Archived News

KUALA LUMPUR (March 16): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded from Tuesday’s losses to end higher on Wednesday (March 16), driven by positive development on the global commodities market.

JAKARTA – Trade Minister Muhammad Lutfi’s concerted efforts over the past three months to keep the retail price ceiling of cooking oil to between Rp 11,500 (80 US cents) and Rp 14,000 per kilogram have been ineffective.

JAKARTA: Indonesia will remove retail price caps for packaged cooking oil and will subsidise bulk sales to try to ensure supply at retail markets after previous price controls resulted in a scarcity, senior officials said on Tuesday.

KUALA LUMPUR: Malaysian palm oil futures dropped as much as 5.7% on Tuesday, extending losses to a fourth session, hampered by weaker crude prices and as surging COVID-19 cases in key buyer China raised worries about demand.

KUALA LUMPUR, March 15 (Reuters) - Malaysian palm oil futures fell sharply on Tuesday, extending losses to a fourth session, as surging COVID-19 cases in key buyer China raised worries about demand amid expectations of higher domestic production.

Argentina's government announced on Monday it had suspended exports of soybean flour and oil amidst rumors it is planning to hike taxes due to soaring primary material costs blamed on Russia's invasion of Ukraine. One expert told AFP the export freeze was likely a measure to prevent firms registering future exports before the tax rise comes into effect.

Grain prices ended the day better than they started last night. Wheat futures led the way higher as futures were noticeably higher by the close. CBOT and KC wheat ended the day up 58¢ while Minneapolis spring wheat settled up 42¢. Old-crop corn futures settled up nearly a dime in May and up a nickel in July. New crop corn ended the day down one penny. May soybean futures were able to recover most of the early session losses to end the day down 12¢. New-crop soybeans were slightly weaker with a close down 14¢.

Trade Minister Muhammad Lutfi’s concerted efforts over the past three months to keep the retail price ceiling of cooking oil to between Rp 11,500 (80 US cents) and Rp 14,000 per kilogram have been ineffective. He even took the bull by the horns in late January by legally requiring crude palm oil (CPO) and olein producers to sell 20 percent of their export volume to domestic cooking oil factories at the domestic price obligation, which is only half the figure of international prices. He further strengthened the policy last week by increasing the domestic market obligation (DMO) to 30 percent. But the price of cooking oil remains high in many cities. The problem is not a lack of supply, as Indonesia is the world’s largest producer of palm oil with an output of over 55 million tons last year. The latest data shows that the country even exported 16 million tons of cooking oil last year.

KUALA LUMPUR: The Domestic Trade and Consumer Affairs Ministry is looking into alternatives, including setting two prices for cooking oil, one for domestic and another tag for export.

KUALA LUMPUR (March 15): Palm oil stretched losses over four days to 13%, retreating from record highs, as petroleum prices plunge and traders keep a close watch on whether top grower Indonesia issues more export permits.

KUALA LUMPUR: Malaysia and Egypt see significant prospects for greater palm oil market expansion through joint-ventures with local Egyptian companies in technological transfer, expertise and capital, said Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

KUALA LUMPUR: Crude palm oil (CPO) price will trade between RM4,000 and RM9,427 per tonne, markedly higher than the 2021 average price of RM4,407 per tonne, based on the predictions of nine speakers at a palm oil price outlook conference.