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Morning round-up, Tuesday October 22

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* Ukraine’s agriculture ministry estimates that the country’s 2019 grain harvest could reach a record-high of 71.8m tonnes.

 

This is up from the 70.1m tonnes harvested last year.

 

The ministry said that the 2019 harvest could include 28.1m tonnes of wheat, 8.9m tonnes of barley, and 32.8m tonnes of corn.

 

 


* Malaysia said that it will be studying the impact of an Indian boycott on its palm oil.

 

Prime Minister Mahathir Mohamad made the announcement on Tuesday following Monday’s news that vegetable oil trade body, Solvent Extractors’ Association of India asked its members to stop buying Malaysian palm oil.

 

The move comes after reports surfaced that Indian officials were looking into banning Malaysian palm oil to punish that country for criticizing India’s involvement in Kashmir.

 

 


* Also in South East Asia, Indonesia said that it will be challenging the EU’s planned ban on the edible oil’s use in biofuels via the World Trade Organisation before the end of the year.

 

Both Indonesia and Malaysia, the world’s leading producers, believe that the rule could also affect palm oil’s use in food products.

 

 

 

* Dairy giant Fonterra on Tuesday raised its farmgate milk price forecast for the 2019-20 season to NZ$6.55-7.55 per kilogramme of milk solids.

 

This is up from the dairy exporter’s previous estimate of between NZ$6.25-$7.25 per kilogramme of milk solids.

 

Company chairman John Monaghan said that demand for whole milk powder was “firm” and that the company expects it to be higher than last year.

 

 

 

* Farmgate prices for arabica coffee in Cameroon’s West region dropped for a second week.

 

Traders told Dow Jones on Monday that a kilogramme of coffee beans sold for 900 Central African francs ($1.53), down from the 1,000 Central African francs ($1.70) it sold for last week.

 

The price decline was due to an increase in coffee bean supplies in the region and lower demand.

 

 

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