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Morning round-up, Friday September 06

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* According to a Reuters survey, Malaysia’s palm oil stocks are forecast to reach their lowest level in more than a year.

 

The news service’s poll of seven planters, traders and analysts showed that the world’s second largest palm oil producer is expected to see a 7.1% drop in inventories in August compared to the month before.

 

Stocks are forecast to reach 2.22m tonnes, the lowest level since July 2018.

 

Exports outpacing production is blamed for the decline.

 

 


* EU officials warned Indonesia that implementing import duties on European dairy goods in retaliation for the union’s planned duties on palm biodiesel would go against World Trade Organisation rules.

 

Indonesia’s Minister of Trade, Enggartiasto Lukita recommended in August that the government place a 20%-25% tariff on EU dairy products in response to the bloc’s plan to implement anti-subsidy duties of 8%-18% on Indonesian palm biodiesel.

 

The EU’s head of trade for Indonesia, Raffaele Quarto said that World Trade Organisation rules forbid retaliation.

 

He added that Indonesian importers of EU dairy products themselves have pointed out that a ban would harm the economy.

 

 


* According to INTL FCStone analyst Ana Luiza Lodi, Brazil will grow 121.4m tonnes of soybeans for the 2019-20 season.

 

This constitutes a 5.5% increase when compared to the 2018-19 crop.

 

Ms Lodi attributed the jump in production to a 1.6% increase in planted area in the country.

 

 


* Dow Jones reported that robusta coffee prices at Cameroon’s Douala seaport dropped by 17.56% from the week before.

 

According to the service, prices fell from 837 Central African francs ($1.41) to 690 Central African francs due to traders releasing supplies they kept stored last week.

 

 


* Reuters reported that the US is looking into increasing its biofuels mandate by 1bn gallons for 2020.

 

The development comes after farmers expressed anger over the current administration’s decision to exempt 31 oil refineries from the country’s biofuel laws.

 

The plan would involve adding an additional 500m gallons of advanced biofuels to the already existing mandate of 500m gallons of conventional biofuels, consisting of mostly corn-based ethanol.

 

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