Khonburi Sugar Public Company Limited Opportunity Day Q2-2012
|
|
- Bethany Cook
- 5 years ago
- Views:
Transcription
1 Khonburi Sugar Public Company Limited Opportunity Day Q August 20,
2 Content I. Company Overview II. Industry Update III. Financial Hi-Lights IV. KBS Outlook V. Q&A 2
3 Major Developments 1965 Khonburi Sugar Plc. was established as Nong Yai Industry Company Limited with registered capital of THB 1 mm and production capacity of 1,500 ton canes/day 1996 Relocated the plant to Khonburi District, Nakornratchasima with production capacity of 13,690 ton canes/ day 2006 Expanded the crushing capacity to 21,000 ton canes/ day 2007 Changed the company s name to Khonburi Sugar Company Limited 2010 Increased its registered capital to THB500 mm by offering newly issued shares 150 million for IPO, and become a listed company in the Stock Exchange of Thailand 2011 Expanded the crushing capacity to 23,000 canes/day 2012 BOD approved the 35 MW power plant project with investment amount of THB1,638 mm 3
4 KBS s Business Overview Breeding Project Sugar Molasses Ethanol Manufacturer Farmers Filter Cake Organic Fertilizer KBS s Electricity Production Unit Bagasses PEA 4
5 Expansion in Capacity Maximum Crushing Capacity Maximum Refining Capacity (Tons/day) (Tons/day) 21,000 23,000 1,200 13, ,000 KBS continues to expand capacity to capture growth of the industry At the start of 2012 crushing season, the Company has completed the capacity expansion. Maximum crushing capacity was raised to 23,000 tons/day, and maximum refining capacity to 1,200 tons/day 5
6 Value Creation through Revenue & Product Mix KBS will increase the proportion of electricity business that generates stable income steam to the Company KBS will focus on value-added products such as refined and white sugar Revenue & Operating Profit Contribution Revenue 2010: Total THB4,863 mm 2011: Total THB6,010 mm Operating Profit 2010: Total THB298.2 mm 2011: Total THB1,091.7 mm Sugar Product Mix Note: Service & utility included performance from Agricultural products and Electricity
7 Distribution Channels 70-80% of total sales are export, which KBS mostly sells through large, credit-worthy international traders For domestic market, KBS sells through multiple channels with the aim to maximize profit margin Sugar Sales: Export vs Domestic Distribution Channels - Domestic
8 Content I. Company Overview II. Industry Update III. Financial Hi-Lights IV. KBS Outlook V. Q&A 8
9 Global Sugar Overview (2012/2013 crop) Brazil Cane production in Center-South region of Brazil in year 2011 had decreased first time in the last decade due to higher aged cane profile and unfavorable weather; as a result, the cane production dropped to 494 mm tons (-11.3%) from 557 mm tons last season The Center-South region of Brazil delayed the start of 2012/13 crushing season due to unseasonal raining. Crushing volumes ended July 12 are 22% lower than last year with sugar yield drop by 4% Australia So far, the sugar production in new season is slightly worse than last year. The sugar production number is estimated at 4.00 mm tons (-3.6%), reduced from 4.15 mm tons of last year. Russia The beet harvest started in early Aug 12 Root weight and sugar content increased from last year due to the weather conditions Even the beet farming areas are down by 11% this year, but the higher sugar yield coupled with increased capacity has made up for the loss Sugar production in 2012/13 is expected to match last year s level of 5.0 mm tons 9
10 Global Sugar Overview (2012/2013 crop) EU As a consequence of bad weather (colder and wetter than expected), the start of beet plantation has been forced to delay for 3 weeks, and so will the harvesting The sugar beet production will decrease to 16.7 mm tons (-9.8%) down from mm tons India For 2012, sugar production in India was 26.5 mm tons while consumption amounted 24.0 mm tons. India sugar producers exported the excess of 2.5 mm tons (out of the export quota of 3.0 mm tons) For updated situation in India, drought in India would be worse than expected, leading to an increase in domestic sugar price Current domestic price is significantly higher than world market price Export ban in India is possible China The 2011/12 production had ended at mm tons while consumption at mm tons and import approximately 3.00 mm tons 20112/13 higher support from domestic price and cane price this year should encourage farmers to grow more cane; it is estimated that the sugar production next year will be mm tons (+4%) 10
11 Global Sugar Situation Update (mm tons) Global Sugar Production, Consumption, and Stock 10yr avg stock level = 43.7% Source: F.O. Licth International Sugar and Sweetener Report According to the forecast, world sugar production will increase significantly to mm tons while the consumption is continue to grow and is expected to reach mm tons The surplus this year will bring world sugar stock up to 42.7% from the tough of 37.6% in 2010; however, it is still lower than the 10-year average level of 43.7% 11
12 World Sugar Price Movement ( NY#11 ) Wet Weather in Brazil, slow loading at port Santos Worst drought in 50 years in Midwest, USA Brazil reports its production to by quite stable (better than expected) The market fear of the reporting surplus number for 2 consecutive years 12
13 Thailand Sugar Situation (mm tons) Cane Volume: Thailand and KBS s Source: Office of Cane and Sugar Board (OSCB), the Company There are favorable factors contributing to good cane situation in Thailand, which are 1) sugar price in world market remains in high region for a relatively prolonged period, leading to continued high cane price, and 2) good weather conditions Thailand start its crushing season in Dec 11, and most of the sugar mills completed the crushing in Apr 12; the total cane crushed broke the record again with total mm ton (+2.7%) KBS s cane crushed for 2012 was 2.55 mm tons (-11.4%), decreased from the record high of 2.88 mm tons last season 13
14 Content I. Company Overview II. Industry Update III. Financial Hi-Lights IV. KBS Outlook V. Q&A 14
15 Understanding of Sugar Business Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operation Support farmers on cane plantation (Oct 10 Oct 11) Cane Crushing (Dec 11 Apr 12) Re-melting season (Dec11 Aug 12) Machinery Maintenance (May12 Dec 12) Domestic Sales Sales & Delivery (Jan12 Dec 12) International Sales Sales (Mar11 Mar 12) Delivery (Jan12 Oct 12) 15
16 Conservative Selling Policy To protect the Company against the damage that may arise from the fluctuation in cane price and exchange rate, KBS has the policy to follow TCSC Hedging Sugar Price Hedging Exchange Rate Case I: TCSC 25 cent/lb; KBS follows and 25 cent/lb Case III: TCSC locks ex 31 THB/USD; KBS follows and locks 31 THB/USD Change from TCSC -10% -5% 0% 5% 10% Sugar price KBS price Cost (70% of TCSC) (17.5) (17.5) (17.5) (17.5) (17.5) Gross profit % profit change 0.0% 0.0% 0.0% 0.0% 0.0% Change from TCSC -10% -5% 0% 5% 10% Exchange rate Revenue Cost (70% of TCSC) (21.7) (21.7) (21.7) (21.7) (21.7) Gross profit % profit change 0.0% 0.0% 0.0% 0.0% 0.0% Case II: TCSC 25 cent/lb; KBS NOT follow and prevailing price Change from TCSC -10% -5% 0% 5% 10% Sugar price Revenue Cost (70% of TCSC) (17.5) (17.5) (17.5) (17.5) (17.5) Gross profit % profit change -33.3% -16.7% 0.0% 16.7% 33.3% Case IV: TCSC locks ex 31 THB/USD; KBS NOT follows and gets prevailing rate Change from TCSC -10% -5% 0% 5% 10% Exchange rate Revenue Cost (70% of TCSC) (21.7) (21.7) (21.7) (21.7) (21.7) Gross profit % profit change -33.3% -16.7% 0.0% 16.7% 33.3% 16
17 Total Revenue Analysis (THB mm) Total Revenues KBS s total revenues for Q has dropped by 23.4% mainly due to the following factors THB2,800 mm THB2,144 mm Sugar sales decreased by 23.0% as sale volume has dropped by 27.4% owing to the delay in international logistics & transportation process Molasses sales decreased by 55.6% as average selling price of molasses this year is significantly lower than that of last year Sugar Sale Volume (mt.) Molasses Sales and Pricing (THB mm) (THB/ ton) 17
18 Quarterly Sale Volume (Tons) Low season of sugar business is Q4 of calendar year, which is the export season for Brazil s sugar, putting pressure on world sugar price overall Thai sugar companies hardly export their sugar during this period Normally, we export sugar during Q1 Q3 of calendar year; the concentration of export volume among these three quarters varies from year to year, subject to logistics and requirements of customers 18
19 Margin Analysis Margin Analysis Q2-12 vs Q2-11 Selling & Administrative Expenses to Sales 6.3% 7.1% Gross margin Q2-12 dropped by 6.4% mainly due to a dip in selling price of molasses this year EBIT margin Q2-12 decreased by 7.1% mainly due to the reduction in gross margin coupled with an increase in SG&A to sale ratio Net margin Q2-12 had less effect and decreased by only 3.9%, thanks to the reduction in corporate income tax rate from 30% to 23% 19
20 Balance Sheet Hi-Lights (THB mm) KBS still has a strong balance sheet with D/E of 0.93x, and the Company is in a comfortable position to support expansion projects that will lead to sustainable growth prospect 20
21 Summary of Financial Hi-Lights Q2-12 Q2-11 % change 1H H - 11 % change Total revenues (THB mm) 2,144 2, % 3,765 4, % Gross margin 22.8% 29.3% -6.4% 23.3% 27.9% -4.6% EBITDA margin 17.1% 23.6% -6.4% 20.8% 22.2% -1.5% EBIT margin 15.4% 22.5% -7.1% 19.0% 20.9% -1.9% Net margin 11.3% 15.1% -3.9% 14.6% 14.6% 0.0% 21
22 Content I. Company Overview II. Industry Update III. Financial Hi-Lights IV. KBS Outlook V. Q&A 22
23 Investment Plans Investment Cost (THB mm) Improve the crushing capacity to 23,000 tons/day 260 Improve sugar purification process capacity to 1,200 tons/day 140 Biomass Power Plant 35 MW. 1,638 Cane machinery development project On going 150 Breeding project On going 50 23
24 Cane machinery development project Breeding Project KBS developed prototypes of cane chopper and planter which are cheaper and more appropriate for small land plot in Thailand The Company is looking for the right strategic partner to develop the project commercially More than 7,000 cane breeds developed under KBS s breeding projects KBS s breeding program is aim to develop cane that give higher sugar yield 24
25 35 MW Power Plant Project KBS s Board of Director has approved the 35 MW biomass power plant project in June 2012 with following details Khorburi Power Plant (KPP), KBS s 99.9% subsidiary, will be the owner of the Project Estimated investment amount is THB1,638 mm Feedstock will be bagasses, the by-product of sugar crushing from KBS s mill The electricity will be sold to the Electricity Generating Authority of Thailand (EGAT) The project construction period will be approx. 18 months; electricity sale to EGAT is expected to be early 2014 KPP already secured bank loan for the project with D/E around 2.3x Benefit of the Project to KBS Increase portion of electricity revenue which is less volatile compared to income/profit from sugar business With new technology employed by the new electricity generating unit, KBS s group can increase its efficiency in energy utilization within the sugar production Bagasses Electricity Production Unit EGAT 25
26 Preparation for AEC Sugar Production/ Consumption in ASEAN Countries Total Production 6.5 mm tons/year _ Total Consumption 11.1 mm tons/year = Net deficit 4.6 mm tons/year Impact of AEC (ASEAN Economic Community) in General Allow for the free movement of goods, services, investment, capital, and skilled labor Tariffs will be eliminated and non-tariff barriers will be gradually phased out Source: International Sugar Organization Tax Rate for Sugar under AEC Country Tax rate Original members Brunei 0% Singpore 0% Thai 0% Malaysia 0% The Philippines 38% (sensitive list), will reduce to 5% in 2015 Indonesia 30-40% (sensitive list), will reduce to 5-10% in 2015 CLMV Cambodia 5% Lao 5% Myanmar 13% (sensitive list), will reduce to 0-5% in 2015 Vietnam KHONBURI SUGAR 5% PUBLIC COMPANY LIMITED Impact of AEC to Thai Sugar Business Thai sugar business will be beneficiary under AEC ASEAN countries excluded Thailand consume sugar of 11.1 mm tons/year and produce 6.5 mm tons/year; most of the imports to satisfy local consumption are from Thailand The local sugar production in other ASEAN countries is far less cost-efficient compared to Thailand If all quota, tariff, and other measures are completely removed, Thailand can export more sugar to ASEAN region rather than ship outside 26
27 Thank You Q&A 27
GLOBAL MARKETS & PRICE PERSPECTIVES
GLOBAL MARKETS & PRICE PERSPECTIVES Emmanuel Jayet, Head of Research - New York, May 2017 GLOBAL BALANCE: A SMALL SURPLUS AT FIRST A small 2017/18 surplus on the near term Global Production/Consumption
More informationGlobal Sugar Consumption Expands While Production Stagnates
United States Department of Agriculture Foreign Agricultural Service Sugar: World Markets and Trade Global Sugar Consumption Expands While Production Stagnates 180 Million Metric Tons, Raw Value 170 160
More information8. Risk Factors. 1. Risk from Business Operation of Buriram Sugar Factory Company Limited ( BSF )
8. Risk Factors Risk from business operation of the Company Business of the Company and its subsidiaries are as follows: 1. Raw sugar and brown sugar manufacturing and distribution operated by Buriram
More informationVietnam. Grain and Feed Update. October 2012
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Vietnam Grain and
More informationpower ethanol Sugar Shree Renuka Sugars Ltd Audited Results for Quarter ended 30 th Jun 2014 Earnings Presentation
Sugar ethanol power Shree Renuka Sugars Ltd Audited Results for Quarter ended 30 th Jun 2014 Earnings Presentation 18 th Aug 2014 1 Important Notice Forward Looking Statements This presentation contains
More informationGlobal Trends & Perspectives for Sugar
Global Trends & Perspectives for Sugar Plinio Nastari DATAGRO UNITED STATES DEPARTMENT OF AGRICULTURE WORLD AGRICULTURAL OUTLOOK FORUM February 19-20, 2015 Crystal Gateway Marriott Hotel, Arlington, Virginia
More informationBula : Jiji Sawasdee Thailand
Bula : Jiji Sawasdee Thailand 1 Impact of Thai Sugar Policy on the World Sugar Economy FAO/FIJI Sugar Conference August 22, 2012 Rangsit Hiangrat Director Cane and Sugar Industry Policy Bureau Office of
More informationThe report covers supply and demand trends for sugar in South Africa
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationGlobal Agricultural Supply and Demand: Factors contributing to recent increases in food commodity prices
Global Agricultural Supply and Demand: Factors contributing to recent increases in food commodity prices Ron Trostle Economic Research Service U.S. Department of Agriculture Agricultural Markets and Food
More informationSugar market post quota. Short Term Outlook and Medium Term Prospects
Sugar market post quota Short Term Outlook and Medium Term Prospects Sugar market observatory 15 November 2017 Content Short term outlook for the European sugar market Autumn 2017 published early October
More informationSugar: World Markets and Trade
United States Department of Agriculture Foreign Agricultural Service Sugar: World Markets and Trade May 218 Elevated in 218/19 Keeps Stocks High, Pressuring Prices Ending Stocks 2 18 16 14 12 1 8 6 4 Other
More informationMarket Outlook. David Reinbott.
Market Outlook David Reinbott Agriculture Business Specialist P.O. Box 187 Benton, MO 63736 (573) 545-3516 http://extension.missouri.edu/scott/agriculture.aspx reinbottd@missouri.edu Trending Issues China,
More informationSugar and Sweeteners Outlook
Economic Research Service Situation and Outlook Report SSS-M-363 November 15, 2018 Next release is December 17, 2018 Sugar and Sweeteners Outlook Michael McConnell, coordinator David Olson, contributor
More informationWorld sugar market overview. Dubai, February 2017
World sugar market overview Dubai, February 2017 What flags over the months ahead? India: all eyes on what comes next CS Brazil: more sugar than anticipated? China and the multiple ways to fill the deficit:
More informationJune 12, USDA World Supply and Demand Estimates
June 12, 2018 - USDA World Supply and Demand Estimates Corn Market Reaction: July 2018 corn futures closed up 10 ¼ cents at $3.77 ½ with a trading range for the day of $3.67 ¼ to $3.79 ½. December 2018
More informationMay 10, USDA World Supply and Demand Estimates
May 10, 2018 - USDA World Supply and Demand Estimates Corn Market Reaction: July 2018 corn futures closed down ¾ cent at $4.02 with a trading range for the day of $4.00 to $4.07. December 2018 corn futures
More informationWorld Agricultural Supply and Demand Estimates
World Agricultural Supply and Demand Estimates Report of Interagency Commodity Estimates Committee Forecasts World Agricultural Outlook Board, Chairing Agency Economic Research Service Foreign Agricultural
More informationWorld Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts. Lockup Briefing July 11, 2014
World Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts Lockup Briefing World Wheat Production Country or Region estimate 2014/15 forecast June 11 Million Tons Percent Percent
More informationTHE SOUTH AFRICAN GRAIN MARKETS QUARTERLY EARLY WARNING REPORT NO. 01 OF 2013
THE SOUTH AFRICAN GRAIN MARKETS QUARTERLY EARLY WARNING REPORT 1. SUMMARY NO. 01 OF 2013 The domestic closing stocks for maize in the current season are expected to contract by about 21.39% on the back
More informationTHE SOUTH AFRICAN GRAIN MARKETS QUARTERLY EARLY WARNING REPORT NO. 02 OF 2013
THE SOUTH AFRICAN GRAIN MARKETS QUARTERLY EARLY WARNING REPORT 1. SUMMARY NO. 02 OF 2013 The domestic closing stocks for maize in the current season are expected to decline by about 40.94% on the back
More information2014 Wheat Situation. Crop Outlook & Durum Forum November 2014
2014 Wheat Situation Crop Outlook & Durum Forum November 2014 World Wheat 2014 Impact Issues RECORD CROP BUT SHORTAGE OF QUALITY BIG U.S. CORN CROP No shortage of sellers on world wheat market Inland rail
More information2012 Farm Outlook. Highlights
2012 Farm Outlook Office of the Chief Economist USDA Highlights A promising spring planting was followed by historic drought. Record high commodity prices followed. Farm incomes are expected to be near
More informationProspects for Corn Trade in 2018/19 and Beyond
Prospects for Corn Trade in 2018/19 and Beyond Ben Brown Department of Agricultural, Environmental, and Development Economics The Ohio State University February 15, 2019 The agricultural industry is a
More informationRyo Hattori, Nisshin Steel Co., Ltd. Fundamental problems of the Asian Stainless Steel Market & the Recovery of the Japanese Stainless Steel Market
Ryo Hattori, Nisshin Steel Co., Ltd. Fundamental problems of the Asian Stainless Steel Market & the Recovery of the Japanese Stainless Steel Market 1 Summary World & Asian Stainless Steel Production China:
More informationJanuary 12, USDA World Supply and Demand Estimates
January 12, 2017 - USDA World Supply and Demand Estimates Corn This month s U.S. corn outlook is for lower production, reduced feed and residual use, increased corn used to produce ethanol, and smaller
More informationThailand s Policy for Increasing Cassava Supply
1 Thailand s Policy for Increasing Cassava Supply 1. Production Situation During 2002 2006, the cassava production in Thailand has been quite unstable. Although high yield varieties of cassava roots have
More informationJune 9, USDA World Supply and Demand Estimates
June 9, 2017 - USDA World Supply and Demand Estimates Corn Market Reaction: July 2017 corn futures closed up 2 cents at $3.87 ¾ with a trading range for the day of $3.80 ¾ to $3.89 ½. December 2017 corn
More information2017/18 Crop Market Outlook & Strategies
2017/18 Crop Market Outlook & Strategies Frayne Olson, PhD Crop Economist/Marketing Specialist Director Burdick Center for Cooperatives frayne.olson@ndsu.edu 701-231-7377 (o) 701-715-3673 (c) NDSU Extension
More informationBiomass Power as Major Power Source. Issei Sawa
Biomass Power as Major Power Source ~ Creation of Asia Biomass Community~ September 6 th, 2018 Issei Sawa President, NEED 1 Driving force to create Biomass Energy Industry Energy (Portfolio) Industrialization
More informationTHIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S.
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Brazil Post: Brasilia
More informationTHIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S.
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationAugust 10, USDA World Supply and Demand Estimates
August 10, 2017 - USDA World Supply and Demand Estimates Corn Market Reaction: September 2017 corn futures closed down 15 cents at $3.57 ¼ with a trading range for the day of $3.56 ½ to $3.75 ½. December
More informationFuel Ethanol in Thailand: What s Next?
Fuel Ethanol in Thailand: What s Next? 9 November 2016 Steigenberger Wiltcher's Hotel, Brussels, Belgium Pipat Suttiwisedsak Chief Operating Officer/ Managing Director Ekarat Pattana Company Limited Email:
More informationSigns align for corn profit hopes Short crop in Brazil could be fix the market needs By Bryce Knorr, senior grain market analyst
Signs align for corn profit hopes Short crop in Brazil could be fix the market needs By Bryce Knorr, senior grain market analyst Corn growers enjoyed an outbreak of optimism last week at Commodity Classic
More informationFresh Deciduous Fruit (Apples, Pears, and Grapes): World Markets and Trade
Fresh Deciduous Fruit (Apples, Pears, and Grapes): World Markets and Trade June 9 SUMMARY Global apple production is expected to expand percent and trade is expected to surge 5 percent in 8/9 due to strong
More informationRice: Global Competitiveness of the U.S. Rice Industry
Rice: Global Competitiveness of the U.S. Rice Industry October 7, 2015 Disclaimer: The views expressed here are those of the presenters, and do not necessarily represent those of any individual Commissioner
More informationThailand. Grain and Feed Annual. Annual 2012
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationU.S. Rice Market Faces Larger Supplies and Lower Prices in 2018/19; Global Trade Projected Another Record High
U.S. Rice Market Faces Larger Supplies and Lower Prices in 218/19; Global Trade Projected Another Record High 218 Rice Outlook Conference December 5-7, 218 Nathan Childs Economic Research Service USDA
More informationJanuary 12, USDA World Supply and Demand Estimates
January 12, 2018 - USDA World Supply and Demand Estimates Corn Market Reaction: March 2018 corn futures closed down 2 ½ cents at $3.46 ¼ with a trading range for the day of $3.45 ½ to $3.50. December 2018
More information2019 Corn & Soybean Market Outlook
2019 Corn & Soybean Market Outlook Lunch & Learn Meeting, Tonganoxie, Kansas February 20, 2019 DANIEL O BRIEN EXTENSION AGRICULTURAL ECONOMIST 2019 Corn & Soybean Market Drivers 1) U.S. Economy Strong
More information12-Month Profitability Outlook
Dec. 31, 2018 Executive Summary Drivers for the wheat industry include supply, trade and planting conditions. World wheat supplies are expected to ease as production is forecast down 4 percent. Uncertainty
More informationTHIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S.
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 3/15/2013
More informationLUIS HENRIQUE GUIMARÃES
LUIS HENRIQUE GUIMARÃES DISCLAIMER This presentation contains estimates and forward-looking statements regarding our strategy and opportunities for future growth. Such information is mainly based on our
More informationFood Prices. August 2013 update
Food Prices August 2013 update Steve Wiggins and Sharada Keats Record global harvests are projected for 2013/14 for all the main cereals. Spot prices of maize and wheat have fallen to US$6 a tonne for
More informationPRODUCTION, PROCESSING AND IMPORT EXPORT PEPPER (REPORT AT 42 TH CONFERENCE OF EXPORTER) IPC ANNUAL MEETING (Dated 22-26/2011 in Lombok, Indonesia)
Hiệp hội Hồ tiêu Việt Nam Vietnam Pepper Association Head office:135a Pasteur Str., Dist. 3 Hochiminh City Tel: (84) 08 8.237.288 08 8.223.901 / Fax: (84) 08 8.223.901 Email: vpa@peppervietnam.com Website:
More informationFresh Deciduous Fruit (Apples, Grapes, & Pears): World Markets and Trade
United States Department of Agriculture Foreign Agricultural Service June 2015 Fresh Deciduous Fruit (Apples, Grapes, & Pears): World Markets and Trade FRESH APPLES World apple production in is estimated
More informationEXECUTIVE SUMMARY. Economic Outlook for Southeast Asia, China and India Special supplement: Update June 2016 UPDATE
EXECUTIVE SUMMARY Economic Outlook for Southeast Asia, China and India 2016 Special supplement: Update June 2016 UPDATE JUNE 2016 Executive Summary: update on the Economic Outlook for Southeast Asia, China
More informationWorld Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts. Lockup Briefing June 11, 2014
World Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts Lockup Briefing World Wheat Production Country or Region 2014/15 Million Tons World 714.0 701.6 0.7-1.7 United States
More informationIowa Farm Outlook. December 15, 2004 Ames, Iowa Econ. Info. 1900
Iowa Farm Outlook December 15, 24 Ames, Iowa Econ. Info. 19 Beef and Pork Price Relationships Historically, beef and pork prices have moved somewhat together. They are substitutes in the consumer s shopping
More informationRising Food Prices in East Asia: Challenges and Policy Options
Rising Food Prices in East Asia: Challenges and Policy Options Luc Christiaensen,, World Bank, presentation at the Managing Vulnerability in East Asia workshop, Bangkok, June 25-26, 26, 2008 Outline Where
More information2016/6/14. China Grain Supply & Demand and Price. China National Grain & Oils Information Centre Li Xigui 13 Jun Grains
China Grain Supply & Demand and Price China National Grain & Oils Information Centre Li Xigui 13 Jun. 2016 Grains 1 China s economy :the main economic indicators are slow down, China economy enters a new
More informationThe Potash Outlook. Al Mulhall Director, Market Research - PotashCorp. November 2, 2005
The Potash Outlook Al Mulhall Director, Market Research - PotashCorp TFI Outlook Meeting November 2, 25 Forward-Looking Statements This presentation contains forward-looking statements, which involve risks
More information2018/19 Crop Market Outlook & Strategies
2018/19 Crop Market Outlook & Strategies November CBOT Soybean Futures Frayne Olson, PhD Crop Economist/Marketing Specialist Director Burdick Center for Cooperatives frayne.olson@ndsu.edu 701-231-7377
More informationVietnam Cotton and Products Update
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Vietnam Cotton
More informationUPPER GANGES SUGAR & INDUSTRIES LIMITED. MANAGEMENT DISCUSSION AND ANALYSIS. [For the quarter ended 31 st December, 2010]
UPPER GANGES SUGAR & INDUSTRIES LIMITED. MANAGEMENT DISCUSSION AND ANALYSIS [For the quarter ended 31 st December, 2010] The management of Upper Ganges Sugar & Industries Limited is pleased to present
More informationTariffs and STEs in ASEAN Rice Trade: Impacts of Removing Trade Barriers Using a Partial Equilibrium Approach. Hoa Hoang and William Meyers
Tariffs and STEs in ASEAN Rice Trade: Impacts of Removing Trade Barriers Using a Partial Equilibrium Approach Hoa Hoang and William Meyers Selected Paper prepared for presentation at the International
More informationGlobal and U.S. Rice Markets Face Tighter Supplies in 2015/16
Global and U.S. Rice Markets Face Tighter Supplies in 2015/16 University of Arkansas Webinar Series November 19, 2015 Nathan Childs, Economic Research Service, USDA 11.20.15 PART 1 THE 2015/16 GLOBAL RICE
More informationCrop Market Outlook: Where do we go from here?
2012-13 Crop Market Outlook: Where do we go from here? Frayne Olson, PhD Crop Economist/Marketing Specialist NDSU Extension Service ND Agricultural Experiment Station Dept. of Agribusiness & Applied Economics
More informationActivity Summary of AFSIS. ASEAN Food Security Information System Expert Shoji KIMURA
Activity Summary of AFSIS ASEAN Food Security Information System Expert Shoji KIMURA 1 AFSIS ASEAN Food Security Information System -Bangkok, THAILAND- 2002 Establishment Agreement (AMAF+3 Minister Meeting)
More informationNo lipstick for this pig USDA report bearish for soybeans -- period By Bryce Knorr, senior grain market analyst
No lipstick for this pig USDA report bearish for soybeans -- period By Bryce Knorr, senior grain market analyst USDA s September reports were about as bearish for soybeans as you can get. A bigger than
More informationAgricultural Outlook Forum 2003 Presented: Thursday, February 20, 2003 THE FUTURE OF UKRAINE S GRAIN SECTOR
Agricultural Outlook Forum 2003 Presented: Thursday, February 20, 2003 THE FUTURE OF UKRAINE S GRAIN SECTOR Leonid P. Kozachenko President of Ukrainian Agrarian Confederation Advisor to Prime Minister
More informationAgribusiness & Risk Management Overview BRIAN THOMSEN, MANAGING DIRECTOR, BUNGE GLOBAL AGRIBUSINESS AND CEO, BUNGE PRODUCT LINES
Agribusiness & Risk Management Overview BRIAN THOMSEN, MANAGING DIRECTOR, BUNGE GLOBAL AGRIBUSINESS AND CEO, BUNGE PRODUCT LINES 1 2014 INVESTOR DAY Forward-looking statements Today s presentation includes
More informationGood news from China China returns to fertilizer market as a seller, increasing supplies By Bryce Knorr, grain market analyst
Good news from China China returns to fertilizer market as a seller, increasing supplies By Bryce Knorr, grain market analyst Farmers have heard mostly bearish news about China in the second half of 2018.
More informationEconomic Sustainability of Bioenergy Production/Use
Economic Sustainability of Bioenergy Production/Use Sustainable Bioenergy Production and Use in Southeast Asia 16-17 November 2017 Hanoi Viet nam Nuengruethai Srithornrath The Department of Agriculture
More informationSanta Claus rally could help corn Be ready to sell brief rallies when they come By Bryce Knorr, senior grain market analyst
Santa Claus rally could help corn Be ready to sell brief rallies when they come By Bryce Knorr, senior grain market analyst Rallies are always possible in corn, even in down markets. Trouble is, they don
More informationApril 9, Dear Subscriber: We will be adding material to this shell letter after todays reports are released at 11:00 a.m.
April 9, 2015 Dear Subscriber: We will be adding material to this shell letter after todays reports are released at 11:00 a.m. Be sure to click back on the link often for the latest information. While
More informationGlobal Food Value Chain Strategy
Provisional Translation Global Food Value Chain Strategy December 2018 1. Concept of Global Food Value Chain Contents 2. Overview of Global Food Value Chain Strategy finalized on June 6 2014 3. Structure
More informationWorld Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts. Lockup Briefing April 9, 2014
World Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts Lockup Briefing World Wheat Production Country or Region Million Tons World 656.5 712.5 8.5 United States 61.7 58.0-6.0
More information3 rd Quarter CMC Business Model. Current Market Conditions & Outlook. Current Market Conditions & Outlook
CMC Business Model Vertical Integration Product Diversification Global Geographic Dispersion 2 Current Market Conditions & Outlook Current Market Conditions & Outlook 3 Global Demand Unabated (in Order
More informationCrops Marketing and Management Update
Crops Marketing and Management Update Grains and Forage Center of Excellence Dr. Todd D. Davis Assistant Extension Professor Department of Agricultural Economics Vol. 2019 (2) February 27, 2019 Topics
More informationFood Prices January February 2012 update Little movement in cereals spot & futures prices Maize stocks a concern
Feb 29th 12 Food Prices January February 12 update Little movement in cereals spot & futures prices Maize stocks a concern KEY POINTS International spot prices of maize, rice, and wheat are little changed
More informationWorld Agricultural Supply and Demand Estimates
World Agricultural Supply and Demand Estimates Report of Interagency Commodity Estimates Committee Forecasts World Agricultural Outlook Board, Chairing Agency Economic Research Service Foreign Agricultural
More informationSUCDEN QUARTERLY DUNKIRK
SUCDEN QUARTERLY DUNKIRK OCTOBER 2017 CONTENTS 01 02 03 04 05 06 07 08 CS Brazil EU & Black Sea India Thailand China Central America NE Brazil Global SnD, macro and outlook 2 CS BRAZIL: LACK OF RAINFALL
More informationOutlook for Bulk Commodities John Barber Bureau of Resources and Energy Economics. bree.gov.au
Outlook for Bulk Commodities John Barber Bureau of Resources and Energy Economics bree.gov.au Overview Outlook for China Steel and iron ore markets Electricity and thermal coal China s economy is still
More informationSOYBEANS: SMALLER STOCKS, MORE ACRES, AND EARLY WEATHER WORRIES
SOYBEANS: SMALLER STOCKS, MORE ACRES, AND EARLY WEATHER WORRIES APRIL 2000 Darrel Good Summary March 1, 2000 stocks of soybeans were estimated at 1.397 billion bushels, 60 million less than on the same
More informationDomestic seaborne distribution systems in Asia
Domestic seaborne distribution systems in Asia Ad Ligthart Cement Distribution Consultants 26 June 2013 Contents of presentation Introduction Overview of Asian cement and clinker trade and domestic distribution
More informationS. Khonkaen Foods Public Company Limited
S. Khonkaen Foods Public Company Limited From Farm to Table Opportunity Day June 3 rd, 2013 Q1/2013 Operating Result A G E N D A SORKON in Brief Financial Review SORKON The Future DISCLAIMER This Investor
More informationASTARTA Results for the year 2015
ASTARTA Results for the year 2015 March 2016 Disclaimer 2 This presentation is being provided to you solely for your information and may not be reproduced or further distributed to any other person or
More informationDairy Outlook Midwest & Great Plains Outlook Conference. Katelyn McCullock Dairy & Forage Economist Livestock Marketing Information Center
Dairy Outlook 2014 Midwest & Great Plains Outlook Conference Katelyn McCullock Dairy & Forage Economist Livestock Marketing Information Center KEY TO DAIRY 2014 Prices are record high in the first half.
More informationAnalysis of chain intervention options: The Case of Mango in East Java, Indonesia. Tiago Wandschneider Mandalay 28 April 2017
Analysis of chain intervention options: The Case of Mango in East Java, Indonesia Tiago Wandschneider Mandalay 28 April 2017 1 Structure of the Presentation I. Export development II. III. Off-season production
More informationTHIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S.
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationGRAIN PRICES TO REFLECT STARLINK, SOUTH AMERICAN WEATHER, AND FARMER MARKETING PATTERNS
January 2, 2001 Ames, Iowa Econ. Info. 1804 GRAIN PRICES TO REFLECT STARLINK, SOUTH AMERICAN WEATHER, AND FARMER MARKETING PATTERNS Corn and soybean futures prices have shown some volatility in the last
More informationCreating a Market for Ethanol - Challenges Faced in the Brazilian Experience
Creating a Market for Ethanol - Challenges Faced in the Brazilian Experience Agnes Maria de Aragão da Costa Tiago de Barros Correia João Paulo Resende Ministry of Mines and Energy - Brazil Oldest economic
More informationMarket Outlook. David Reinbott.
Market Outlook David Reinbott Agriculture Business Specialist P.O. Box 187 Benton, MO 63736 (573) 545-3516 http://extension.missouri.edu/scott/agriculture.aspx reinbottd@missouri.edu Trending Issues Pre-2007
More informationWORLD AGRICULTURAL SUPPLY AND DEMAND ESTIMATES
WORLD AGRICULTURAL SUPPLY AND DEMAND ESTIMATES United States Department of Agriculture Washington, D.C. Approved by the World Agricultural Outlook Board WASDE-339 - June 12, 1998 NOTE Because planting
More informationChina's Imports of Milk Powder Forecast to Continue Growing in 2013 (1,000 Metric Tons)
United States Department of Agriculture Foreign Agricultural Service December 2012 China s phenomenal growth as an importer of dry milk products is expected to continue as imports of whole milk powder
More informationGrains Outlook for 2014 SAEA Crops Outlook Organized Symposium Dallas, TX February 4, 2014
Grains Outlook for 2014 SAEA Crops Outlook Organized Symposium Dallas, TX February 4, 2014 Dr. Nathan B. Smith (UGA) and Dr. Mark Welch (TAMU) Corn Corn Situation Record production. Leveling off of corn-starch
More informationWorld Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts. May 9, 2014
World Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts World Wheat Production Country or Region Million Tons 2014/15 World 714.0 697.0-2.4 United States 58.0 53.4-7.8 Foreign
More informationAg Outlook Webinar. Chris Hurt, Professor, Department of Agricultural Economics
Ag Outlook Webinar Chris Hurt, Professor, Department of Agricultural Economics Michael Langemeier, Associate Director, Center for Commercial Agriculture James Mintert, Director, Center for Commercial Agriculture
More informationIndonesian Logistics Overview
Indonesian Logistics Overview YUKKI NUGRAHAWAN HANAFI Chairman Member of : 15 Packages of Economic Policies 9 Sept 2015 Package 1 Improvement of industrial competition level 27 Jan 2016 Package 9 Electricity
More informationDecember 12, USDA World Supply and Demand Estimates
December 12, 2017 - USDA World Supply and Demand Estimates Corn Market Reaction: March 2018 corn futures closed down 1 ¼ cents at $3.47 ¾ with a trading range for the day of $3.47 ½ to $3.53. December
More informationStrategic Rice Cultivation for Sustainable Low Carbon Society Development in South East Asia
Strategic Rice Cultivation for Sustainable Low Carbon Society Development in South East Asia Dr Sebastien Bonnet The Joint Graduate School of Energy and Environment Capacity Building Workshop on: Strategic
More informationSugar: World Markets and Trade
United States Department of Agriculture Foreign Agricultural Service November 2018 Sugar: World Markets and Trade Record Stocks and Consumption Despite Lower Production 205 185 Production Consumption Stocks
More informationRice Market Situation and Outlook
May 1 Rice Market Situation and Outlook THIRTEENTH SESSION OF THE AMIS GLOBAL FOOD MARKET INFORMATION GROUP FAO Headquarters, Rome 4 May 1 GLOBAL RICE PRODUCTION To grow by 1. percent to a fresh peak of
More informationLooking at the Economics of the Next Generation of Biofuels
Looking at the Economics of the Next Generation of Biofuels Chad Hart Center for Agricultural and Rural Development Iowa State University E-mail: chart@iastate.edu May 27, 2008 Breeding Lignocellulosic
More informationWhat are the risks? Crop Market Outlook
What are the risks? 2012-13 Crop Market Outlook Frayne Olson, PhD Crop Economist/Marketing Specialist NDSU Extension Service ND Agricultural Experiment Station Dept. of Agribusiness & Applied Economics
More informationUnited Nations Conference on Trade and Development
United Nations Conference on Trade and Development 1th MULTI-YEAR EXPERT MEETING ON COMMODITIES AND DEVELOPMENT 25-26 April 218, Geneva Assessing the recent past and prospects for grains and oilseeds markets
More informationMarket Alert. China NPK Statistical Update February Highlights. China Plant Nutrient Exports. Exports
Market Alert China NPK Statistical Update February Exports China Customs reported that high-analysis phosphate exports (DAP/ MAP/TSP) fell to 65,200 tonnes in February, a drop of 54% from uary and 58%
More informationmarketreport FEBRUARY 2016
marketreport FEBRUARY 2016 Onion & Garlic Dehydrated Onion Market Summary 2016 US onion crop planting progressing well; El Nino having benefic impact on CA snowpack and precipitation; Chopped/ minced and
More informationDairy Outlook. June By Jim Dunn Professor of Agricultural Economics, Penn State University. Market Psychology
Dairy Outlook June 2014 By Jim Dunn Professor of Agricultural Economics, Penn State University Market Psychology The prices of all dairy products have been mixed in the last month. The CME block cheese
More information