Palm & Veg Report, June 2018
Global edible oil markets are still failing to ignite at the moment especially in South America where the soya bean oil markets have been as quiet as a Tesla engine for months now and if it wasn’t for all the annoying GDPR messages clogging up our inbox we would probably be sitting here wondering what to read! The palm oil markets were a trifle busier compared to the month earlier although spot freight rates are still flat lining and markets have so far failed to react to the rapid up-tick in crude oil (bunker) prices which tipped 460 per tonne in Singapore on the 23rd of May. Chemicals and UCO/Biofuel exports from Asia to Europe have been steady but global chemical markets remain very anaemic and most people in this sector are already prepared for a challenging summer. Fresh rumours are circulating again that PFAD will be declassified as a waste product and how this will impact trade flows to Europe in the future will be very interesting to follow.