World: Palm oil quotes fell amid a 3% fall in soybean oil prices

Accelerating soybean harvest in Brazil and increased soybean production forecasts in Argentina are adding pressure to soybean and oil quotes. The increase in oil prices during the week by 5% did not support quotations of vegetable oils, as against the background of increased supply, demand remains very weak. March soybean oil futures on the Chicago Stock Exchange fell 3% to $1,003/t yesterday (-6% for the month, -32% for the year). March palm oil futures on Bursa Malaysia fell 1.7% to RM3,948/t or $833/t yesterday (+1.2% for the week, +5.7% for the two weeks) on Bursa Malaysia ) against the background of fixed profits and falling soybean oil prices. A seasonal drop in palm oil production in January led to reduced supply, although Malaysia plans to increase oil production by 1% to 18.75 million tonnes in 2024. However, oil stocks at the end of January will not increase as the pace of its exports has also slowed. In the spring, production volumes will increase, but exports may ...