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KUALA LUMPUR: Malaysian palm oil futures logged their first weekly drop in three on Friday, as rising production and worries over demand outweighed cargo surveyor data showing strong exports in September so far. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed down 3 ringgit, or 0.11%, at 2,811 ringgit ($677.19).

With a great demand for oil seeds in the state, the government is encouraging oil palm cultivation, agriculture minister S Niranjan Reddy said.

Malaysian palm oil futures inched down on Thursday, falling for a second straight day on lower-than-expected Sept.

Malaysia's crude palm oil (CPO) stocks increased by 7.09% to 930,295 tonnes in August from 868,664 tonnes in the preceding month, the Malaysian Palm Oil Board (MPOB) said in its latest report on the industry’s performance for the month of August.

According to the manufacturer, progress has been made in advancing requirements for traceable, forest-monitored palm oil and confirmed strong progress against sustainable sourcing goals.

Malaysian palm oil futures edged higher on Thursday on hopes of stronger September exports, although investors traded cautiously ahead of official supply and demand data due later in the day.

The Ministry of Agriculture and Rural Development recently issued an international call for tenders to select firms that will supply it with three palm oil extraction plants and mini-power plants.

The new slogan for palm oil campaign, ‘Palm Oil is God’s Gift”, is more universal and acceptable worldwide, Deputy Minister of Plantation Industries and Commodities Willie Mongin told the Dewan Negara today.

By maintaining strong trading discipline and close ties with authorities, CIMB Malaysia has remained sure-footed through the market upheaval of early 2020 and, following a successful 2019, is well ahead of the market this year.

THE national B20 biodiesel programme for the transportation sector — which was initially postponed at the beginning of the Movement Control Order in March — has recommenced to expedite the uptake of the local consumption of biodiesel.

Malaysia's labour-reliant palm oil companies are looking to recruit recovering drug addicts and prisoners to solve a severe shortage of migrant foreign workers as the coronavirus pandemic shuts borders and hampers output of the edible oil.

RSPO members in Guatemala and Honduras created groups that, along with other actors, work together under the continuing oversight of RSPO representatives in Latin America.