InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange got decreasing, Friday (1/4/2022) and in weekly decreasing for soybean price did too. The traders ignored data that showed increasing exports in March 2022.
CPO reference contract at FCPOc3 for June delivery at Bursa Malaysia Derivatives Exchange decreased RM 45/ton or decreased 0,79% to be RM 5.660 (US$ 1.344,42) per ton at the early trade. This led to daily decreasing for the third time. So far weekly contract decreased 6,2%.
As quoted from Reuters, CPO exports from Malaysia in March 2022 increased between 6,7% to 7,4% from the previous month because China and India increased their imports, according to cargo surveyor reports, Thursday (31/3/2022).
Soybean oil price at Chicago Board of Trade BOcv1 increased after it decreased 3% because United States Department of Agriculture predicted, soybean planting the the country in 2022 hit the highest records.
Dalian active contract of soyoil at DBYcv1 decreased 0,3%, while CPO contract at DCPcv1 decreased 1,5%.
Russia claimed to forbid sunflower oil exports from Friday to the late of August and would have sunflower export quote to avoid the lack and to avoid the price pressure in the country.
Vegetable oil buyers namely India increased CPO and soybean basic import price because of the increasing price in abroad.
Analyst of Reuters, Wang Tao predicted, CPO may be at RM 5.606 per ton. (T2)