World vegetable oil and sugar market on April 26; raw sugar prices hit 11.5-year highs

Published 2023년 4월 26일

Tridge summary

The article reports on the fluctuations in the agricultural market, with a focus on oil and sugar prices. It highlights a decrease in the July delivery price of palm oil on the Bursa Malaysia exchange, alongside reported drops in export figures for April. Concurrently, soybean and white sugar prices saw increases on various exchanges. The rise in sugar prices is attributed to tight supplies and reduced output in Asia, particularly in China, where the Ministry of Agriculture has cut its sugar output forecast. In India, sugar production has also seen a decrease, potentially leading to an exit from the export market which could further impact global sugar prices.

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

Original content

Vegetable oil Palm oil contract for July delivery on the Bursa Malaysia exchange in early trading fell 22 ringgit, or 0.61%, to 3,613 ringgit ($810.27) a tonne. Independent testing company AmSpec Agri Malaysia reported that export figures for the first 25 days of April 2023 fell 18.43% month-on-month to 927,331 tonnes, while commodity survey company Intertek Testing Services reported a 14% drop. On the Dalian bourse, soybean oil prices rose 0.3% and palm oil prices increased 0.11%. On the Chicago Mercantile Exchange, soybean oil prices rose 0.5%. Palm oil prices are influenced by relevant oil prices when competing for share in the global vegetable oil market. Palm oil production has improved after falling rainfall, but production gains are expected to be limited by fewer working days due to the Eid al-Fitr holiday, Refinitiv said. Road The price of white sugar in August 2023 on the London floor increased by 15 USD, or 2.2%, to 705.1 USD/ton. Raw sugar futures for May ...

Source: Vinanet