During the week, palm oil prices fell by 8.3%, and soybean prices by 7.8%. globally

Global vegetable oil markets remain under pressure from forecasts of a record soybean harvest in South America, a decline in soybean demand and processing volumes in the United States, as well as the approval of the year-round sale of gasoline with a high ethanol content. February palm oil futures on the Bursa exchange in Malaysia fell 4.3% yesterday to 4,529 ringgit/t or $1,014/t (-8.3% since the beginning of the week, -13.3% in two weeks) on the background of a decline in demand, failing to respond to the increase in the export base price in Malaysia and the introduction of the B40 standard from January 1 in Indonesia. Indonesia’s intention to increase the share of palm oil in biofuels from 35% to 40% from January 1, 2025, has supported prices, but a 11.2% drop in palm oil exports from the country in November to 2 million tonnes has weighed on prices. Malaysia left its export duty on crude palm oil at 10% for January but raised the base price from which the duty is calculated ...