Abah Ofon News
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Palm-oil stockpiles in Malaysia, the second-largest supplier after Indonesia, slumped to the lowest level in a year in April as production continued to drop from a year ago and exports were flat.
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Palm-oil production in Malaysia, the second-biggest supplier after Indonesia, probably gained the most in seven months in April, after recovering from seasonally low-output months, according to a Bloomberg survey.
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In the world’s biggest agricultural market, the director of grains research at the largest broker on the Chicago Board of Trade says soybeans will beat corn.
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Sugar output may exceed demand for a second year after farmers boosted planting as futures surged, pushing prices lower, Standard Chartered Bank said. That may lower costs for drinks makers like units of Coca-Cola Co.
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Japan, the biggest corn buyer, may increase grain imports to guarantee food supplies after the nation’s strongest earthquake on record and a tsunami devastated the northeast coastal region, said Standard Chartered Plc.
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Cargill Inc. said that its sugar business took delivery of almost 1 million metric tons of the commodity as part of transactions involving expiring contracts at ICE Futures U.S. and handled by a unit of JPMorgan Chase & Co.
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Thailand’s worst floods in more than a half century may have wiped out as much as 14 percent of paddy fields in the world’s biggest rice exporter, potentially erasing the predicted global glut.
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India, the biggest sugar user, may produce less than it consumes as early as October 2012, possibly spurring the first net imports in three years, said ITC Ltd. That would push up global prices, said Standard Chartered Plc.
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Corn futures may gain on speculation that declining prices will increase demand for raw materials used to make food and biofuels. Wheat and soybeans may rise.
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Rice, which has beaten corn and soybeans in the past year, may drop as India restarts non- basmati exports after lifting a ban, buyers including Indonesia purchase less than expected and global harvests gain to a record.
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