World vegetable oil and sugar market, March 2, 2023

Published 2023년 3월 2일

Tridge summary

The article reports on the increase in the May 2023 palm oil contract on the Bursa Malaysia exchange by 1.22%, driven in part by a weaker ringgit and the cancellation of duty-free import quota for crude sunflower oil by India. The flooding in Malaysia and Indonesia's plan to establish its own palm oil benchmark price were also mentioned. Additionally, the article covers the rise in vegetable oil prices, including palm oil, soybean oil, and raw sugar, in various exchanges. India's proposal to export an additional 1 million tonnes of sugar and the ongoing dispute with the WTO over alleged subsidy violations were also highlighted.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Vegetable oil Palm oil contract for delivery in May 2023 on the Bursa Malaysia exchange at the beginning of the session increased by 51 ringgit, or 1.22%, to 4,233 ringgit ($946.56) per ton. At the middle of the day, this futures contract closed at 4,267 ringgit ($953.52)/ton. The ringgit fell 0.07% against the dollar, making palm oil more attractive to foreign currency holders. India has decided to cancel duty-free import quota of 2 million tonnes of crude sunflower oil for the next fiscal year starting April 1, to support local farmers. Ukraine and Russia account for about 80% of global sunflower oil exports. Months of heavy rains caused flooding across Malaysia that displaced more than 27,000 people. Flooding disrupted harvest operations and supply chains, affecting output in the world's second-largest palm oil producer, amid steady demand from key markets India and EU. Indonesia, the world's largest palm oil exporter, plans to require palm oil exports to go through a ...

Source: Vinanet