November 1, 2023
Crude palm oil down for third month in a row, global container rates at 12-month low
1 RM (Malaysian Ringgit) = 0.21 USD
1 USD = 0.82 GBP
*Exchange rates calculated and market prices reported on October 30
Crude Palm Oil
Average September Palm Oil Export Prices
$852 tonne (-$37/tonne
Malaysia palm market
The monthly average for Malaysia’s Crude Palm Oil (CPO) settlement price declined for a third month in October to 3,699 RM/tonne ($776.79). That was a 2.25% drop over the month and a 4.74% decline compared to October 2022. The high over the last year was 4,403 RM/tonne in November 2022.
October began with a price of 3,704 RM/tonne on the 2nd, ending on the 30th at 3,741 RM/tonne. The high during the month was 3,807 RM/tonne on the 18th. The swing between low and high was 7.2% between the 11th and 18th.
Malaysia CPO Settlement Price RM
September 2023 Soybean Oil Export Prices $/tonne
Soybean oil export prices down again
The arrival of the new US soybean crop and exports from a record Brazilian crop have pushed prices down.
“Vegetable oil was a particularly strong driver of oilseed prices this month. Palm oil prices fell to a 3- month low on seasonally-high production and competition from other oils including sunflowerseed oil, which is currently trading at an unusual discount. In the United States, smaller-than-expected August crush volume as well as lower Renewable Fuel Standard credit (RIN) prices moved average soybean oil prices $104/ton this month,” says USDA.
Average 2021/23 Soybean Oil Prices $/tonne
Average 2021/23 Rapeseed Rotterdam (Canola) Oil Prices $/tonne
Average 2021/23 Sunflower Seed Oil Prices $/tonne
Global container rates have decreased by 19% since the end of September
From the October 26, 2023, Drewry World Container Index report
- The Drewry WCI composite index fell 4.4% from the September 28 report to the October report from $1,404 to $1,342 per 40-foot container
The latest index price is 5.5% lower than the average 2019 (pre-pandemic) rate of $1,420 and the lowest price of the last year
The average composite index for the year-to-date is $1,711 per 40-foot container, which is $965 lower than the 10-year average rate of $2,676
Disclaimer: The information in this document has been obtained from or based upon sources believed to be reliable and accurate at the time of writing. The document should be for information purposes only and is not guaranteed to be accurate or complete.