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Morning round-up, Wednesday July 31

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* Malaysia looks set to replace Indonesia as India’s number one palm oil supplier this year.

 

According to a Reuters report, trade officials said that the rise of Malaysian refined palm oil in the country is due to the lower import taxes charged by India.

 

India cut the import duty on refined palm oil from 54% to 50% in January.

 

However, shipments from Malaysia are charged at 45% due to a Comprehensive Economic Cooperation Agreement signed between the two countries.

 

According to the Malaysian Palm Oil Board, the lower duties have helped the country up its share of India’s palm oil imports to 54% in the first half of 2019, compared with 30% in 2018.

 

 

 

* Bayer AG has decided to cancel the wide sale of a new Monsanto crop product it planned to offer broadly in the US next year.


According to a statement from the company, the new product, called NemaStrike Technology, helps protect crops from worms.


However, after reviewing the experiences of farmers and applicators with the product, the company has decided that it will “ not be offered broadly in 2020 for corn, cotton or soybeans”.

 

 


* South Africa has resumed exporting beef to China after a case of foot and mouth disease hit the country earlier this year.

 

The announcement was made by the Chinese Ambassador to South Africa on Tuesday, who added that the ban on exports was officially lifted on July 23.

 

Foot and mouth disease was detected in South Africa’s Limpopo province in January, leading to a number of countries imposing temporary bans on South African meat imports.

 

 


* Canal Sugar chief executive, Islam Salem, said on Tuesday that the company, owned by Al Khaleej Sugar Refinery in Dubai, will be investing $200m to build a pier and grains terminal in Damietta, a port city in Egypt.

 

The new terminal will have a discharge capacity of 3,000 tonnes of grains per hour.

 

Mr Salem said that the contract with the Egyptian government is expected to be finalised by the end of 2019.

 

 

 

* US President Donald Trump has warned China not to wait for the outcome of the 2020 American elections to finalise a trade deal.

 

Mr Trump took to Twitter on Tuesday saying that should he win his second term in office “the deal that they get will be much tougher than what we are negotiating now…or no deal at all”.

 

He also tweeted that China appears to be backing out of their promise to buy US agricultural goods.

 

"China is doing badly, worst year in 27 - was supposed to start buying our agricultural product now - no signs that they are doing so. That is the problem with China, they just don’t come through," he said.

 

 

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