Today Edible Palm oil market closed at MYR 3,263 per tonne today after rising to as high as MYR 3,350, As Market players weighed on concerns about soaring output levels in the top producer, Indonesia. after Jakarta has set its crude palm oil reference price at $811.68 per tonne for the period of June 1-15. the market losing it as the massive supply around the globe.
However, Chicago corn futures slid more than 1% on Thursday and soybeans fell for the first time in three sessions, as forecasts of rains in the US Midwest eased concerns over dry weather. Wheat lost more ground, trading near a one-week low, as a lack of demand for US supplies pressured prices.
“Cooling in the next week will reduce the stress and even though rain advertised is likely to be sporadic and light enough to maintain some concern over crop conditions and production potential especially in the longer-range outlook…,” said Terry Reilly, senior analyst with Futures International in Chicago.
Also Read : Palm Oil Today Unchanged | Next Week Forecast
The most-active corn contract on the Chicago Board of Trade (CBOT) fell 1.2% to $5.96-3/4 a bushel, as of 0321 GMT, and soybeans lost 0.5% to $13.53-3/4 a bushel.
Wheat gave up 0.5% to $6.13-1/2 a bushel. Expectations of wet weather in parts of the US Midwest are weighing on corn and soybean prices.
Traders in the agricultural markets are taking positions ahead of the US Department of Agriculture’s closely watched World Agricultural Supply and Demand Estimates report on Friday.
While El Nino has officially returned and is likely to yield extreme weather later this year, from tropical cyclones spinning toward vulnerable Pacific islands to heavy rainfall in South America to drought in Australia.
After three years of the La Nina climate pattern, which often lowers global temperatures slightly, the hotter El Nino is back in action, according to an advisory issued on Thursday by the U.S. National Oceanic and Atmospheric Administration’s Climate Prediction Center.
Meanwhile on the Malaysian cocoa seeds, the current El-Nino phenomenon will not affect the cocoa export revenue target of RM8 billion this year, said the director-general of the Malaysian Cocoa Board (LKM) Ramle Kasin.
He said cocoa export revenue showed a positive trend from the beginning of the year until this month, driven by continuous demand.
“Basically, the El-Nino phenomenon will have an impact on cocoa production, but not all places (states) experience severe effects caused by the phenomenon.
“I believe that with the country’s improving economic situation, strong fundamentals and continued demand, Malaysia will be able to achieve the target,” he told a press conference after the launch of the new Benns chocolate product by Benns Chocolate Factory Sdn Bhd.
Also The European Commission has confirmed it is investigating a complaint from a member state about possible fraud relating to biofuel imports from China
The statement acknowledged the complaint and called on those in the industry to fully cooperate with the investigation. Edible oil market
It follows the influx of Chinese-sourced waste-based biodiesel through the early part of this year that has swamped key European markets and was accused of harming domestic production of both waste-based and conventional biofuels, as physical prices collapsed across the EU.
“The Commission has been informed by a member state about possible fraud cases related to biofuel imports from China into the EU,” the statement read, as reports surfaced of the investigation.
Earlier in the day news agency Reuters had named the member state as Germany, but the EC has declined to comment.
“The EU takes any allegations of fraud very seriously and will not hesitate to take appropriate action to protect the integrity of its biofuels market,” the statement said, inviting “all economic actors involved in the biofuels market to cooperate fully… and report any suspicious activities.”