InfoSAWIT, SINGAPORE - Crude palm oil (CPO) price at Malaysia Derivatives Exchange decreased for the third session in a row on Wednesday (25/10.2023) because Malaysia ringgit got increased, and other vegetable oils got cheaper.
As quoted from Reuters, CPO reference contract with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange decreased RM 41 per ton or about 1,1% to be RM 3.626 per metric ton in the lunch break. It was the lowest level for the past two weeks.
Soyoil harvests in the United States of America (USA) would escalate seed oil supplies and other products.
As quoted from US Department of Agriculture, the farmers harvested about 76% of soybean plantations on Sunday. The numbers could be the same as the trade expectation or more than the average numbers of five years in every plant cycle.
Still from Reuters, soyoil price at Chicago Board of Trade with the code BOcv1 decreased 0,1%. It was the lowest level in the past four months.
Manager of Trade, Kantilal Laxmichand and Company in Mumbai, Mitesh Saiya said, though China announced fiscal stimulus, vegetable oil demands would be the challenge because the small profit margin and abundant vegetable oil supply.
Soyoil contract price at Dalian Exchange with the code DBYcv1 decreased 0,9%, palm oil with the code DCPcv1 also decreased 1,1%.
Ringgit Malaysia = MYR, the official currency in palm oil trade got increased 0,2% toward US dollar. It made palm oil less interesting for those that traded in foreign currency. Palm oil has something to do with other vegetable oils because they compete to get part in vegetable oil trade globally. (T2)