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15 Palm Oil Declines by 2% Due to Robust Soybean Harvest and Ringgit Strength

The U.S. soybean harvest is growing rapidly, and the value of the Malaysian currency, the ringgit, is increasing day by day. As a result, palm oil prices in Malaysia have gone down. However, there is still demand for palm oil in the market.

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15 Palm Oil Declines by 2% Due to Robust Soybean Harvest and Ringgit Strength

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  1. Palm Oil Declines by 2% Due to Robust Soybean Harvest and Ringgit Palm Oil Declines by 2% Due to Robust Soybean Harvest and Ringgit Strength Strength The U.S. soybean harvest is growing rapidly, and the value of the Malaysian currency, the ringgit, is increasing day by day. As a result, palm oil prices in Malaysia have gone down. However, there is still demand for palm oil in the market. Increase in Palm Oil Exports Increase in Palm Oil Exports Despite the 2.1% (78 ringgit) drop to 3,675 ringgit per metric ton in mid-January, people expect an increase in demand and storage of palm oil in October due to favorable weather conditions for palm tree growth. Mitesh Saiya, trading manager for Kantilal Laxmichand & Company Mumbai, reported that compared to the previous month, the supply of palm oils to other countries increased by 7.9% to 9.9%. He also mentioned that the production and stock of Malaysian palm oils are expected to increase in October. Changes in Palm Oil Prices Changes in Palm Oil Prices The prices of palm oil can be affected by the increasing demand for soy oil in the global market. The U.S. soybean harvest is expected to boost supplies of oilseeds and their products. Although palm oil was not popular as a fuel source due to low crude oil prices, strong export demand and the growing value of the Malaysian currency (ringgit) have helped mitigate the losses. According to the U.S. Department of Agriculture's (USDA) weekly data, published on Monday, U.S. farmers had harvested three-quarters of the soybean crop by Sunday. This is faster than the usual pace expected by the trade for crops over the past five years. Mitesh added that despite palm oil's reduced

  2. attractiveness as a fuel option due to low crude oil prices, the strong demand for exports and the strength of the Malaysian currency have helped offset the losses. On Monday, both Brent and U.S. West Texas Intermediate crude oil prices dropped by more than 2% due to uncertainty related to the Israel-Hamas conflict. The decrease in crude oil prices has made palm oil less attractive for biodiesel production. Compared to its previous value, the Malaysian ringgit, which is used for palm oil trading, has rebounded and increased by 0.3%, reaching its highest value against the U.S. Dollar. The most actively traded Dalian contracts for palm oil and soy oil both experienced a 1.9% decrease. Over the last four months, the Chicago Board of Trade has seen a 1.2% decline in soymilk prices. If you are an palm oil importer wishing to buy palm oil in bulk or an palm oil exporter willing to export bulk palm oil, then Tradologie.com is the right platform for you. Tradologie.com is a global digital trade hub that facilitates bulk agro-commodities trade in a transparent manner. Through tradologie.com’s AI based platform, buyers and sellers can connect directly with each other in real-time, negotiate prices to get the best deals, without the involvement of any middlemen. This guarantees the best prices for both buyers and sellers on the platform, resulting in a significant decrease in the cost of trade by close to 10% overall. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.

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