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World vegetable oil and sugar market on March 17: Palm oil prices rise from a one-month low

Sugar
Argentina
Price
Refined Soybean Oil
China
Supply
Updated Mar 17, 2023
Vegetable oil Palm oil contract for delivery in June 2023 on the Bursa Malaysia exchange at the beginning of the session increased by 56 ringgit, or 1.42%, to 3,989 ringgit ($889.21) per ton. At the mid-day break, this futures contract closed at 3,982 ringgit ($889.34)/ton. For the whole week, prices lost 2.9%, falling for the second consecutive week due to global economic concerns amid the US banking crisis. At the leading producer in Indonesia, palm oil producers sold 360,150 tons of cheap cooking oil to the domestic market in February 2023. This level of sales did not meet the government's target to ensure domestic supply. Malaysia's palm oil exports in the first 15 days of March 2023 were up 55%-72% year-on-year as exports to India spiked ahead of the Muslim festival of Eid, according to industry data. commodity survey. Argentina's Buenos Aires Grain Exchange has cut its soybean production forecast for 2022/23 to 25 million tonnes, a sharp drop from the 29 million tonnes estimate.
Vegetable oil Palm oil contract for delivery in June 2023 on the Bursa Malaysia exchange at the beginning of the session increased by 56 ringgit, or 1.42%, to 3,989 ringgit ($889.21) per ton. At the mid-day break, this futures contract closed at 3,982 ringgit ($889.34)/ton. For the whole week, prices lost 2.9%, falling for the second consecutive week due to global economic concerns amid the US banking crisis. At the leading producer in Indonesia, palm oil producers sold 360,150 tons of cheap cooking oil to the domestic market in February 2023. This level of sales did not meet the government's target to ensure domestic supply. Malaysia's palm oil exports in the first 15 days of March 2023 were up 55%-72% year-on-year as exports to India spiked ahead of the Muslim festival of Eid, according to industry data. commodity survey. Argentina's Buenos Aires Grain Exchange has cut its soybean production forecast for 2022/23 to 25 million tonnes, a sharp drop from its previous estimate ...
Source
Vinanet
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