Archived News

Faltering monsoon rains in India are posing a risk to domestic soybean and peanut crops, and may prompt the world’s biggest palm oil importer to boost purchases from top growers Indonesia and Malaysia.

Malaysian palm oil futures reversed early losses on Monday, tracking sharp gains in rival oils and crude futures, but expectations of a buildup in August stockpile capped gains.

SINGAPORE: Palm oil may drop to 4,125 ringgit per tonne and stabilise around this level thereafter.

Malaysian palm oil futures recouped most of their early losses on Monday, tracking gains in rival oils and as supply concerns fuelled by rising COVID-19 cases countered weak exports and lower Indian import duties on soyoil and sunflower oil.

KUALA LUMPUR: Malaysian palm oil futures fell more than 1% on Monday, heading for a fifth session of drop in six, as cheaper rival Dalian oils and weak exports weighed on the market.

India has cut base import taxes on crude and refined soyoil and sunflower oil to 7.5% from 15% for six weeks, a government order showed, as the world's biggest vegetable oil buyer tries to cool near record high prices.

FORT COLLINS, Colo., Aug 22 (Reuters) - Smaller-than-expected supplies forecast by the U.S. government earlier this month helped extend speculators’ buying streak across Chicago grains and oilseeds, but sinking prices since then have gone against those bets and the enthusiasm may be on the decline.

European rapeseed oil (RSO) spot prices hit a multi-month high last week, as the suspension of rapeseed crushing at plants in Germany and France curbed supplies.

ISLAMABAD: The Paki­stan Vanaspati Manu­fact­urers Association (PVMA) has agreed in principle to take measures in the next couple of days to bring down prices of edible oil/ghee.

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade lower or remain weaker next week in anticipation of weaker exports in the coming weeks.

The Modi Cabinet’s decision last week to promote environmentally ruinous oil-palm plantations in the Andamans was a long time in the making and came on the heels of a go-ahead contained in a scientific body’s report, which environmentalists have disputed.

AMID dwindling public revenues, continued reliance on crude oil earnings and complacency by state governments, a commitment by the Edo State Government and the Central Bank of Nigeria to revitalise oil palm production offers a ray of light. Ramping up advocacy for oil palm production as part of efforts to diversify the economy, Governor Godwin Obaseki of Edo projected optimum earnings of $20 billion annually for the country with widespread cultivation and processing of palm kernels. Beyond rhetoric, the federal and state governments should urgently drive the resuscitation of this and other agricultural products to diversify exports, create jobs and attract investments.