Global: Against the backdrop of rising oil prices, prices for palm and soybean oil have increased despite the absence of fundamental support factors

A 2.5% rise in oil prices this week supported palm oil and soybean oil, although overall markets remain under pressure from higher production and lower exports. April palm oil futures on the Bursa Malaysia exchange rose for three straight sessions and rose 1.58% to 3,924 ringgit/t or $824/t yesterday (+1.6% on the week), having remained fairly stable for two months According to surveyors AmSpec Agri and Intertek Testing Services, Malaysia for February 1-25 reduced its exports of palm oil products by 11.8-14.3% to 860-950 thousand tons compared to the same period in January, which increases the pressure on quotations. especially in anticipation of the spring increase in production. Next week, a major industry conference will be held in Kuala Lumpur where production and consumption forecasts for Malaysia and Indonesia to 2024 will be presented. According to the forecasts of the Indonesian Palm Oil Association GAPKI, in 2024 Indonesia will increase production by 5% to 57.6 million ...