13—17 Nov: Bearish macro-data, higher palm export, firmer soybean oil trade and uncertainty over November palm production dominate CPO futures trade dynamics | POA 20 Nov 1

 

Malaysian prices— CPO futures rose on gains in vegetable oil futures and expectations of higher export demand. CPO futures active month averaged RM3,8727/ton (US$824), up RM114(US$20.91) from a week ago. Cash CPO made similar movements, averaging at RM3,813/ton (US$811) or down RM134.50(US$25.28) while average spot month RBD palm olein prices up by US$37.88/mt from a week ago to US$862/ton.  Malaysian palm oil export estimates for the period November 1-15 from cargo surveyors Intertek Testing Services (ITS),  Amspec Agri Malaysia, and SGS were mixed with ITS and Amspec pegging volumes higher from October by 6.36-9.84% to 645,590mt and 684,590 mt, while SGS’ figures were lower by 9.52% at 602,510 mt. Bearish macro-data from the U.S showing fall in retail sales for the first time in Oct sent the Asian equities market lower spilling over to dent commodities including palm and soybean oil.

Indonesia CPO reference price for 2H Nov at $750.54/mt—Indonesia has raised its crude palm oil (CPO) reference price for the period November 16-30 to $750.54/mt from $748.93/mt previously, a trade ministry circular released late Wednesday showed. The increase keeps the payable export duty and levy for CPO effectively unchanged from the current level of $18/mt and $75/mt respectively, with the reference price remaining within the corresponding bracket of $730-780/mt…

India’s 2022/23 edible oil imports rise 17.4% y-o-y with jumps in palm and sunoil—India’s imports of edible vegetable oil in marketing year 2022/23 rose by 17.4% on the year to 16.47 million mt, data from the Solvent Extractors Association of India (SEA) showed Monday. The rise was led by an increase in volumes of palm oil and crude sunflower oil (CSFO) imports, with palm oil (crude palm oil (CPO), refined bleached deodorised (RBD) palm olein, crude palm kernel oil (CPKO)) volumes at 9.789 million mt – 23.7% higher than a year ago. CSFO imports, meanwhile, also rose 54.4% on the year to 3 million mt. Crude degummed soybean oil (CDSBO) imports on the other hand fell by 11.9% to 3.68 million mt…

Indonesia’s Oct palm oil exports rise m-o-m to 2.55 mil mt- Indonesia’s palm oil exports in…