Latest news with #809
Barnama
22-05-2025
- Business
- Barnama
CPO Futures Close Lower, Tracking Weaker Soybean Oil Prices
GENERAL By Nur Athirah Mohd Shaharuddin KUALA LUMPUR, May 22 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Thursday, tracking weakness in the soybean oil market, said palm oil trader David Ng. He noted that market sentiment was also weighed down by concerns over rising output in the coming weeks. 'We see support at RM3,800 per tonne and resistance at RM3,900,' Ng told Bernama. At the close, the new spot month of June 2025 fell by RM69 to RM3,822 per tonne. July 2025 declined by RM71 to RM3,833 per tonne, and August 2025 dropped RM74 to RM3,820 per tonne. September 2025 slipped by RM73 to RM3,809 per tonne, October 2025 was down by RM75 to RM3,803, and November 2025 eased by RM71 to RM3,809 per tonne. Trading volume declined to 66,842 lots from 79,236 previously, while open interest edged up to 247,462 contracts from 243,689. The physical CPO price for June South slipped by RM30 to RM3,890 per tonne. -- BERNAMA
Business Recorder
17-05-2025
- Business
- Business Recorder
Federal govt is no longer setting wheat prices, pulls plug on Passco
ISLAMABAD: Chaos looms large for Pakistan's wheat farmers as the government told the National Assembly on Friday that it is officially pulling the plug on Passco – the state-run grain procurement giant – and ditching wheat price controls, setting the stage for a free-market frenzy. Responding to a grilling during question hour in National Assembly, Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry stunned the lawmakers by confirming that the federal government is no longer setting wheat prices – leaving farmers at the mercy of the open market. With wheat now tossed into the jaws of market forces, the once-mighty Pakistan Agricultural Storage and Services Corporation (Passco) is getting the axe – a move the lawmakers on both sides of the aisle slammed, warning it will leave farmers exposed to ruthless middlemen and global grain cartels ready to pounce. Pakistan misses wheat production target 'When the government isn't buying wheat, there's no point in Passco. It's being wound up,' Chaudhry declared, adding that a committee and consultant have been appointed by Prime Minister Shehbaz Sharif to settle the agency's assets 'fairly and transparently.' However, the lawmakers from both the opposition and even the government's own allies especially the PPP didn't buy the sunny spin – slamming the Passco closure and warning it would unleash wheat cartels and wreak havoc on farmers. 'This free-for-all policy is a recipe for disaster,' thundered Pakistan People's Party (PPP) leader Aijaz Hussain Jakhrani, pointing to the chaos that erupted when a previous caretaker regime, led by the then caretaker chief minister of Punjab, Mohsin Naqvi (now moonlighting in the Interior Ministry), had to import wheat, exposing the country's food supply to foreign whims. 'Closing Passco will hurt our farmers. They won't get fair rates in the open market. We need a clear mechanism to support them – not abandon them,' he maintained. Jakhrani wasn't the only one sounding the alarm. PPP's Hina Rabbani Khar – herself from a feudal farming family in Sheikhupura, Punjab – ripped into the government for 'giving relief to European farmers by importing wheat' while leaving Pakistan's own growers in the dust. 'It's clear – this government has no coherent policy for our farmers.' Dr Chaudhary, speaking on behalf of the Ministry for Food Security, tried to douse the fiery debate by tossing out some cold, hard numbers, all while repeatedly assuring the furious lawmakers that axing Passco would ultimately benefit the farmers. He revealed that the cost of growing wheat per acre in 2023-24 shot up to a staggering Rs114,809, while the official support price was stuck at just Rs2,300-2,400 per 40kg – far below what farmers needed to survive. 'That price wasn't just unfair – it was unsustainable,' he admitted. 'So the government backed off, letting market forces take over to ensure farmers get better rates.' He also revealed that a new wheat policy is in the works for next year to attract private investment in the crop supply chain – but whether that will shield small farmers from price shocks remains to be seen. Adding fuel to the fire, the opposition Pakistan Tehreek-e-Insaf's (PTI) Aslam Gumman, a pensioned brigadier-turned-politician from Sialkot, warned that scrapping Passco could invite wheat cartels to corner the market. 'Passco handles billions in procurement. Shutting it down without airtight checks will disrupt supply – and manipulators will jump in,' he warned. Meanwhile, Minister for Water Resources Mueen Wattoo announced that rehabilitation of the Neelum-Jhelum Hydropower project will begin soon, once the final probe into its collapsed tunnels is in. He promised the fixes would be done in two years. Minister for Housing and Works Riaz Hussain Pirzada claimed that housing schemes are being fast-tracked, with public-private partnerships now driving the momentum. And Minister of State for National Health Services Mukhtar Ahmad Malik insisted there's no medicine shortage in the country, adding that generic drug manufacturing is being ramped up to ease the burden on patients' wallets. Copyright Business Recorder, 2025
Business Recorder
17-05-2025
- Business
- Business Recorder
Federal govt is no longer setting wheat prices, NA informed
ISLAMABAD: Chaos looms large for Pakistan's wheat farmers as the government told the National Assembly on Friday that it is officially pulling the plug on Passco – the state-run grain procurement giant – and ditching wheat price controls, setting the stage for a free-market frenzy. Responding to a grilling during question hour in National Assembly, Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry stunned the lawmakers by confirming that the federal government is no longer setting wheat prices – leaving farmers at the mercy of the open market. With wheat now tossed into the jaws of market forces, the once-mighty Pakistan Agricultural Storage and Services Corporation (Passco) is getting the axe – a move the lawmakers on both sides of the aisle slammed, warning it will leave farmers exposed to ruthless middlemen and global grain cartels ready to pounce. Pakistan misses wheat production target 'When the government isn't buying wheat, there's no point in Passco. It's being wound up,' Chaudhry declared, adding that a committee and consultant have been appointed by Prime Minister Shehbaz Sharif to settle the agency's assets 'fairly and transparently.' However, the lawmakers from both the opposition and even the government's own allies especially the PPP didn't buy the sunny spin – slamming the Passco closure and warning it would unleash wheat cartels and wreak havoc on farmers. 'This free-for-all policy is a recipe for disaster,' thundered Pakistan People's Party (PPP) leader Aijaz Hussain Jakhrani, pointing to the chaos that erupted when a previous caretaker regime, led by the then caretaker chief minister of Punjab, Mohsin Naqvi (now moonlighting in the Interior Ministry), had to import wheat, exposing the country's food supply to foreign whims. 'Closing Passco will hurt our farmers. They won't get fair rates in the open market. We need a clear mechanism to support them – not abandon them,' he maintained. Jakhrani wasn't the only one sounding the alarm. PPP's Hina Rabbani Khar – herself from a feudal farming family in Sheikhupura, Punjab – ripped into the government for 'giving relief to European farmers by importing wheat' while leaving Pakistan's own growers in the dust. 'It's clear – this government has no coherent policy for our farmers.' Dr Chaudhary, speaking on behalf of the Ministry for Food Security, tried to douse the fiery debate by tossing out some cold, hard numbers, all while repeatedly assuring the furious lawmakers that axing Passco would ultimately benefit the farmers. He revealed that the cost of growing wheat per acre in 2023-24 shot up to a staggering Rs114,809, while the official support price was stuck at just Rs2,300-2,400 per 40kg – far below what farmers needed to survive. 'That price wasn't just unfair – it was unsustainable,' he admitted. 'So the government backed off, letting market forces take over to ensure farmers get better rates.' He also revealed that a new wheat policy is in the works for next year to attract private investment in the crop supply chain – but whether that will shield small farmers from price shocks remains to be seen. Adding fuel to the fire, the opposition Pakistan Tehreek-e-Insaf's (PTI) Aslam Gumman, a pensioned brigadier-turned-politician from Sialkot, warned that scrapping Passco could invite wheat cartels to corner the market. 'Passco handles billions in procurement. Shutting it down without airtight checks will disrupt supply – and manipulators will jump in,' he warned. Meanwhile, Minister for Water Resources Mueen Wattoo announced that rehabilitation of the Neelum-Jhelum Hydropower project will begin soon, once the final probe into its collapsed tunnels is in. He promised the fixes would be done in two years. Minister for Housing and Works Riaz Hussain Pirzada claimed that housing schemes are being fast-tracked, with public-private partnerships now driving the momentum. And Minister of State for National Health Services Mukhtar Ahmad Malik insisted there's no medicine shortage in the country, adding that generic drug manufacturing is being ramped up to ease the burden on patients' wallets. Copyright Business Recorder, 2025
