Typhoon Update

Ok Typhoons first. Typhoon Koppu has now been down graded to a tropical storm as its slow progress over the Philippines. It’s damage has not been too severe as it was a class 4 when it made landfall but quickly lost power. However Metro Manila has still seen flooding and power failures across the city. It’s not expected that this typhoon will have limited effect on coconut oil prices. Palm oil has been stronger recently as both Malaysian and Indonesian Governments look to support the market.

Desiccated firmness has been stuttering in the last week as shippers with extra capacity seek buyers. But some shippers have stronger forward sales so not everyone is chasing every buyer down. It’s a watch and wait now to see if oils track higher still which will put some firmness back into the forward market.