Lower prices for palm oil presses for vegetable oil markets
Due to the increase in the yield of oil palm, due to favorable weather conditions, palm oil production could grow by 15%, according to the company, Felda Global Ventures Holdings Bhd (FGV), which is the largest Malaysian manufacturer of this product.
production Growth will occur against the background of reduction in imports by the major consumers of Malaysian palm oil – India and EU countries. For it in the next 2 years the company plans to open a factory for processing of fruits oil palm in Myanmar, Cambodia and the Philippines, where demand for palm oil is growing due to shortage of peanut and coconut oil.
the Increase in palm oil production while reducing imports by India, the US and the EU due to the restriction of its use in the production of biodiesel puts pressure on the quotations of palm oil from March 1 in Kuala Lumpur fell by 7% to 2381 ringgit 624 $/t
a Record volume of supply of palm oil continues to constrain rising prices for soybean oil, which is not increased simultaneously with the increase in international prices of soybeans and meal, and now dropped to$700/t and put pressure on the price of sunflower oil, which fell by 5-7 USD/t to 742-745 $/t FOB Black sea.
a Decline in prices for sunflower oil and the strengthening of the hryvnia exchange rate lead to a drop in purchasing prices for sunflower oil.