Corn is the highest price since 2012
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(Seoul = Yonhap News) Reporter Kim Yun-gu = Indonesia’s abrupt cessation of palm oil exports, causing a shock in the global edible oil market, soybean oil prices rose to an all-time high.
According to Bloomberg News, the price of soybean oil (soybean oil) for delivery in July at the Chicago Mercantile Exchange (CBOT) soared to $85.46 per pound, up 0.87% from the previous day, at one time on the morning of the 28th (Korean time). This is an all-time high.
Soybean oil prices have risen more than 55% this year.
(Delhi Serdang EPA = Yonhap News) Workers carry freshly harvested palm berries by motorcycle in Delhi Serdang, North Sumatra province, Indonesia, on the 26th.
Canola oil is again nearing its March highs, Bloomberg said.
The price of palm oil for delivery in July at the Kuala Lumpur Exchange in Malaysia also jumped 9.17% the previous day, and as of 12:03 pm Korean time on this day, it also rose 0.44% to 7,018 ringgit (about 2.04 million won) per ton.
As a result, palm oil prices soared more than 48% this year.
The sluggish crops and the war in Ukraine have reduced the supply of cooking oil, and Indonesia, the world’s largest exporter of cooking oil, has tightened export controls on cooking oil and related products.
Earlier, Indonesia stopped exporting crude palm oil (CPO), refined RBD palm oil, and waste cooking oil from 00:00 on the 28th. This action will continue until domestic prices stabilize.
The Indonesian government said on the 26th that it would ban the export of only palm olein, but overturned this and included palm oil and crude oil in the export target.
When palm oil is refined by pressing the palm fruit, it becomes RBD palm oil, which is separated into solid palm stearin and liquid palm olein.
As Indonesia expanded its export ban to palm oil crude oil, not only food companies such as ramen, sweets and chocolate, but also cosmetics, detergents and biodiesel companies were affected.
Meanwhile, corn prices are at their highest since 2012. On the Chicago Mercantile Exchange, corn deliveries for July rose 2.1% to $8.185 per bushel on the same day.
Carl Setzer, an analyst at agricultural consulting firm Agrivisor, told Bloomberg that there are rumors that China is buying corn futures.
ykim@yna.co.kr
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2022/04/28 13:00 Send
