10.
08.18
07:43

Higher production and weak exports put palm oil prices under pressure

During today's lunch break at Bursa Malaysia, new export figures for palm oil were released in Kuala Lumpur. As a result, the prices of the related futures are falling, and weaker prices on vegetable oils on other futures exchanges are also depressing sentiment.
The Malaysia palm oil board reported that inventories had risen by 1.3% to 2.21 million tonnes in July. Production increased by 12.8% to 1.5 million tonnes and exports were 6.8% higher at 1.21 million tonnes.
In the most-traded October 18 date on the derivatives exchange, prices for palm oil fell by 0.5% to 2,234 ringgit / ton. So far, a weekly plus of 1.7% has been observed. Trading volume was relatively weak at 9,550 lots a'25 tonnes of palm oil. This could also be due to the fact that the MPOB's July export figures are not yet available. According to a Reuters survey, inventories are expected to be 7% higher and thus at a 5-month high.
Augst exports from Malaysia to date rose 7.4% from the first 10 days in July. This is not very much but it prevents a price decline.
CBoT soybean oil prices are currently trading 0.14%, but Chinese Dalian oil prices are down 0.4%.

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