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Last Updated: 03 May 2024

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KUALA LUMPUR: Malaysian palm oil futures opened lower for the second straight session on Thursday after the Labour Day holiday, tracking weakness in Chicago soyoil.

Malaysian palm oil futures drift lower

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was down 9 ringgit, or 0.24%, at 3,809 ringgit ($798.70) per metric ton at 0236 GMT.

Fundamentals

Malaysian palm oil exports fell between 9% and 11.5% in April from a month earlier, cargo surveyors Intertek Testing Services and Amspec Agri said.

Indonesia, the world’s biggest palm oil exporter, maintained its palm oil export tax and levy unchanged for May at $52 per ton and $90 per ton, respectively.

Indonesia’s February palm oil shipments tumbled by a quarter as buyers switched to cheaper rival vegetable oils.

Soyoil prices on the Chicago Board of Trade were down 0.25%. The Dalian Commodity Exchange is closed until May 5 for International Labour day holidays.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil FCPOc3 may test support at 3,787 ringgit per metric ton, a break below which could open the way towards the 3,744-3,760 ringgit range.

https://www.brecorder.com/news/40301381

Sumber : Business Recorder

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Last Updated: 02 May 2024

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SANDAKAN: Smallholders in the palm oil industry, especially in Sabah, are advised to seize the opportunity to get the Small Palm Oil Smallholder Planting Financing Incentive Scheme for the replanting.

Deputy Minister of Plantation and Commodities, Datuk Chan Foong Hin said this matching grant involves an allocation of RM100 million which will be fully channelled by Agrobank.

He explained that the incentives announced in the 2024 Budget were prepared and introduced by the government through the Ministry of Finance and the Ministry of Plantation and Commodities.

Thus, Chan suggested small oil palm farmers to take the initiative to replant to replace old trees as a reinvestment measure.

Chan was met by the media after attending the Replanting Seminar organised by the Malaysian Palm Oil Association (MPOA) at the Sabah Hotel, recently.

Commenting further on replanting, Chan said, this issue is very critical and important to be discussed in the oil palm industry.

“In 2023, Sabah will have 1.51 million hectares of oil palm trees. However, of this amount, 33 percent, which is approximately 500,000 hectares, consists of oil palm trees aged 20 years and above.

“When a palm tree is over 20 years old, the yield we can get from the palm will decrease, so it is very important that we (industry players) always improve ourselves for the practice of replanting in a disciplined manner,” he said.

However, Chan praised oil palm industry players in Sabah for successfully replanting 61,421 hectares.

“Compared to the nationally low replanting rate of 1.8 percent between 2014 and 2023, Sabah achieved a remarkable 4 percent replanting rate with 61,421 hectares in 2023.

“The large increase of 36,218 hectares replanted in 2022 reflects Sabah’s commitment to industrial rejuvenation,” he commented.

Elaborating on the one-day seminar attended by 350 oil palm industry players, Chan hoped that the seminar would become a platform to find an agreement in replanting efforts.

“In this ever-evolving landscape, palm oil emerges as a beacon of hope—a symbol of resilience and prosperity to provide food, not fuel and fuel for the world.

“It is important that we respond to the challenge and the willingness to reinvest by accelerating replanting because the global demand for cooking oil is expected to increase when the world’s population approaches 10 billion by 2050,” he added.

https://www.dailyexpress.com.my/news/233321/palm-oil-smallholders-told-to-apply-for-replanting-/

Sumber : Daily Express

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Last Updated: 02 May 2024

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KOTA KINABALU: Sabah's palm oil industry needs to urgently expand its downstream sector to bridge the gap with counterparts in Peninsular Malaysia, says Datuk Chan Foong Hin.

The Deputy Plantation and Commodities Minister said that the ministry was committed to actively supporting Sabah's efforts to expand its downstream palm oil industry that will not only balance development but also increase revenue through value-added palm oil products.

In 2023, he said Sabah produced 4.5 million tonnes of crude palm oil, with 21.8% exported in crude form.

"This contrasts sharply with the peninsula's export rate of only 5.5% of crude palm oil, highlighting the substantial potential for Sabah's downstream palm oil industry growth," he said in a statement Tuesday (April 30).

Chan said a higher rate of crude palm oil exports results in less raw material available for downstream value-add or refining.

He said it was important for Sabah to diversify beyond upstream production and put in place a strong industry supply chain that maximises potential from upstream to downstream sectors to safeguard the sustainability of the palm oil industry.

Chan said this after a recent four-day tour of Sabah's east coast where he visited the Palm Oil Industrial Clusters (POIC) in Lahad Datu and Sandakan as well as met with two companies specialising in palm oil downstream activities.

The two companies were Mewah Datu Sdn Bhd, a subsidiary of Singapore's Mewah Group, and Gamalux Oils Sdn Bhd from Pakistan, both situated in POIC Lahad Datu.

He said the two POICs along Sabah's east coast played a pivotal role to drive the industrialisation efforts and become core centres for high-value palm oil and palm biomass downstream industries.

"Sabah's POICs offer comprehensive port and logistics infrastructure that can accelerate economic growth and industrial development.

"This makes it a highly appealing and promising investment destination.

"I am also excited to learn about Gamalux's plans for oleochemicals expansion in 2025, marking a significant milestone as the first unit in Malaysian Borneo. This event not only demonstrates Gamalux's ambitions but also its strong confidence in Lahad Datu as a growing hub for sustainable industrial development within the palm oil sector," said Chan.

https://www.thestar.com.my/news/nation/2024/04/30/sabah-must-push-for-expansion-of-downstream-palm-oil-sector-says-deputy-minister

Sumber : The Star

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Last Updated: 29 April 2024

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NABAWAN: Deputy Minister of Plantation Industries and Commodities Datuk Chan Foong Hin explained that obtaining the Malaysian Sustainable Palm Oil (MSPO) certification and Good Agricultural Practices (GAP) will not only enhance the quality of palm oil but also help small palm oil farmers increase their income.

He pointed out that as global awareness of sustainable development principles continues to rise, many major importing countries have set strict trade conditions for commodity and food-exporting nations to ensure that the products they import meet sustainable development standards.

“Therefore, ensuring that Malaysian palm oil meets sustainable standards is of utmost importance. This will not only guarantee and expand international markets but also solidify Malaysia’s reputation for high-quality palm oil.,”he said at the Strengthening Program for Sustainable Palm Oil Certification here recently.

He said : “In order to ensure that small farmers can keep up with international standards and meet global market demands, the Ministry of Plantation Industries and Commodities, through the Malaysian Palm Oil Board, actively assists small farmers in joining the Sustainable Palm Oil Cluster (SPOC) and obtaining the MSPO certification.”

https://www.dailyexpress.com.my/news/233102/malaysian-sustainable-palm-oil-good-agricultural-practices-to-boost-palm-oil-exports/

Sumber : Daily Express