Palm & Veg Report, July 2017
The edible oil markets are now trending at more or less the same levels as they were this time last summer and not surprisingly my enthusiasm for writing reports is rapidly waning because there is still very little exciting news to report. That being said, the CPP markets in the West and the East did pick up momentum last month, tonnage lists in Asia are tightening and MR earnings are now back in the low-mid teens again. Crude oil values have slumped back to the mid-high 40 US$ per barrel level again and the story of oil weakness remains high on the agenda. Freight values are virtually unchanged on almost all vegetable oil trade routes but they are, as we reported earlier, not expected to fall any further in the short to medium term.