Market News 19th April 2024
April 19, 2024
The weather has been in the news this week, with massive storms in the Gulf…
The Philippines is recovering from tropical storm Nalgae, which caused deadly flooding over the weekend. The storm is now heading across the East China Sea and is expected to intensify and then weaken as it approaches mainland China.
The associated rain will affect the eastern parts of Taiwan and the coastal Chinese province of Guangdong.
However, this year has seen much higher rainfall across Asia, significantly affecting palm oil production over the past couple of months, pushing up prices and affecting deliveries. Typically we see Palm Oil production tapering off from November in the two main growing countries of Malaysia and Indonesia. Heaving rains at the moment will only further hamper crops and push up prices.
Over the weekend, Russia withdrew from the UN-brokered deal guaranteeing safe passage for grain from Ukraine three months after it was signed, sparking global criticism with Ukraine accusing it of “blackmailing the world with hunger”.
Off the back of this, Palm oil has risen 4% as uncertainty weighs down on traders if sunflower oil will also be affected going forward.
These two incidents mean that prices for palm oil are bound to remain on the firm side in the coming months, pushing up prices for other edible oils as businesses struggle to find affordable supplies and alternatives into Q1 2023.
Why not subscribe to receive the latest market news straight to your inbox to clinch the best deal!
April 19, 2024
The weather has been in the news this week, with massive storms in the Gulf…
March 18, 2024
Palm Oil and Coconut Oil prices jumped almost 12% on Friday, 7th March, to a…
March 7, 2024
El Niño In an update from the World Meteorological Organization (WMO) the current El Niño…
February 1, 2024
Shipping The attacks by Iranian-backed Houthi militants on vessels have made travel through the Red…
January 29, 2024
As we get to the end of January 2024, we've started a new year with…
January 5, 2024
Maersk has announced that it will be redirecting all its vessels away from Red Sea…
If you require technical information about our products, then please login here to access the most up to date information...
Let's take a look at this...