World vegetable oil and sugar market on February 10, 2023

Published 2023년 2월 10일

Tridge summary

The article reports a decrease in the April 2023 palm oil contract on the Bursa Malaysia exchange by 2.52%, closing at 3,861 ringgit ($892.1)/ton, despite an overall weekly gain of 0.6%. This decline is attributed to an increase in soybean oil prices on other exchanges and concerns over a potential Federal Reserve rate hike. Malaysian palm oil exports are expected to decrease by 21.7% due to reduced orders from India and China. In contrast, raw sugar prices are experiencing a significant increase towards a six-year high, driven by new buy funds and the anticipation of tight supply in the market. An agreement in France aims to compensate farmers for losses due to a yellow beet virus attack.

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Original content

Vegetable oil Palm oil contract for delivery in April 2023 on the Bursa Malaysia exchange at the beginning of the session fell 100 ringgit, or 2.52%, to 3,873 ringgit ($895.28) a tonne. At the middle of the day, this futures contract closed at 3,861 ringgit ($892.1)/ton. For the whole week, this contract gained about 0.6%. The US Department of Agriculture (USDA) publishes weekly export data showing that soybean sales fell from 927,951 tons to 644,400 tons. According to a Reuters survey, Malaysia's palm oil exports are likely to drop 21.7% to 1.15 million tonnes as orders from the biggest consumers India and China slow. The Malaysian Palm Oil Board (MPOB) and commodity surveyors release supply and demand data today (February 10, 2023). Malaysia's palm oil inventories at the end of January 2023 increased for the first time in three months, with an increase of 3.27% month-on-month to 2.27 million tonnes. MPOB data shows that this increase was due to a sharp increase in imports ...

Source: Vinanet