"The weak macroeconomics, with a couple of banks in the U.S
defaulting, have added further bearish sentiments," said
Anilkumar Bagani, research head of Mumbai-based vegetable oils
broker Sunvin Group.
A deal allowing the safe export of grain from Ukraine's
Black Sea ports will be extended automatically after it expires
on March 18 if there are no objections from the involved
parties, Russia's TASS state news agency reported on Tuesday.
Oil prices dropped more than $2 a barrel as the collapse
of Silicon Valley Bank rattled equities markets and sparked fear
about a fresh financial crisis, making palm a less attractive
option for biodiesel feedstock. Dalian's most-active soyoil contract fell 2.2%,
while its palm oil contract eased 2.05%. Soyoil prices
on the Chicago Board of Trade ticked up 0.1%.
Capping losses, exports of Malaysian palm oil products for
March 1-10 rose 50.8% to 487,530 tonnes from Feb. 1-10, cargo
surveyor Societe Generale de Surveillance said on Monday.
India is likely to import 1.5 million tonnes of duty-free
sunflower oil during the current fiscal year to March 31, trade
and government sources said, half a million tonnes less than the
quota allocated by the government.
Indonesia plans to set its crude palm oil reference price at
$911.41 per tonne for March 16-31, up from $889.77 per tonne in
the first half of the month, Musdhalifah Machmud, an official at
the Economics Coordinating Ministry, said on Monday.
($1 = 4.4820 ringgit)
(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu, Janane
Venkatraman and Shilpi Majumdar)
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils Malaysian palm oil exports CBOT soyoil futures CBOT soybean futures Indian solvent Dalian Commodity Exchange Dalian soyoil futures Dalian refined palm oil futures Zhengzhou rapeseed oil European edible oil prices/trades ))
