Jeff Mason is a White House Correspondent for Reuters and the 2016-2017 president of the White House Correspondents’ Association. He was the lead Reuters correspondent for President Barack Obama's 2012 campaign and interviewed the president at the White House in 2015. Jeff has been based in Washington since 2008, when he covered the historic race between Obama, Hillary Clinton and John McCain. Jeff started his career in Frankfurt, Germany, where he covered the airline industry before moving to Brussels, Belgium, where he covered the European Union. He is a Colorado native, proud graduate of Northwestern University and former Fulbright scholar.
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* Palm down nearly 2 percent on week * Stronger ringgit, weaker related edible oils weigh - trader * Market closed on Sept. 17 (Updates with closing prices) By Emily Chow KUALA LUMPUR, Sept 14 Malaysian palm oil futures fell to a two week low on Friday over concerns of rising stocks, a stronger ringgit and weaker related edible oils. A stronger ringgit usually makes palm oil more expensive for holders of foreign currencies. The ringgit, palm's currency of trade, was up 0.1 percent to 4.1370 against the dollar on Friday evening. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.9 percent at 2,222 ringgit ($537.10) a tonne on Friday evening, its weakest since Aug. 30. The market is also down 1.9 percent for the week, its sharpest weekly decline since mid-July. Trading volumes stood at 56,902 lots of 25 tonnes each at the end of the trading day. "There are talks of high stocks and rising production," said a Kuala Lumpur based trader. "Exports will be good but not enough (to reduce stocks) so stocks are still expected to rise." Another futures trader earlier said palm eased due to overnight weakness in soyoil on the Chicago Board of Trade and weak China's Dalian Commodity Exchange, along with a firmer ringgit. Malaysian markets will be closed on Monday for a national holiday, and will resume trading on Sept. 18. In other related oils, the Chicago September soybean oil contract fell 0.7 percent on Thursday after U.S. President Donald Trump said the United States was under no pressure to make a trade deal with China, the biggest buyer of the oilseed. Meanwhile the January soybean oil contract on China's Dalian Commodity Exchange dropped 0.3 percent, and the Dalian January palm oil contract was 0.7 percent lower. Palm oil prices are impacted by movements of other edible oils, as they compete for a share in the global vegetable oils market. Palm, soy and crude oil prices at 1108 GMT Contract Month Last Change Low High Volume MY PALM OIL SEP8 2206 +1.00 2205 2219 206 MY PALM OIL OCT8 2211 -16.00 2207 2233 2543 MY PALM OIL NOV8 2222 -21.00 2222 2243 19999 CHINA PALM OLEIN JAN9 4858 -34.00 4832 4890 299384 CHINA SOYOIL JAN9 5836 -20.00 5830 5866 322484 CBOT SOY OIL SEP8 27.44 +0.00 0 0 5 INDIA PALM OIL SEP8 596.40 +0.70 594.00 596.4 585 INDIA SOYOIL SEP8 735 -1.90 733.5 736.55 2770 NYMEX CRUDE OCT8 68.89 +0.30 68.66 69.14 90814 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.1370 ringgit) ($1 = 71.9300 Indian rupees) ($1 = 6.8516 Chinese yuan) (Reporting by Emily Chow; Editing by Sunil Nair and Mark Potter)
* Aug stocks at 2.41 mln T, up 9 pct from July -survey * Output at 1.65 mln T, up 9.9 pct from July -survey * Exports estimated up 2.3 pct to 1.23 mln T -survey * Malaysian Palm Oil Board data due on Sept. 12 By Emily Chow KUALA LUMPUR, Sept 5 Palm oil inventories in Malaysia, the world's second largest producer, are forecast to rise at the end of August for a third month to the highest since February, as output growth outpaced exports, according to a Reuters survey. Rising stockpiles could dampen benchmark palm oil prices , which rose in August by 2.5 percent from July. Palm oil prices were last down 0.4 percent at 2,289 ringgit ($552.23) a tonne on Wednesday afternoon. August end-stocks are forecast to rise to 2.41 million tonnes, according to the median estimate of ten planters, traders and analysts surveyed by Reuters. That would be a 9 percent increase from the previous month and its biggest monthly gains since November 2017. Production also jumped by 9.9 percent from July to 1.65 million tonnes, its highest levels so far this year but its lowest level for August since 2010. "A seasonal uptick in yields boosts fresh fruit bunch output in August," said Ivy Ng, regional head of plantations research at CIMB Investment Bank. "Estates in Sarawak posted the higher month-on-month production increases, followed by those in Peninsular Malaysia. Sabah estates posted the smallest month-on-month rises in production." Malaysia's 2018 full year output however could decline from last year's 19.92 million tonnes, said industry analysts, as production normalizes after a post-El Nino bumper crop. A lack of labour and an old tree profile in Malaysia also contributes to slower output this year, said Oscar Tjakra, a senior analyst at RaboResearch. "Due to lower crude palm oil prices, some companies may also be applying less fertilizer," he added. The survey pegged Malaysian exports for August at 1.23 million tonnes, a 2.3 percent increase from last month and the highest in three months. "Exports see some improvement, but the growth is not significant," forecast a Malaysian planter. Palm oil demand in recent weeks has been sluggish as sliding emerging market currencies have reduced the purchasing power for palm importers. Higher import duties in key importer India also added to demand weakness. Traders, however, are largely expecting Malaysian demand to pick up in September due to a zero percent export tax rate for crude palm oil. Official palm oil data will be published by the Malaysian Palm Oil Board after 0430 GMT on Sept. 12. The median figures from the Reuters survey puts Malaysia's consumption in August at 270,311 tonnes. Breakdown of August estimates (in tonnes): Range Median Production 1,578,381 - 1,800,000 1,651,771 Exports 1,180,000 - 1,700,000 1,232,965 Imports 13,000 - 80,000 50,000 Closing Stocks 2,200,000 - 2,464,226 2,413,060 * Official stocks of 2,214,565 tonnes in July plus the above estimated output and imports give a total August supply of 3,916,336 tonnes. Based on the median of exports and closing stocks estimate, Malaysia's domestic consumption in August is estimated to be 270,311 tonnes. ($1 = 4.1450 ringgit) (Reporting by Emily Chow; Editing by Christian Schmollinger)
KUALA LUMPUR, Sept 4 Three top executives at Malaysian palm oil producer FGV Holdings left the company at the end of August, in a management shake-up at the world's largest crude palm oil producer, three sources familiar with the company operations said on Tuesday.
KUALA LUMPUR, Aug 30 Malaysian state-owned energy firm Petroliam Nasional Berhad is looking to expand its core business portfolio and plans to pay the government a higher dividend than earlier promised, its chief executive said on Thursday.
KUALA LUMPUR The chemical manufacturing unit of Malaysia's state energy firm Petronas [PETR.UL] is actively looking to acquire companies to expand its specialty chemical business, its chief executive officer said on Tuesday.
KUALA LUMPUR, Aug 16 Sliding emerging market currencies are ringing alarm bells among traders concerned that palm oil demand will weaken across the region from China to Iran, as reduced purchasing power cuts into imports into countries like Turkey and India.
MUMBAI/KUALA LUMPUR Edible oil traders are sourcing exports of palm oil and other cooking oils to India from neighbouring countries, designating the supplies as duty-free under a regional free-trade pact and circumventing India's import tax hike on the oils.
MUMBAI/KUALA LUMPUR, Aug 3 Edible oil traders are sourcing exports of palm oil and other cooking oils to India from neighbouring countries, designating the supplies as duty-free under a regional free-trade pact and circumventing India's import tax hike on the oils.
KUALA LUMPUR Malaysian palm oil futures rose over 1 percent on Wednesday evening, a third straight day of gains, on the back of technical buying and as the market turned bullish on forecasts that the world's top palm importer India is likely to receive below-normal monsoon rains in 2018.
KUALA LUMPUR Malaysian palm oil futures fell to their lowest in nearly three years on Friday evening in a fourth session of losses, tracking declines in related edible oils.
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