• About Us
  • Contact Us
  • Cookie policy (EU)
  • Home
  • Privacy Policy
  • Video
  • Write for us
Today Headline
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
No Result
View All Result
TodayHeadline
No Result
View All Result

Indonesias palm oil export ban leaves global buyers with no plan B – Reuters

April 25, 2022
in News
0
Indonesias palm oil export ban leaves global buyers with no plan B – Reuters
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

People shop for cooking oil made using palm oil at a supermarket in Jakarta, Indonesia, March 27, 2022. REUTERS/Willy Kurniawan

Register now for FREE unlimited access to Reuters.com

  • All vegetable oil prices set to jump on supply disruption
  • Buyers can’t replace Indonesian palm oil shortfall
  • Soyoil, canola oil supply hit by drought, sunflower oil by war
  • Refiners holding lower stocks, need to purchase at record prices

MUMBAI, April 25 (Reuters) – Global edible oil consumers have no option but to pay top dollar for supplies after Indonesia’s surprise palm oil export ban forced buyers to seek alternatives, already in short supply due to adverse weather and Russia’s invasion of Ukraine.

The move by the world’s biggest palm oil producer to ban exports from Thursday will lift prices of all major edible oils including palm oil, soyoil, sunflower oil and rapeseed oil, industry watchers predict. That will place extra strain on cost-sensitive consumers in Asia and Africa hit by higher fuel and food prices. read more

“Indonesia’s decision affects not only palm oil availability, but vegetable oils worldwide,” James Fry, chairman of commodities consultancy LMC International, told Reuters.

Register now for FREE unlimited access to Reuters.com

Palm oil – used in everything from cakes and frying fats to cosmetics and cleaning products – accounts for nearly 60% of global vegetable oil shipments, and top producer Indonesia accounts for around a third of all vegetable oil exports. It announced the export ban on April 22, until further notice, in a move to tackle rising domestic prices. read more

“This is happening when the export tonnages of all other major oils are under pressure: soybean oil due to droughts in South America; rapeseed oil due to disastrous canola crops in Canada; and sunflower oil because of Russia’s war on Ukraine,” Fry said.

Vegetable oil prices have already risen more than 50% in the past six months as factors from labour shortages in Malaysia to droughts in Argentina and Canada – the biggest exporters of soyoil and canola oil respectively – curtailed supplies. read more

Global edible oil prices scale record highs after every major oil suffers supply setbacks
Global edible oil prices scale record highs after every major oil suffers supply setbacks

Buyers were hoping a bumper sunflower crop from top exporter Ukraine would ease the tightness, but supplies from Kyiv have stopped because of what Russia calls its “special operation” in the country. read more

This had prompted importers to bank on palm oil being able to plug the supply gap until Indonesia’s shock ban delivered a “double whammy” to buyers, said Atul Chaturvedi, president of trade body the Solvent Extractors Association of India (SEA).

Importers such as India, Bangladesh and Pakistan will try to increase palm oil purchases from Malaysia, but the world’s second-biggest palm oil producer cannot fill the gap created by Indonesia, Chaturvedi said.

Indonesia typically supplies nearly half of India’s total palm oil imports, while Pakistan and Bangladesh import nearly 80% of their palm oil from Indonesia.

“Nobody can compensate for the loss of Indonesian palm oil. Every country is going to suffer,” said Rasheed JanMohd, chairman of Pakistan Edible oil Refiners Association (PEORA).

Key global edible oil statistics
Key global edible oil statistics

In February, prices of vegetable oils jumped to a record high as sunflower oil supplies were disrupted from the Black Sea region.

The price rise raised working capital requirements for oil refiners, who were holding lower inventories than normal in anticipation of a pullback in prices, said a Mumbai-based dealer with a global trading firm.

Instead, all oil prices have rallied further.

“Refiners have been caught on the wrong foot. Now they can’t afford to wait for a few weeks. They have to make purchases to run plants,” the dealer said.

As Indonesia has allowed loading until April 28, consuming countries will have enough supply for the first half of May, but could face shortages from the second half, said a refiner based in Dhaka.

South Asian refiners will only slowly release oil into the market as they know supplies are limited, he said.

In India, the world’s biggest vegetable oil importer, palm oil prices rose by nearly 5% over the weekend as industry prices in shortages in the coming months. Prices also rose in Pakistan and Bangladesh.

Register now for FREE unlimited access to Reuters.com

Reporting by Rajendra Jadhav; Editing by Gavin Maguire and Kenneth Maxwell

Our Standards: The Thomson Reuters Trust Principles.

Previous Post

Eleven confirmed dead, including child, after sightseeing boat goes missing in Japan – CNN

Next Post

2 killed, including FDNY firefighter, after fire tears through building in Canarsie, Brooklyn – WABC-TV

Related Posts

Johnson insists he’ll survive, as ministerial aide resigns over ‘toxic culture’
News

Johnson insists he’ll survive, as ministerial aide resigns over ‘toxic culture’

A ministerial aide quit over...

Read more
Partygate: Boris Johnson faces further grilling by Labour grandees
News

Partygate: Boris Johnson faces further grilling by Labour grandees

Harriet Harman will lead new...

Read more
Texas school shooting live updates: Uvalde mourns as details of shooting come together
News

Texas school shooting live updates: Uvalde mourns as details of shooting come together

UVALDE, Tex. — The gunman...

Read more
Being Starliner returns to Earth – The Washington Post
News

Being Starliner returns to Earth – The Washington Post

https://www.washingtonpost.com/technology/2022/05/25/boeing-starliner-test-landing/

Read more
Dribble Handoff: Trevor Keels, Drew Timme among those who should withdraw from NBA Draft, return to college – CBS Sports
News

Dribble Handoff: Trevor Keels, Drew Timme among those who should withdraw from NBA Draft, return to college – CBS Sports

https://www.cbssports.com/college-basketball/news/dribble-handoff-trevor-keels-drew-timme-among-those-who-should-withdraw-from-nba-draft-return-to-college/

Read more
Load More
Next Post
2 killed, including FDNY firefighter, after fire tears through building in Canarsie, Brooklyn – WABC-TV

2 killed, including FDNY firefighter, after fire tears through building in Canarsie, Brooklyn - WABC-TV

  • Trending
  • Comments
  • Latest
Sex/Life fans notice a HUGE editing fail in Adam Demos’ nude shower scene –

Sex/Life fans notice a HUGE editing fail in Adam Demos’ nude shower scene –

Horror as goat gives birth to ‘humanoid kid’ with baby-like face

Trisha Paytas Destroyed The Internet By Posting Her Toilet Paper Asshole

Trisha Paytas Destroyed The Internet By Posting Her Toilet Paper Asshole

10 Examples of Awesome End of Year Letters to Students

10 Examples of Awesome End of Year Letters to Students

Is a recession inevitable as inflation hammers the UK? This is Money podcast

Is a recession inevitable as inflation hammers the UK? This is Money podcast

Indianapolis 500, F1 Monaco Grand Prix: How to watch, start times

Indianapolis 500, F1 Monaco Grand Prix: How to watch, start times

Johnson insists he’ll survive, as ministerial aide resigns over ‘toxic culture’

Johnson insists he’ll survive, as ministerial aide resigns over ‘toxic culture’

Team develops mechanism to control actuation, cooling and energy conversion for soft robotics

Team develops mechanism to control actuation, cooling and energy conversion for soft robotics

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Is a recession inevitable as inflation hammers the UK? This is Money podcast

Is a recession inevitable as inflation hammers the UK? This is Money podcast

Indianapolis 500, F1 Monaco Grand Prix: How to watch, start times

Indianapolis 500, F1 Monaco Grand Prix: How to watch, start times

Is a recession inevitable as inflation hammers the UK? This is Money podcast

Is a recession inevitable as inflation hammers the UK? This is Money podcast

Indianapolis 500, F1 Monaco Grand Prix: How to watch, start times

Indianapolis 500, F1 Monaco Grand Prix: How to watch, start times

Johnson insists he’ll survive, as ministerial aide resigns over ‘toxic culture’

Johnson insists he’ll survive, as ministerial aide resigns over ‘toxic culture’

  • Real Estate
  • Education
  • Parenting
  • Cooking
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

No Result
View All Result
  • Real Estate
  • Education
  • Parenting
  • Cooking
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Posting....