Archived News

10/09/2024 (Reuters), Dubai - The lowest offer presented at an Egyptian state purchasing tender for vegetable oils on Tuesday was $1,036 per metric ton cost and freight (c&f) for 12,000 tons of soyoil, traders said.

09/09/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower on Monday as it tracked the weakness of the soybean oil market on the Chicago Board of Trade (CBOT), according to palm oil trader David Ng.

09/09/2024 (Reuters), New Delhi - Malaysian palm oil futures ended lower on Monday after a sell-off in rival soyoil, while the market awaits the Malaysian Palm Oil Board's widely watched data on output and inventories.

09/09/2024 (Business Today) - Indonesia is considering a reduction in export levies on crude palm oil (CPO) and palm derivatives, a move expected to positively impact regional planters. The proposal aims to enhance price competitiveness against rival vegetable oils by simplifying levies to a flat rate of 7.5% for CPO, 4.5% for RBD Palm Oil and RBD Palm Olein, and 3% for biodiesel. This follows recent relaxations in domestic market obligation (DMO) rules, which are anticipated to benefit exporters as well.

09/09/2024 (Barchart) - Soybean futures are taking back the Friday losses with gains of 10 to 13 cents at midday. Soymeal futures are up 30 cents/ton in the October contract. Soy Oil futures are turning around for gains of 94 points in October. The CME reported 65 deliveries issued for September soybeans, with 100 for soybean meal and 0 for bean oil.

09/09/2024 (The Independent) - Indonesia, the world’s leading palm oil producer, aims to harness its vast reserves as a renewable energy source. Since 2008, the country has been blending palm oil with fossil fuel-based diesel to create biodiesel, starting with a modest B2.5 mix.

08/09/2024 (The Nation) - Representatives of oil-palm farmers will meet with Energy Minister Pirapan Salirathavibhaga on Monday to ask him to rescind his order that prohibits announcement of the reference price of 100% biodiesel.

07/09/2024 (24.kg) - Vegetable oils rose in price in August by 0.8 percent compared to July. The Food and Agriculture Organization of the United Nations reported. According to its data, oil prices in August reached their highest level since January 2023.

08/09/2024 (Ohio Country Journal) - Ohio currently has the ability to crush about 56% of the state’s soybean crop, which equates to roughly 168,000,000 bushels of soybean crush capacity, according to Madison Corbi, Ohio Soybean Council Manager for Demand and Market Development. “With the planned growth we see, if everything comes to fruition, roughly another 55,000,000 bushels crush capacity would be added. Once complete, and doing math based on our 10-year average soybean production numbers, we’re going to have the capacity of around 85 to 90% of our total soybean crop. That’s mostly driven by the need for vegetable oils here in the US,” said Corbi.

08/09/2024 (Fakti) - We consumed over 6,000 tons of palm oil just for the first six months of the year, and that - without our knowledge. The reason lies in the pastry shops and restaurants. There, the products are without a label that we can read and from which we can be informed about what we are eating, reported FOCUS.

08/09/2024 (Financial Times) - Indonesian palm oil producers have warned of global supply chain disruption if the EU proceeds with a ban on the import of commodities linked to deforestation this year.

05/09/2024 (Bernama), Kuala Lumpur - Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed earlier gains due to stronger performance in the soybean oil market during Asian trading hours, said palm oil trader David Ng.