Archived News

JAKARTA: Malaysian palm oil futures fell on Friday and posted a weekly decline, dragged by a stronger ringgit and weakness in rival edible oils.

CHICAGO, July 31 (Reuters) - U.S. soy processors likely crushed 5.265 million short tons of soybeans, or 175.5 million bushels, in June, according to the average forecast of eight analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture (USDA) report.

PARIS, July 31 (Reuters) - Crop consultancy Strategie Grains lowered its forecast for this year’s oilseed harvests in the European Union by a total of over 1 million metric tons, mainly to take account of damage caused by scorching weather in several parts the bloc.

30/07/2023 (The Economic Times) - State governments along with oil palm processing firms have launched a mega drive till August 12 to increase the area under oil palm cultivation in the country, the Agriculture Ministry said on Sunday. The major oil palm growing states, namely, Andhra Pradesh, Telangana, Tamil Nadu, Odisha, Karnataka, Goa, Assam, Tripura, Nagaland, Mizoram, and Arunachal Pradesh will be participating in this initiative, it said.

30/07/2023 (The South First) - Lifting of the import duty on crude palm oil, a spike in input costs, and a deadly pest attack have put oil palm farmers in Andhra Pradesh on a slippery ground.

30/07/2023 (Energy Portal EU) -As the world continues to grapple with the effects of climate change, the search for sustainable and environmentally friendly energy sources has never been more urgent. One promising solution that is gaining traction is the conversion of waste cooking oil into biofuel, a process that not only recycles a waste product but also produces a cleaner, renewable form of energy.

28/07/2023 (Hellenics Shipping News) - UOB KayHian on Wednesday raised its crude palm oil (CPO) average selling price (ASP) for 2024 to 4,200 ringgit (921 U.S. dollars) per tonne on tight supply amid El Nino.

28/07/2023 (Construction Review Online) - Chinese company Hunan No.6 Engineering Co. has started work on a palm oil production unit in Côte d’Ivoire. According to Ecofin Agency, this project is a part of a partnership between Côte d’Ivoire and China that is expected to last 18 months. Once the factory is operating, 500 new employments should be created. The largest exporter of crude palm oil in Africa is Côte d’Ivoire. The nation that wants to strengthen its position urges private companies to increase their investment in the processing industry.

Malaysian palm oil futures fell for a third consecutive session on Thursday, dragged by a firmer ringgit and cheaper Indonesia-origin cargoes, although losses were capped by stronger Dalian soyoil and crude oil.

TEMPO.CO, Jakarta - A Trade Attache to the Indonesian Embassy for Riyadh, Saudi Arabia stated that Saudi Agriculture and Livestock Company (SALIC) is interested to invest in vegetable oil products or palm oil in Indonesia. "Concerning edible oil, SALIC is very interested to cooperate with Indonesia and Indonesia is one of the biggest crude palm oil (CPO) producers," said Gunawan in a written statement in Jakarta, on July 26, 2023.

Kazakhstan and Indonesia have set an ambitious goal of bringing their mutual trade turnover to US$1 billion. According to Kazakhstan’s Ministry of Trade and Integration, this was the immediate trade goals aimed for during the second round of negotiations for the Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and Indonesia. The EAEU includes Kazakhstan along with Armenia, Belarus, Kyrgyzstan, and Russia.

Japanese refiner and energy firm Idemitsu has delayed the start-up of its Malaysian biomass production plant, as it announced the end of its partnership with Europe-based renewable energy venture TG2 GmbH in the project.