Palm Oil

By Rajendra Jadhav

Malaysia aims to fill the gap in the edible oil market caused by the Ukraine war, as well Indonesia's export curbs on palm oil.

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Indonesia's prohibition was one of the biggest acts of crop protectionism since Russia's invasion of Ukraine in February.

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The lifting of the ban came after hundreds of farmers rallied to protest the move, saying their incomes have suffered because prices of their fresh fruit bunches plunged

Indonesia's ban on palm oil exports has refocused attention on the efficacy of the government's policy to boost domestic production

The growth was in line with the prediction made by Indonesia's Minister of Finance Sri Mulyani Indrawati that the country's economy would grow on average 5 per cent year-on-year

Indonesia last week banned the export of crude and refined palm oil amid global shortage of the edible oil

Sudhanshu Pandey, Secretary, DFPD said that due to higher market prices, a large quantity of wheat was being bought by traders at a higher rate than MSP, which was good for the farmers

He added that a palm oil export target of 34 million tonnes in 2022 would be met

Indonesia has banned palm oil exports, but it has to liquidate stockpile and demand could be met from other sources.

The move adds to the impact of Russia's invasion of Ukraine, which plunged the global edible oil market into disarray.

Among FMCG stocks, Adani Wilmar seems to be better placed at current levels as per the technical charts.

Analysts and companies have warned that demand could slow as the Ukraine war and Indonesia's ban on palm oil exports result in higher global food prices

Indonesia said on Friday that the shipment halt will start from April 28 and last until the government deems a domestic shortage resolved

Sri Mulyani Indrawati said that with demand exceeding supplies, the ban announced is "among the harshest moves" the government could take after previous measures failed to stabilize domestic prices

Loss of shipments from Ukraine, the world's top supplier of sunflower oil, and drought in the world's top soybean oil exporter Argentina had already sparked a sharp rise in global vegetable oil prices

India's 60 per cent of the edible oil requirement is met through imports