World vegetable oil and sugar market on March 17: Palm oil prices rise from a one-month low

Published 2023년 3월 17일

Tridge summary

The article reports on the fluctuation of vegetable oil prices, specifically palm oil, in the global market. It notes a price increase in the June 2023 contract on Bursa Malaysia, but a weekly decline due to global economic concerns, particularly the US banking crisis. Indonesia's sale of cheap cooking oil domestically fell short of the government's supply target. Meanwhile, Malaysia's palm oil exports have seen a significant increase, particularly to India, ahead of a Muslim festival. Arguments suggests that palm oil is becoming a more attractive option for biodiesel feedstock due to recent trends in oil prices. Additionally, the article covers the decrease in soybean production forecasts in Argentina due to drought and the rise in road raw sugar and white sugar prices, attributed to concerns of declining production in several major countries and potential export delays in Brazil.

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Original content

Vegetable oil Palm oil contract for delivery in June 2023 on the Bursa Malaysia exchange at the beginning of the session increased by 56 ringgit, or 1.42%, to 3,989 ringgit ($889.21) per ton. At the mid-day break, this futures contract closed at 3,982 ringgit ($889.34)/ton. For the whole week, prices lost 2.9%, falling for the second consecutive week due to global economic concerns amid the US banking crisis. At the leading producer in Indonesia, palm oil producers sold 360,150 tons of cheap cooking oil to the domestic market in February 2023. This level of sales did not meet the government's target to ensure domestic supply. Malaysia's palm oil exports in the first 15 days of March 2023 were up 55%-72% year-on-year as exports to India spiked ahead of the Muslim festival of Eid, according to industry data. commodity survey. Argentina's Buenos Aires Grain Exchange has cut its soybean production forecast for 2022/23 to 25 million tonnes, a sharp drop from its previous estimate ...

Source: Vinanet