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The July palm oil contract on the Malaysian Derivatives Exchange (MDEX) ended this Tuesday's session (13) with a strong increase of 12.75 points and 1.74%, at US$ 746.50/tonne; that of August rose 14.50 points and 2.00%, at US$ 740.00/tonne.
UN Secretary for Humanitarian Affairs, Martin Griffiths, stated that the collapse of the Kakhovka dam will have strong consequences for the agricultural sector. “It is almost inevitable that we will face huge problems in harvesting and planting the next crop. And what we will see is a significant impact on global food security,” he said in an interview with the BBC.
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However, gains were limited by information from the Malaysian Palm Oil Board (MPOB) that Malaysian stocks rose by 12,63% last month to 1.69 million metric tons.
United Plantations Berhad chief executive Datuk Carl Bek-Nielsen said palm oil production in Malaysia has remained stagnant over the past 25 years, while other oilseed crops have shown incremental improvements. The executive points out that it is crucial that the industry prioritizes the adoption of sustainable practices to remain resilient and competitive.
Source: datagro
