World vegetable oil and sugar market on April 4 where white sugar prices hit a 10.5-year high

Published Apr 4, 2023

Tridge summary

The article reports a rise in the June 2023 palm oil contract price on the Bursa Malaysia exchange by 0.67%, driven by an increase in crude oil prices leading to palm oil being a more attractive biodiesel feedstock. Malaysian palm oil product exports saw a 24.7% increase in March 2023. Additionally, the article covers a rise in soybean and palm oil prices on other exchanges and an increase in road raw sugar and white sugar prices on specific exchanges. Furthermore, it mentions a forecast of a 15% decrease in Pakistan's sugar production in the 2022/23 crop year, while India, Thailand, China, and the EU have also reduced their production outlooks.

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Original content

Vegetable oil Palm oil contract for delivery in June 2023 on the Bursa Malaysia exchange at the beginning of the session increased by 26 ringgit, or 0.67%, to 3,910 ringgit ($887.22) per ton. Earlier in the week, the contract rose 3.3% following the spike in crude oil prices, after Saudi Arabia and other OPEC+ producers unexpectedly announced cuts to their output targets. At the midday break, this futures contract closed at 3,941 ringgit ($894.46)/ton. Stronger oil prices make palm a more attractive alternative to biodiesel feedstock. Commodity surveyor Societe Generale de Surveillance said Malaysia's exports of palm oil products in March 2023 increased 24.7% to 1,411,707 tonnes compared with 1,131,939 tonnes exported in the previous month. On the Dalian Stock Exchange, soybean oil prices rose 0.9% and palm oil prices rose 1.2%. On the Chicago Mercantile Exchange, soybean oil prices rose 0.2%. Palm oil prices are influenced by relevant oil prices when competing for share in ...

Source: Vinanet