World palm oil prices today, August 4, fell due to the prospect of increased supply and selling pressure from Indonesia

Palm oil contract for October delivery on the Bursa Malaysia exchange at the beginning of the session fell 76 ringgit, or 1.97%, to 3,788 ringgit ($850.47) a tonne. At the midday break, this futures contract was at 3,807 ringgit ($855.12)/ton. Malaysia's palm oil stocks at the end of July 2022 are likely to increase by 9.8% month-on-month to 1.82 million tons, mainly due to increased production. The first grain-carrying ship left the Ukrainian port through the Bosphorus to the port of Tripoli, Lebanon. This raised hopes for increased supply in the Black Sea, which accounts for 60% of the world's sunflower oil production and 76% of its exports. Lower export taxes and higher exports in Indonesia make Indonesian palm oil more competitive than Malaysian palm oil, as buyers take advantage of savings from taxes and fees that will boost exports. imports in August 2022, affecting demand for Malaysian palm oil. Disruptions in plant and harvest operations due to record-high Indonesian ...