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MARKET DEVELOPMENT
09-08-2023

VEGOILS-Palm oil hits near six-week low on poor demand, weaker rivals

08/08/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures fell for a second session on Tuesday, hitting their lowest in nearly six weeks due to heavy losses in rival edible oils and poor demand.

OILS & FATS
09-08-2023

Assam sets a target to bring 3.75 lk hectare under oil palm cultivation

08/08/2023 (The Economic Times) - Chief Minister Himanta Biswa Sarma led the state in joining the movement in producing edible palm oil when he along with Yoga Guru Ramdev planted saplings of oil palm at Saikhowaghat in Tinsukia today.

MARKET DEVELOPMENT
09-08-2023

Indonesia Sees Opening to Conclude Long-Awaited Trade Deal with EU

09/08/2023 (Jakarta Globe), Jakarta - The formation of a joint task force on the European Union's anti-deforestation law gave Indonesia some hope that it would be able to conclude its overdue trade deal with the 27-member bloc, according to a senior minister.

OILS & FATS
09-08-2023

Indonesia and Malaysia form task force with EU to address deforestation regulation

08/08/2023 (Energy Portal EU) - Indonesia and Malaysia, which account for approximately 85% of global palm oil trade, have agreed to establish an ad hoc task force with the European Union (EU) to address issues related to the EU Deforestation Regulation (EUDR), according to Indonesia’s Coordinating Ministry for Economic Affairs. The EUDR, which came into effect on June 29, imposes traceability and due diligence requirements on imports of palm oil, among other commodities, and restricts products produced on land subject to deforestation since December 31, 2020. The task force held its inaugural meeting in Jakarta on August 4, where participants agreed on terms of reference, including smallholders in the supply chain, national certification schemes, and scientific data on deforestation and forest degradation. The three parties have set a deadline of the end of 2024 for the task force to complete its work, with the next meeting scheduled for November 2023.

MARKET DEVELOPMENT
08-08-2023

VEGOILS-Palm oil ticks down on higher stocks, poor demand outlook

07/08/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures eased on Monday on range-bound trading, weighed by expectations of higher supply in the world's second-largest producer and sluggish demand.

MARKET DEVELOPMENT
08-08-2023

Palm oil range-bound as stocks outlook counters Black Sea woes

07/08/2023 (Business Recorder), Kuala Lumpur - Malaysian palm oil futures were range-bound on Monday, as traders weighed forecasts of higher inventories against global supply concerns amid an escalation of tension in the Black Sea.

OILS & FATS
08-08-2023

PA calls for urgent facilitation of crop diversification

08/08/2023 (Daily News, Sri Lanka) - The Planter’ Association of Ceylon (PA) renewed calls for urgent action from policymakers to green light diversification into more lucrative crops like oil palm, in the wake of a sharp reduction in prices of tea and rubber over the first half of 2023 (1H23).

OILS & FATS
08-08-2023

Unpackaged soya bean oil sales to end fully in 6 months: DNCRP

07/08/2023 (New Age) - The government will eliminate the sales of unpackaged soya bean oil within the next six months, said a senior official of the Directorate of National Consumers’ Right Protection on Monday.

MARKET DEVELOPMENT
07-08-2023

MPOB signs MoU with Indian trade body

05/08/2023 (The Borneo Post), New Delhi - The Malaysian Palm Oil Board (MPOB) has signed a memorandum of understanding (MOU) with an Indian trade body to promote the exchange of vegetable oil sector knowhow between the two countries.

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