World vegetable oil and sugar market June 14: Palm oil price climbs to two-week high

Vegetable oil Palm oil contract for delivery in August 2023 on the Bursa Malaysia exchange at the beginning of the session increased by 64 ringgit, or 1.87%, to 3,480 ringgit ($753.41) per ton. At the mid-day break, this futures contract closed at 3,523 ringgit ($763.05) per ton, the highest level since May 30. Commodity surveyors are expected to release Malaysian palm oil export figures for the first half of June 2023 on June 15. Palm oil exports in the first 10 days of June 2023 fell by about 16.7-17.6% year-on-year, according to data from Intertek Testing Services and Amspec Agri released earlier this week. Paramalingam Supramaniam, director of Selangor-based Pelindung Bestari brokerage, said Malaysia's June output also fell due to hot, dry weather conditions. On the Dalian Stock Exchange, soybean oil prices rose 2% and palm oil prices rose 3.2%. On the Chicago Mercantile Exchange, soybean oil prices were stable after rising 2.8%. Palm oil prices are influenced by relevant ...