Wilmar’s Q1 net profit down 41% amid palm oil price fall

Ram Gopal Yadav (6 years ago)

Lower crude palm oil prices and weakness in its sugar business both took their toll on agribusiness giant Wilmar International’s first-quarter earnings. Wilmar clocked a net profit of US$203.3 million (S$272 million) for the three months to March 31, down by 40.6 per cent on the previous year. The tumble came even though stronger oilseeds and grains sales helped to push group revenue higher by 5.7 per cent, to US$11.17 billion.

Soybean futures are trading 5 to 6 cents lower.

Ram Gopal Yadav (6 years ago)

They closed with most contracts 5 to 7 cents higher. Soy meal was up $1.30/ton, with front month soy oil 11 points in the red. Supply and Demand report from the USDA saw a 20 mbu increase to the US soybean crush number, which reduced ending stocks. Initial projections show a 415 mbu carryout for 18/19 on larger exports and smaller production. New crop stocks for the world are projected at 96.7 MMT and would be 5.5 MMT lower yr/yr. The US accounts for a majority of the reduction in new crop world endings stocks at 86.7 MMT. Data from China’s Ag Ministry shows that they expect total imports of soybeans to be slightly reduced in 18/19 to 95.65 MMT. USDA has them at 97 MMT for old crop and 103 MMT for 2018/19.

WASDE delivers bullish soybean news

Ram Gopal Yadav (6 years ago)

Soybeans found the biggest initial lift, trading 10 to 11 cents higher minutes after the report was out, on news that USDA expects new crop ending stocks to be much smaller than expected.

India mustard crushing rises to 900,000 tn in Apr as arrivals peak

Ram Gopal Yadav (6 years ago)

Oil mills across the country crushed 900,000 tn mustard in April, up 12.5% from the previous month. The mills crushed 800,000 tn of the oilseed in March. Crushing was higher in April as arrivals of the new crop increased. The crop has been harvested completely at present and farmers are bringing it to the spot markets in abundance. Crushing of mustard would gain more pace in May with a rise in arrivals. For 2017-18 (Jul-Jun), India’s mustard output is seen at 7.2 mln tn, up from 6.9 mln tn harvested in the previous year.