World vegetable oil and sugar market on October 10, 2023: Malaysian palm oil price hits 3.5-month low

Vegetable oil Palm oil contract delivered in December 2023 on the Bursa Malaysia exchange at the beginning of this morning's trading session decreased by 56 ringgit, equivalent to 1.55%, to 3,549 ringgit (750 USD)/ton. At lunch break, this contract was at 3,567 ringgit (753.64 USD)/ton. Previously, this contract hit its lowest level since June 23 at 3,520 ringgit/ton. Malaysia's palm oil inventories at the end of September 2023 could rise to their highest level since October 2022 despite rising exports amid abundant output, according to a Reuters survey last week. Data from the Malaysian Palm Oil Association (MPOB) shows that Malaysia's palm oil inventory at the end of September 2023 increased by 9.6% compared to the previous month to 2.31 million tons. Crude palm oil output increased 4.33% from August to 1.83 million tons in September, while palm oil exports fell to 1.2 million tons. India's palm oil imports in September 2023 decreased by 26% compared to the previous month ...