World vegetable oil and sugar market on March 31: White sugar prices hit a 10.5-year high

Published Mar 31, 2023

Tridge summary

The article reports on the fluctuation of vegetable oil prices, with a focus on palm oil, and the impact of production and export figures on the market. The June delivery contract for palm oil on Bursa Malaysia saw a slight decrease, following a significant increase, amidst expectations of a decrease in Malaysia's palm oil production. The ringgit's rise against the dollar and an increase in US crude stockpiles have contributed to the market dynamics. Additionally, the article covers the rise in soybean oil and raw sugar prices, attributed to tight supply due to anticipated reduced production in countries like India and Thailand, and the European Union's forecast of increased imports and decreased planted area.

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

Original content

Vegetable oil Palm oil contract for June delivery on the Bursa Malaysia exchange opened slightly down 0.98% to 3,751 ringgit ($851.34) a tonne, after gaining 7.67% in the past four sessions. At the mid-day break, this futures contract closed at 3,723 ringgit ($845.18)/ton. For the whole week, this contract has increased by 6.84% but is on a monthly decline. Malaysia's palm oil production is expected to fall, analysts said, after the Milling Mills Association estimated a 22.9% drop in output from March 1-25. Traders expect higher exports to offset the drop. Later today, March 31, commodity surveyors are expected to release export data. The ringgit rose 0.29% against the dollar, making palm oil more expensive for foreign currency holders. Oil prices rose more than 1% on a report from the US Energy Information Administration that US crude stockpiles unexpectedly fell in the week to March 24 to the lowest level in two years, making palm the biggest oil producer in the world. a ...

Source: Vinanet