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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

16/05/2003

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

Reuters

CATEGORY

HEADLINE

Oil World sees oilseed prices steady
HAMBURG (May 14 2003) : Global oilseed prices are likely to remain stablein the medium term, Hamburg-based newsletter Oil World said.

"We forecast price stability or firmness under the lead of the soyacomplex as well as of palm and lauric oils," it said.

"Old crop stocks are tight and for the 2003-04 season there are manyuncertainties ahead which must be cleared first before the necessarypronounced increased in production, needed to refill empty pipelines andto satisfy demand, is assured."

It added: "We may not see big selling pressure in the months ahead."

The weak dollar might provide initial price support to markets primarilytrading in the currency.

Oil World estimated that weak local output would boost India's imports ofoils and fats (including inedible) to 3.4 million tonnes inApril/September 2003 from only 500,000 in the same period last year,supporting world prices.

A major element in favour of price moderation was the prospect of a sharpincrease in world oilseed production in 2003-04, it said.-Reuters