Palm oil ends at over 4-month low on weaker soyoil, sliding demand thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
Ukrainian sunoil 2020/21 exports to fall short of final quota: trade
Ukrainian sunoil exports are expected to fall short of the final agreed export quota for the 2020/21 marketing year, as a combination of high prices and Covid-19 based demand destruction cut buying from importing nations, a Ukraine-based trade association has told Agricensus.
The cap was imposed after dry conditions led to a disappointing sunseed crop, prompting fears that the pull of export markets could drive domestic prices higher in a key staple product, but with a full quarter of the marketing year still to run, fats and oils industry association Ukroilprom are confident the cap will not be breached.
CBOT soybean oil futures hit 12-year high, trades limit up
CBOT futures surged to the highest level since July 2008 on Thursday as it gained 4% in a single session and triggered a cooldown period, as the US balance sheet continued to tighten and as the country s President Joe Biden announced plans to halve US emissions.
The May contract surged 250 points to a contract high of 62.66 ct/lb and traded limit up, while the July contract was up just under 4% at 59.19 ct/lb.
CBOT soyoil futures were up for their eighth consecutive session, gaining over 20% in the past week as cold weather at the start of the US plantings season spread fears of persistent tight bean and corn supply over the next few years.
New Delhi Malaysia s crude palm oil (CPO) exports are expected to hit 5.5 million mt in 2021, soaring 24.4% from 2020 levels, as Malaysian CPO became more competitively priced after Indonesia revised its export duty structure, Malaysian Palm Oil Council CEO Wan Zawawi Wan Ismail said April 5.
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Speaking at a web-based seminar called POINTERS, Ismail said Malaysian CPO production was set for a moderate recovery in 2021, reaching 19.6 million mt from 19.14 million mt in 2020.
Malaysia is the second largest producer of palm oil in the world after Indonesia, and exports more than 17 million mt of palm oil a year. In 2020, it exported 12.95 million mt of processed palm oil (PPO) and 4.42 million mt of CPO.
A global shortage of oilseeds, which are crushed to provide everything from cooking oil to biodiesel, seems set to worsen after hot, dry weather parched fields in Argentina and rains soaked beans in Brazil.
KUALA LUMPUR: Palm oil extended gains to close at a new 10-year high before a monthly report on Malaysian reserves and output, with stronger soyoil because of weather woes in South America providing support to the market.
While prices dipped into negative territory at one point yesterday, they rebounded to cap their fifth daily gain and appear to have the psychological level of RM4,000 per tonne in their sights, a mark last seen in 2008.