai Kerry Arawana Holdings Co Ltd said in an exchange filing on Friday that one of its units had been sued in the eastern province of Anhui over its alleged role in loss-making palm oil trades between a state-owned trader and a privately owned counterparty.

The company, one of China’s top food processors, said it wasn’t involved in the fraud.

Chinese commodity trading has been hit by a series of scandals in recent years, including cases where fraudulent financial documents and warehouse receipts were used as proof of collateral and credit.

The filing by the unit of Singapore-listed Wilmar, co-founded by billionaire Kuok Khoon Hong, gives a rare insight into commodity trading in the world’s largest consumer.

The case focuses on state-owned trader Anhui Whywin International Co Ltd and its palm oil deals with private feed trader Yunnan Huijia Import & Export Co Ltd, according to the indictment cited in the filing.

The prosecutor alleges that Huijia used forged documents to obtain palm oil deliveries from Whywin, without paying the full amounts, the indictment said. The prosecutor alleges that the Yihai Kerry’s unit was also involved in the case. 

Yihai Kerry said all transactions conducted by its Guangzhou unit in the trades were in compliance with normal practices and contractual agreements.

 The company did not obtain any improper benefit from Huijia, nor did it participate in the alleged fraud against Whywin, according to the filing.

 

https://theedgemalaysia.com/node/697452

 

Sumber : The Edge Malaysia

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Singapore's Wilmar International said on Tuesday its Chinese unit Yihai Kerry Arawana Holdings had denied involvement in an alleged China palm oil fraud.

The announcement followed a Jan. 12 stock exchange filing by Yihai Kerry denying allegations that one of its subsidiaries was partially accountable for a fraud that led to a loss of 5.2 billion yuan (US$725.13 million) for a state-owned enterprise.

Prosecution alleged that fake documents had been used to secure palm oil deliveries without paying full amount, according to the filing.

Yihai Kerry categorically denied any involvement and maintained that all transactions conducted by its unit adhered to contractual agreements. - Reuters

 

https://www.nst.com.my/business/corporate/2024/01/1001776/wilmar-unit-denies-involvement-alleged-china-palm-oil-fraud

 

Sumber : New Straits Times

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KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with an upward bias next week given expectations of a weaker output due to seasonal factors, said palm oil trader David Ng.

He said the continued strength in external markets for soybean oil and crude oil is expected to boost market sentiment in the near term.

"We expect CPO futures to trade with an upward bias with prices looking to test the RM3,950 level. Support can be seen around the RM3,700 level," he told Bernama.

Meanwhile, Interband group of companies' senior palm oil trader Jim Teh said CPO is likely to trade between RM3,450 and RM3,550 per tonne next week.

He said China may resume the purchase of CPO ahead of the Chinese New Year next month.

This week, CPO futures traded higher amid positive sentiment over lower output expectations in the coming weeks, coupled with stronger crude oil prices.

On a weekly basis, the spot month January 2024 contract gained RM90 to RM3,780 a tonne, February 2024 added RM156 to RM3,831 a tonne, March 2024 rose RM174 to RM3,856 a tonne, April 2024 increased RM172 to RM3,843 a tonne, May 2024 edged up RM150 to RM3,799 a tonne, and June 2024 climbed RM123 to RM3,738 a tonne.

Total weekly volume improved to 385,530 lots from 233,557 lots in the preceding week, while open interest fell to 202,342 contracts from 212,004 previously.

The physical CPO price for January South rose RM150 to RM3,850 per tonne on Friday from RM3,700 a week earlier. -Bernama

 

https://www.nst.com.my/business/economy/2024/01/1001067/cpo-futures-likely-trade-upward-bias-next-week#google_vignette

 

Sumber : New Straits Times

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Deputy Plantation and Commodities Minister Datuk Chan Foong Hin and Tawau MPOB officers visited Teck Guan Sg Burung Palm Oil Mill. — Borneo Post pic

TAWAU, Jan 14 — Deputy Plantation and Commodities Minister Datuk Chan Foong Hin said that the RM100 million set aside by the federal government under Budget 2024 as replanting incentives will be in the form of "one-to-one” matching grants through TSPKS 2.0 for qualified smallholders.

"The distribution of this replanting incentive will be one of my ministry’s key projects this year, with the ultimate aim of accelerating the replanting of oil palm plantations that are more than 23 years old and ensuring the continued and sustainable development of Malaysia’s palm oil industry,” he said.

Chan, who is also Member of Parliament for Kota Kinabalu, said this during a dinner organized by the Tawau Chinese Chamber of Commerce on Saturday night.

Chan made a whirlwind working visit to Tawau yesterday. He visited Teck Guan Group of Companies’ palm oil mill near Sungai Burung, Balung in the morning, attended a dialogue meeting with the Tawau Chinese Chamber of Commerce and Tawau Agriculture Association at the Tawau town centre in the afternoon, and then proceeded to the swearing-in ceremony of the Tawau Chinese Chamber of Commerceat SJK© Kung Ming’s school hall in the evening.

Teck Guan Group’s Sg Burung Palm Oil Mill was the first mill that Chan had visited after taking office as the Deputy Minister of Plantation and Commodities on December 13, last year.

Chan noted that the Teck Guan Group was founded by fellow Sabahan entrepreneurs from scratch.

He was received by Datuk Hong Ngit Ming, Managing Director of Teck Guan Group of Companies.

Officers from the Sabah branch of the Malaysian Palm Oil Board (MPOB) were also present.

During the visit to the said palm oil mill, Chan and the MPOB officers had witnessed the entire oil palm processing chain and saw first-hand how the company maximize the use of every part of oil palm in high-productivity operations.

"I also learned that the Teck Guan Group had also invested a lot of efforts in renewable energy power generation, which certainly deserves commendations,” said Chan.

After the palm oil mill visit, Chan attended a dialogue meeting with about 30 committee members from the Tawau Chinese Chamber of Commerce and Tawau Agricultural Association.

During the dialogue, he was informed of the challenges faced by smallholders in the oil palm industry, especially in the Tawau area.

In return, Chan had shared with those present the support that federal government agencies and departments can provide to palm oil smallholders in order to form a complete ecosystem for the sustainable development of the palm oil industry. — Borneo Post

 

https://www.malaymail.com/amp/news/money/2024/01/14/deputy-minister-rm100m-oil-palm-replanting-incentive-distribution-one-of-plantation-ministrys-key-projects/112438

 

Sumber : Malay Mail

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KUALA LUMPUR: OCBC Global Markets Research has revised its 2024 crude palm oil (CPO) prices to average RM3,650 per tonne up from the previous estimate of RM3,400.

In the Monthly Commodity Outlook, the research firm said the upward price revision reflects a growing supply risk as El Nino weather disruption continues into 2024 with a mild but increasing intensity.

Both the Malaysian Palm Oil Board (MPOB) and the Indonesia Palm Oil Association (GAPKI) expect production to be largely stagnant this year due to the El Nino disruption.

Additionally, Indonesia's efforts to boost its biofuels usage could potentially reduce its palm oil exports.

GAPKI expects Indonesia's palm oil exports to fall by roughly four per cent to 29 tonnes this year compared to 2023 levels as domestic demand for the B35 blend mandate (35 per cent palm-based biodieselblended with 65 per cent diesel) rises.

A smaller price spread between palm oil and other vegetable oils may further encourage biofuel blending, it said.

Admittedly, OCBC Research said the intensity and duration of El Nino will remain a wildcard in the coming months.

"That being said, we expect the CPO price to trade within a range in the near term, on account of narrowing discounts of palm oil over other vegetable oils," it said.

Moreover, the US Department of Agriculture (USDA) projected in its December WASDE report that soybean oil supply will increase by 2.9 million tonnes in 2023/2024 to reach 61.9 million tonnes.

This, in turn, contributes to expectations of a slightly lower soybean oil price.

Meanwhile, OCBC Research has forecasted Brent oil prices to average US$80 per barrel versus US$82 in 2023.

The softer Brent price forecast is based on weaker global growth and a relatively comfortable supply outlook.

It believes that supply will likely remain ample to meet demand in 2024.

Despite supply cuts from the Organisation of the Petroleum Exporting Countries (OPEC) and allies which increased to 3.9 million barrels a day (mbpd) for the first quarter of 2024 (1Q 2024) from 3.0 mbpd in December 2023, higher oil supply from countries such as the US, Brazil, and Iran will keep the global oil market supported.

These countries produced 29.6 mbpd in December 2023 (28.7 per cent of total world demand) versus 26.2 mbpd in the same period last year (26.0 per cent of total world demand), according to the US Energy Information Administration (EIA).

The easing of US sanctions on Venezuelan oil -- the largest OPEC-proven crude reserves at end-2022 -- is another avenue for increased oil flows.

OCBC said an extension of additional voluntary cuts beyond 1Q2024 by the OPEC+ alliance may tip the global supply-demand balance.

"However, the boost to global oil prices remains in question given the larger non-OPEC production coming online in 2024," it said. - Bernama

 

https://www.thestar.com.my/business/business-news/2024/01/15/ocbc-research-revises-2024-cpo-price-to-average-rm3650-per-tonne

 

Sumber : The Star