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Morning round-up, Monday October 14

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* Kazakhstan’s Minister of Agriculture said on Monday that the country’s grain exports for the 2019-20 season will drop by around 3m tonnes compared to the previous season.

 

The minister blamed the decline in exports on a lower harvest.

 

Kazakhstan is 98% complete with this season’s grains harvest, which is currently at around 18.5m tonnes.

 

This is lower than last season’s 20.3m.

 

 


* China’s soybean imports for September dropped 13.5% from August according to data from the country’s General Administration of Customs.

 

Reuters reported that the data showed that China imported 8.2m tonnes of soybeans in September, down from August’s 9.48m tonnes.

 

China imported 8.02m tonnes of the oilseed in September 2018.

 

 


* The country’s customs data also showed that pork imports jumped by 76% compared to September 2018, reaching 116,000 tonnes.

 

September beef imports increased 50% compared to last year, reaching 149,666 tonnes.

 

 


* Malaysia’s Finance Minister Lim Guan Eng said on Monday that duties on crude palm oil exports will drop to 3% (currently 4.5%) for prices between $537.70 and $573.55 per tonne.

 

The export duty will go up to 4.5% for prices between $573.78 and $609.39 per tonne.

 

It will rise in increments of 0.5% to a maximum of 8% for prices over $824.47 per tonne.

 

 


* France on Friday upheld an existing law that excludes palm oil from its list of permitted biofuels and will end the oil’s tax advantages starting January next year.

 

French oil giant Total said that the ruling will probably lead to the closure of its La Mede biorefinery which uses palm oil in some of its operations.

 

 


* India is looking to target Malaysian palm oil imports after that country’s prime minister criticized its involvement in Kashmir.

 

According to a Reuters source, the Indian government is considering restrictions on imports of palm oil and other goods from Malaysia.

 

 

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