KUALA LUMPUR (March 7): Palm oil production in the world's top producers Indonesia and Malaysia is likely to rise about 3% each this year, but it would not be enough to meet global edible oil demand, leading analyst James Fry said on Monday.
Adverse weather in South America and Canada have curbed supply of soybean oil and rapeseed oil, while there is a lack of availability of sunflower oil due to the Russia's invasion of Ukraine crisis, Fry, chairman of agribusiness consultancy LMC International, told Reuters in an interview on the sidelines of an industry conference in Kuala Lumpur.
"The high (palm oil) prices are going to be around, I fear, for the consumer," he said.
Shoppers scramble for staples as food fallout from war spread
March 07, 2022 22:40 pm +08
ISTANBUL/LONDON/CAIRO (March 7): The shockwaves in global crop markets from Russia's invasion of Ukraine are now spreading to store shelves.
Worries about surging sunflower oil prices triggered heavy buying over the weekend in Turkey, as footage of citizens trying to grab tins of cheaper oil at one store went viral. In Egypt, the world's biggest wheat importer, prices for some unsubsidised bread have jumped in the past week.
The war has already driven wheat prices nearly 70% higher in Chicago this year and is threatening to upend global food trade ? Russia and Ukraine are vital suppliers of grains, vegetable oil, and fertilisers, which means that supply disruptions will be felt all over the world. Wheat prices have reached levels last seen during the 2008 global food-price crisis ? which helped spark widespread protests ? and a United Nations index of food prices hit a record in February. In Turkey, sunflower oil is the main cooking oil and a key component of food spending. Images of a 18-litre tin being sold for 989 liras (US$69) spurred debates on the cost of living, while the item was not available at all on the websites of some grocery chains.
The concern over sunflower oil prices is related to imports stuck at ships at the Sea of Azov, the north-eastern tip of the Black Sea, according to Ahmet Atici, secretary-general of the Vegetable Oil Industry. The group sent a letter to the Trade Ministry earlier this month, warning that current supplies might last only to mid-April.
A trade group in the European Union has warned it could run dry of sunflower oil by a similar time, with the lost volumes from Ukraine impossible to offset .
Ukraine and Russia together account for about three quarters of global exports of sunflower oil.
Biden hands are tied and push to a corner. Iranian oil vs nuclear talks are skidded. Venezuela negotiations are half baked. Saudi and Opec+ are not playing balls. Russia oils are needed by Germany & other Europeans. US oil reserve is drawing down. High energy, grains & edible oil prices hitting people bottom lines right after the current covid outbreak.
This 'anymo' alway come late to party. They want cheap tickets, they press3 down the prices. Those panic one sell cheap2 to them to protect their gain. Hold tight2 , time 2 rebound Sky no limit! Huat ah....
nothing to do with "angmo", crude oil up, price now more then 120 usd per barrel, Indonisia sure want to make more biodiessel for they own energy market.
Don?t panic to see day to day or week to week price movements. It is very normal. CPO for March and April still about $7,500! FY2021 average was only about $4,400 and plantations earnings surged. Between $7,500 and $4,400, this is huge cushion of $3,100 !
Posted by VincentTang > 27 minutes ago | Report Abuse
cpo bull run 40%, plantation stock only up 20%,......when cpo down 10%, don`t know how much plantation stock will drop?.......cpo price up very fast, drop also very fast,.......no time to escape.
cpo price at rm7000 metric ton,.....india & china don`t buy from us,.......i think china & india will buy sun flower oil directly from russia at 10% discount,....that is why they are not in hurry to buy cpo,....
KUALA NERANG (March 13): The price of crude palm oil (CPO) is expected to continue to rise at least until the third quarter of this year and is projected to reach RM9,300 a tonne.
Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin (pictured) said the figure was achievable based on the development of CPO futures contract trading on Bursa Malaysia Derivatives.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
gemfinder
6,880 posts
Posted by gemfinder > 2022-03-07 13:26 |
Post removed.Why?