World vegetable oil and sugar markets July 21: Palm oil prices rise on strong export data

Published Jul 21, 2023

Tridge summary

Palm oil prices reached their highest level since March 14 on the Bursa Malaysia exchange, with futures prices closing at 4,040 ringgit ($887.62)/ton. Malaysia's palm oil exports in the first 20 days of July increased 19% month-on-month, according to Intertek Testing Services and AmSpec Agri Malaysia. On the other hand, the price of raw sugar increased by 1.9% on ICE due to sporadic rain in India and Thailand, while Brazil's favorable weather is expected to lead to a significant increase in sugarcane output.

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

Original content

Vegetable oil Palm oil contract for October delivery on the Bursa Malaysia exchange opened up 19 ringgit, or 0.47%, to 4,065 ringgit ($893.21) a tonne, the highest level since March 14. At noon break, this futures price closed at 4,040 ringgit ($887.62)/ton. For the whole week, palm oil prices increased by 4.4%. According to commodity surveyor Intertek Testing Services, Malaysia's palm oil exports in the first 20 days of July 2023 increased 19% month-on-month to 754,214 tonnes. Meanwhile, another commodity surveyor, AmSpec Agri Malaysia, said that exports from the world's second-largest producer rose 10.1 percent in the same period. On the Chicago Mercantile Exchange, soybean oil prices rose 1%. On the Dalian Exchange, soybean oil prices fell 0.1% while palm oil prices rose 0.3%. Palm oil prices are influenced by relevant oil prices when competing for share in the global vegetable oil market. Road The price of raw sugar for October delivery on ICE was up 0.46 cents, or 1.9%, ...

Source: Vinanet