World vegetable oil and sugar prices on September 8th: The first shipment of raw sugar from Australia has arrived in London

Published 2023년 9월 8일

Tridge summary

Palm oil prices on the Bursa Malaysia exchange dropped to their lowest level in over three weeks, as Malaysia's palm oil inventory is expected to rise to a six-month high due to increased output and slowing exports. Meanwhile, soybean oil prices fell on the Chicago and Dalian exchanges due to Argentina's forecasted record-high soybean crop. On the other hand, sugar prices rose on ICE and London exchanges, supported by concerns over India's lackluster supply outlook and Ukraine's expected increase in sugar output. Additionally, Australia has resumed duty-free exports of raw sugar to the UK under a new trade agreement.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Vegetable oil Palm oil contract delivered in November 2023 on the Bursa Malaysia exchange at the beginning of this morning's trading session lost 32 ringgit, equivalent to 0.84%, to 3,800 ringgit (812.66 USD)/ton, hitting the lowest level in more than 3 weeks. At lunch break, this contract was at 3,786 ringgit (810.01 USD)/ton. For the whole week up to now, this contract has decreased 5.9% and is on track to decrease for the fifth consecutive session. A Reuters survey showed that Malaysia's palm oil inventory by the end of August 2023 could rise to a six-month high of 1.89 million tons, due to increased output and slowing exports. MPOB plans to release palm oil inventory data on September 11. India's palm oil imports in 2022/23 are expected to rise 26% to a record high (ending October 31), as recovering consumption and competitive prices boost mills. increase buying. Argentina's 2023/24 soybean crop is estimated at 50 million tons, the highest level in the past five years, ...

Source: Vinanet