US palm oil exports up

According to the December USDA, world agricultural supply and demand estimates report, exports for US and Brazilian palm oil were higher, and that’s due to a decrease in world palm oil production. USDA Agricultural Outlook Board Chairman, Mark Jekanowski. “Reduction in palm oil supplies reflecting these wetter conditions in both Malaysia and Indonesia, where most of the world’s palm oil is produced, palm oil prices have risen above soybean oil prices, and that has been pulling more US palm oil into global markets to fill some of that gap left by the tighter palm oil supplies. Palm oil is also a direct competitor to soybean oil and other oil seeds in the global market. Which is why the world board tracks palm oil production and supplies, historically, soybean oil sold at a price premium to palm oil with the expansion of the US biofuel industry that has been keeping a lot more of the US soybean oil in the US.” “Once again, that was USDA World Outlook Board Chairman Mark Jekanowski, ...