Indonesia: The culprit behind the fall in Indonesian palm oil prices

Nusa Dua, Bali - The price of crude palm oil (CPO) made history, flying above the price of sunflower oil last year. Where, in May 2022, the price of CPO skyrocketed 24.52% to the level of 7,104 ringgit/ton. Over the past 10 years, this is the highest monthly increase. However, now the CPO price must be subject to the level of 3,781 ringgit/ton or US$ 797.76 per ton in today's trading, Friday (3/11/2023). This position fell 12.03% from the price at the beginning of the year of 4,253 ringgit per ton. Meanwhile, sunflower seed oil was recorded at US$ 845 per ton in today's trading. This condition was triggered by a flood of sunflower oil supplies from Russia and Ukraine, after being held back a year ago due to the war. Abdul Rasheed Janmohammed, CEO of Westbury Group, said that the price of sunflower oil was much lower, even US$ 100 cheaper than soybean oil, causing all vegetable oil prices to fall, including CPO. This condition is believed to last a long time. "This is a synergy of ...