File photo
Malaysian palm oil futures dropped on Thursday/May 15, 2025, weighed by weakness in vegetable oils in the Chicago and Dalian commodity exchanges after four consecutive sessions of gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost RM25 or 0.64 per cent to RM3,898 (US$908.41) a metric ton in early trade.
Dalian’s most-active soyoil contract was down 0.48 per cent, while its palm oil contract for June delivery lost 0.32 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) plunged 4.44 per cent.
Palm oil tracks the prices of rival edible oils as it competes for a share of the global vegetable oils market.
Indonesia will raise its crude palm oil (CPO) export levy starting May 17 to 10 per cent of its CPO reference price from 7.5 per cent currently, in order to finance the country’s increased biodiesel blending mandate.
India’s vegetable oil imports in April plunged to their lowest in over four years, led by declines in palm oil imports, dragging inventories to their lowest in nearly five years, a leading industry body said.
Argentina’s Rosario grains exchange on Wednesday raised its estimate for the country’s 2024/25 soybean production to 48.5 million metric tons from 45.5 million tons.
Oil prices lost nearly US$1 in early trade on Thursday on expectations of a potential US-Iran nuclear deal, while an unexpected build in US crude oil inventories last week heightened investor concerns about oversupply.
Palm oil FCPOc3 may retest support at RM3,921 per metric ton, a break below which could trigger a fall into the RM3,871 to RM3,887 range.
For almost 30 years of expertise in the agri markets, UkrAgroConsult has accumulated an extensive database, which became the basis of the platform AgriSupp.
It is a multi-functional online platform with market intelligence for grains and oilseeds that enables to get access to daily operational information on the Black Sea & Danube markets, analytical reports, and historical data.
Source: Online/OFA
Comment Now