Oil prices are hitting all-time highs worldwide, creating long lines and panic buying. If that reads like an old story, consider this: we're not talking about fuel oil here. We're talking about food oil, and sunflower oil and palm oil in particular.
In the case of sunflower oil, it's because of a sharp decrease in supply due to the war in Ukraine. Russia and Ukraine together accounted for 75 percent of sunflower oil production before the war began, with Ukraine the world's largest exporter. With harvests in Ukraine stalled , and sanctions in place against Russian firms, production and exports have slumped: exports from Ukraine are down 95 percent since the invasion, and if the war grinds on, Ukrainian farmers risk missing their harvesting and planting windows.
The sunflower oil shortage has hit some Western countries particularly hard. Sunflower oil is one of the most popular cooking oils in Germany and the UK, both of which love their deep-fried foods and value (or valued) sunflower oil for its relatively low price point and comparatively high smoke point. The shortage has created runs on sunflower oil in both countries, with grocery stores rationing sales after shelves were cleared of all supplies, and some restaurants in Germany taking fries off the menu.
EXCLUSIVE-Malaysia may cut palm oil export tax amid global supply crisis - Reuters News 10-May-2022 02:46:16 PM
KUALA LUMPUR, May 10 (Reuters) - Malaysia is considering cutting its export tax on palm oil and plans to slow implementation of its biodiesel mandate to help meet global demand amid an edible oil shortage, its commodities minister told Reuters on Tuesday.
Plantation Industries and Commodities Minister Zuraida Kamaruddin said in an interview her ministry has already proposed the cut to the finance ministry, which has set up a committee to look into the details.
Malaysia, the world's second-largest palm oil producer, could cut the tax to 4%-6% from the current 8%, she said.
The cut would likely be temporary and a decision could be made as early as June, Zuraida said.
Other countries are defaming Some Darby. In the articles, one worker says the company took away his passport and he don't have freedom to visit other states without his passports. Passports was taken away to prevent them from running back home. Also, he can visit other states without passports. Just need some documents for identification.
Precisely due to Greenpeace relentless attack on palm oil the last 4 years since 2018 there is no increase of palm oil estate while the world population has gone up by another 320 million
Now there is great Shortfall of Vege oil
This attack on SIMEDARBY plant also a waste of time
Leave all the commodities stocks now , great recession coming , Russia-ukraine war is going to end soon , all commodities stocks will plummet 50 % more !
Forget about palm oil going above RM5500. Those who bought around RM 87xx already lost more than 50%. From now, it will slowly slide down like cryptocurrency to RM 2000.
NEXT WILL BE SIMEDARBY PLANT (KWAP LOADING UP 1 MILLION SIMEPLANT SHARES SEVERAL DAYS ALREADY)
SIMEPLANT HAS LOTS OF DEEP VALUE ASSETS BEING A 200 YEAR OLD CO
ITS LANDS IN SELANGOR & ALL PARTS OF PENINSULAR HAVE AN AMAZINGLY LOW BOOK VALUE OF ONLY RM12,000 PER ACRES
MARKET VALUE IS 20X (TIMES MORE AT RM250,000 PER ACRE)
PETALING JAYA (April 2): Sime Darby Plantation Bhd (SDP) is seeking sale of some 4,300 acres of freehold estate land in Peninsular Malaysia, which they estimate will bring in RM1 billion.
The Star reports that industry experts peg the sale price between RM200,000 and RM250,000 per acre, the higher band of valuation for brownfield plantation land.
“The reserve price is believed to be at an average of RM200,000 per acre, which is on the higher side of recent transactions
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
StartOfTheBull
7,352 posts
Posted by StartOfTheBull > 2022-05-01 16:57 | Report Abuse
Indonesia needs exports revenue to support it's economy. The ban will be lifted as soon as they can for sure.