Reuters Daily Agriculture Brief 240409

Financial Crisis - 0705 GMT
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GRAINS:

CBOT corn, wheat hesitant after wet weather gains
PARIS/SINGAPORE, April 24 (Reuters) - Chicago corn and wheat futures were little changed in hesitant trade, after the previous day's rises on concerns about spring planting delays in the United States due to wet weather.
"A reduction in corn acres and maybe some small switching into soybeans, that is the possible outcome from the wet weather," said Adam Tomlinson, commodities analysts with Rabobank in Sydney.

China seen likely to release corn reserves-report
BEIJING, April 24 (Reuters) - The Chinese corn market anticipates the government may release its reserves soon after the current stockpiling plan is by the end of the month, said an official think tank.
The China National Grain and Oils Information Centre (CNGOIC) gave no details, but said most enterprises surveyed had agreed that the government would sell reserves to maintain a steady supply after farmers in the northeast sold their harvests.

Polish grain prices fall on abundant supply, low demand
WARSAW, April 24 (Reuters) - Polish grain prices are slipping on the back of strong supply and low demand, analysts and producers said on Friday.
Data from the Ministry of Agriculture on April 19 showed milling wheat traded at 549 zlotys per tonne, a drop of 0.8 percent from the previous week, while the price of feed wheat remained unchanged at 463 zlotys.

Australia 09/10 wheat crop about 85 pct sold -trade
SYDNEY, April 24 (Reuters) - Australian farmers are likely to have sold more than 85 percent of the 2008/09 wheat harvest that ended in February, yielding about 21.4 million tonnes, as a weaker currency boosted the grain's appeal, traders and analysts said on Friday.
At most about 15 percent, or around three million tonnes, remained unpriced, stored on farms, they said.

Vietnam effectively lifts rice export curbs
HANOI, April 24 (Reuters) - Vietnam's food industry and government trade officials have agreed to allow rice exporters to resume talks to sign new deals, effectively lifting curbs in place since late February, an official said.
The move looks set to swell a tide of rice supplies after news this week that largest producer Thailand plans to sell 3.76 million tonnes from stocks and signals emerged that India, which competes with Vietnam to be the second-largest producer, could lift a rice export ban after May national polls.

Australia's southeast croplands may stay parched
SYDNEY, April 24 (Reuters) - Chances of good April to June rains in croplands across southeast Australia remain slim, giving farmers little hope of a break in a long-running drought as they head into the planting season.
Australia's Bureau of Meteorology said on Friday the region had a 60-75 percent chance of drier-than-normal weather over the three-month period.

EDIBLE OIL/OILSEEDS:

Palm ends at 34-week high ahead of export data
JAKARTA, April 24 (Reuters) - Malaysian crude palm oil futures edged up to a 34-week high on expectations that data due out Monday would show good palm oil exports during the first 25 days of April, traders said.
"It was a very healthy correction towards the closing. Traders may have realised that the exports rise has been priced in," the trader said.

China warns over high soy, rapeseed imports-MOFCOM
BEIJING, April 24 (Reuters) - China's commerce ministry warned on Friday about potential risks as China's soybean and rapeseed imports in April approach record levels.
The large imports may cause an oversupply in the country because harvesting is about to begin for the new domestic rapeseed crop, while demand for cheaper palmoil is expected to pick up as the weather gets warmer.

Palm prices seen at 2,600 rgt on tight stocks-report
KUALA LUMPUR, April 24 (Reuters) - Malaysia's palm oil prices are likely to touch 2,600 ringgit ($716.2) a tonne and may remain at that level till August as robust demand cuts into declining stocks, the state news agency reported on Friday, citing an industry body.
The inventory drawdown from 2.2 million tonnes in November to 1.36 million tonnes in March was due to an aggressive replanting scheme initiated by the government, Malaysian Palm Oil Board director-general Mohammad Basri Wahid was quoted by Bernama as saying.

Indonesia keeps May palm oil export tax at zero
JAKARTA, April 24 (Reuters) - Indonesia retained its zero percent palm oil export tax in May, while raising the crude palm oil base export price to $560 per tonne from $515 per tonne in April, a trade ministry official said on Friday.
Indonesia does not tax palm oil exports until the minimum reference price hits $700 a tonne.