AGRICOMMODITY NEWS 2022

Details
Hits: 206

MUMBAI (March 1): Palm oil has become the costliest among the four major edible oils for the first time as buyers rush to secure replacements for sunflower oil shipments from the top exporting Black Sea region that were disrupted by Russia's invasion of Ukraine.

Palm oil's record premium over rival oils could squeeze price-sensitive Asian and African consumers already reeling from spiralling fuel and food costs, and force them to curtail consumption and shift to rival soyoil, dealers said.

Details
Hits: 188



KUALA LUMPUR (Oct 19): Palm oil advanced to the highest intraday level in seven weeks on worries that storms and floods in major growers could disrupt supply, while investors are also on alert for a potential import tax hike in top buyer India.

Indonesia has issued flood warnings for provinces in Kalimantan and Sumatra, adding that medium to heavy rain may persist through Monday over most of the country. Rains in central Kalimantan have led to widespread floods, cutting off several key access roads, local news agency Kompas reported.

Details
Hits: 1320

KUALA LUMPUR (Dec 20): The palm oil industry must always be prepared to embrace changes in terms of new technologies amid these challenging times, Deputy Prime Minister Datuk Seri Fadillah Yusof said.

Fadillah, who is also the plantation and commodities minister, said this includes the adoption of the Fourth Industrial Revolution concept, and the usage of artificial intelligence and the Internet of things, such as digitalisation and automation technologies to improve the current manufacturing process.

Details
Hits: 1270

(Dec 27): Palm oil posted its biggest advance since July as China's decision to end quarantine for inbound visitors buoyed expectations that demand in one of the world's top consumers of edible oils will improve.

China will no longer subject inbound travellers to quarantine from Jan 8, 2023, putting the country on track to emerge from three years of self-imposed global isolation under a Covid Zero policy that battered the economy and stoked historic public discontent.

Details
Hits: 428

 


Although palm oil production is predicted to rebound in 2022, prices are expected to remain elevated as output gains could struggle to keep pace with continued demand increases for vegoils in general, especially as pandemic restrictions ease.

WASHINGTON: Global vegetable oil supplies have tightened in the last couple of years even as the pandemic slowed the demand growth rate, and that has had the most profound price impact on palm oil, the most widely used vegetable oil.