No end of Ramadan bounce then for Palm or Coconut

Last Friday saw the end saw the end of Ramadan marked with Eid al-Fitr. Those that thought we might get a bounce in edible oil prices would seem to be wrong. Palm and Soya have both fallen all this week. In the case of Palm oil to a new two year low. Bumper soya along with slower exports of Palm oil all seem to be to blame. Also US Energy agency is now predicting that crude oil will trade weaker well into 2019 around the $60 level down from current $64. This is all keeping coconut oil pinned around the $900 with it closing last night at $930. But with typhoon season starting really next month will the weather once more play a key role.

Desiccated prices have been edging lower as they slowly track oil prices. But some shippers have healthy sales through till last quarter of the year so they have been less keen to reduce prices. Others mainly those that rely on the US have not been so lucky. Issues with Salmonella in the US during first half of this year have dented their sales heavily. They have had to reduce their prices quicker then most to gain sales elsewhere. The last quarter though could see prices move up as US comes back into the market. Also July sees the start of typhoon season so we watch and wait to see what the weather brings.