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Cocoa imports by Indonesia may more than double next year, transforming the third-largest grower into a net buyer, as companies process more beans for chocolate, said the Indonesian Cocoa Association. Futures climbed for the first time in five days.
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A bear market in palm is poised to deepen in 2013 as the most-used cooking oil slumps to less than 2,000 ringgit ($644) a metric ton on increased global supplies of vegetable oils, according to Dorab Mistry.
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Palm oil probably will drop this year after Asian producers boosted acreage and global oilseed supplies rose, said Dorab Mistry, a Godrej International Ltd. director who’s traded the commodity for more than 30 years. Prices fell, erasing this year’s gain.
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Palm oil, the world’s most-used cooking oil, may climb 16 percent this year as economies rebound in China and India, the biggest importers, the Indonesian Palm Oil Association said.
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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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Palm oil reserves in Malaysia, the biggest producer after Indonesia, probably fell for the first time since June as output plunged by the most in two years, according to a Bloomberg survey.
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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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Palm oil snapped a four-day rally on renewed concern that Europe’s debt crisis will derail the global economic recovery, hurting demand for commodities.
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The six-month bear market in palm may be ending as declining output in Malaysia curbs a record glut, with Sime Darby Bhd., the largest producer, forecasting a rally in the world’s most-used cooking oil.
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Palm-oil stockpiles in Malaysia, the world’s second-largest producer, jumped to a record as a surge in output and an economic slowdown in China and Europe weakened demand for the commodity used in food and biofuel.
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