Palm oil prices in Malaysia in 2002

Lead: Kuala Lumpur, March 10, Reuters Trading price of Malaysian crude palm oil futures has changed from 900-1200 ringgit / ton (237-316 US dollars / ton) this year, a senior Indian trader said on Friday Global soybean production is high and crude palm oil prices will fall due to the decline of Indian imports Dorab mistry, President of godre International Limited, said: "I expect the price of crude palm oil to be up to 1200 ringgit / ton and down to 900 ringgit / ton We may see high prices in the early part of the year, low prices around June, and may reappear in September " "This year we will again face huge soybean production from Brazil and Argentina," he said at the edible oil conference And the competitiveness of Argentine currencies will give Argentine soybean oil exporters a great advantage " He expects the RBD brown liquid oil transaction range to be 280-350 USD / ton FOB Malaysia this year Soybean oil will be the most direct competitor of palm oil Malaysian benchmark may crude palm oil futures rose 4 ringgit to 1170 ringgit ($307.89) / ton on Thursday Oil world, Hamburg, Germany, forecast this week that global soybean oil stocks will reach a record high of 3.32 million tons on April 1, 2002, up from 3.07 million tons in the same period in 2001 The world's major producers, the United States, Argentina and Brazil, had an estimated 1.53 million tons of soybean oil on April 1, up from 1.48 million tons in the same period last year "By May and June we will confirm the shipping of soybean oil," he said If soybean oil is indeed oversupplied, then sunflower seed oil will need to be reduced to balance But soybean production in Brazil and Argentina is higher than most of the more optimistic estimates " As the world's largest edible oil importer, India may reduce the import of vegetable oil in 2001 / 02 market year (November to October of the next year), due to its economic downturn, low per capita consumption growth and relatively high domestic prices India's domestic vegetable oil production is also expected to increase For example, it is estimated that in 2001 / 02, India's oil production from falling flowers reached 1.54 million tons, which is higher than that in 2000 / 01 by 1.02 million tons "I expect per capita vegetable oil consumption to be 12.15-12.2kg/year," he said The increase in production, the decrease in import channels and the rise in domestic prices will reduce the import volume to 4.68 million tons " In 2000 / 01, India imported 5.4 million tons of edible oil, which is higher than that of 1999 / 00 He claims that China plays an important role in determining the direction of the market "We have to accept that China is dominant this year," he said China's dominance is not just because it's the biggest importer, but because it's very mysterious " In December, he estimated that the price of crude palm oil futures in the third quarter of this year would reach 13 ringgit / ton, partly because China's accession to the WTO would allow palm oil imports to reach 2.4 million tons, higher than the 2001 import quota of 1.4 million tons.