Palm snaps seven-day decline on exports surge
28/03/2023 (Hellenic Shipping News) - Malaysian palm oil futures closed higher on Monday, after falling for the last seven consecutive trading days, but weaker rival soyoil capped gains. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange ended up 65 ringgit, or 1.9%, to 3,577 ringgit ($809.46) a tonne.
OILS & FATS
Former RSPO co-chair Carl Bek-Nielsen appointed chairman of Malaysian Palm Oil Council
27/03/2023 (Eco-Business) - Palm oil industry veteran Carl Bek-Nielsen has been appointed as the new chairman of the Malaysian Palm Oil Council, an organisation tasked with promoting the market expansion of the country’s palm oil and its products.
OILS & FATS
These ‘supertrees’ grow a climate-friendly alternative to palm oil
27/03/2023 (Fast Company) - On a former sugarcane plantation in Oahu that was abandoned for decades, rows of trees now grow in the degraded soil. The trees—called pongamia—aren’t new to Hawaii. But a company called Terviva is the first to farm them, after discovering a way to process the trees’ beans to make them into food.
Asian Crude Palm Oil Watch 1Q23
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of around USD1,175/t in 2022, but a marked improvement from the end-September 2022 level of around USD700/t and the last 10-year average of USD730/t. Prices have been supported by market expectations of significantly higher biodiesel consumption in and lower exports from Indonesia, and the impact of heavy rainfall at the start of 2023 on output.