World vegetable oil and sugar market on 11/01/2023
Sugar
Published Jan 12, 2023
Original content
Vegetable oil Malaysian palm oil futures fell for a second session in a row, hitting a nearly three-week low, as traders worried about weakening demand after early January exports plummeted by as much as 50%. Palm oil contract for delivery in March 2023 on the Bursa Malaysia exchange fell 76 ringgit, or 1.91%, to 3,908 ringgit ($893.46) a tonne, the lowest level since December 23. At the mid-day break, this futures contract closed at 3,905 ringgit ($893.39) per ton. In a note, Ivy Ng, regional head of crop research at CGS-CIMB Research, said Malaysia's production will improve by 3.3% this year to 19.1 million tonnes this year due to problems Labor shortages are likely to ease by mid-year, although production costs are likely to remain high. Ivy Ng predicts palm oil prices to stabilize at 3,800-4,500 ringgit/t at the beginning of the first quarter of this year due to adverse weather affecting cooking oil producing countries, lower sunflower seed production in Ukraine with ...
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