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Market sources in the European delivered palm oil market have reacted cautiously to the news that the EU has backed down on proposed timelines to implement more stringent requirements on deforestation, Fastmarkets heard on Wednesday October 2.

Freight rates for vessels carrying palm oil cargoes within Asia were rangebound in the week to Wednesday October 2 amid still weak demand from charterers and abundant tonnages.

Indonesia has set its crude palm oil (CPO) reference price for October at $893.64 per tonne, according to a notice issued by the Indonesian trade ministry on Monday September 30.

The export prices of soyoil, palm oil and sunoil have risen in their main points of origin monitored by Fastmarkets, more than a week after the increase in tax duty in India, the largest vegetable oil importer in the world.

Freight rates for vessels carrying palm oil cargoes within Asia were flat during the week to Wednesday September 25 on unchanged supply and demand fundamentals.

China’s soybean crush volume in the week ended Friday September 20 slipped to 2.05 million tonnes, 8.5% lower from the previous week, according to figures from the China National Grain and Oil Information Center (CNGOIC).

Malaysia-based palm oil producer SD Guthrie International (SDGI) has confirmed the arrival of its first shipments of 40,250 tonnes of palm oil that meet the requirements of the new EU Deforestation Regulation (EUDR), according to a press release published on Thursday September 19.

Indonesia is to revise the levy structure for palm oil exports, in a move designed to boost its competitiveness and provide added value to the prices of farmers' fresh fruit bunches, the country’s finance ministry announced on Thursday September 19.

China’s soybean oil stocks rose to 1.11 million tonnes at the close of the week ending September 13, 20,000 tonnes higher than the previous week, data from the China National Grain and Oil Information Center (CNGOIC) released on Thursday September 19 shows.

China’s corn and wheat imports in August fell to their lowest levels for several years, with the pace of buying in the country slowing after a frenetic phase of imports earlier this year, sources told Fastmarkets on Wednesday September 18.

Freight rates for vessels carrying palm oil cargoes within Asia softened during the week to Wednesday September 18 on still softer charterer sentiment, sources have told Fastmarkets.

Malaysia has set its crude palm oil (CPO) reference price for October at 3,839.10 ringgit ($898) per tonne, according to a circular issued by the Malaysian Palm Oil Board (MPOB) on Tuesday September 17.

India’s government issued a flurry of changes to import duties, export prices, and stock levels in a late-night session that saw a raft of trade updates targeting vegetable oil imports, wheat stocks and both peas and rice, trade sources told Fastmarkets on Friday September 13.

China’s agriculture outlook committee (CAOC) has lowered its estimate for the country’s edible vegetable oil imports in 2023/24 while raising production and consumption forecasts for the same period, according to the latest monthly Chinese Agricultural Supply and Demand Estimates (CASDE) released on Thursday September 12.

Soybean oil imports into India rose by 16% in August from the prior month to 454,639 tonnes, marking the highest level since July 2022 when volumes reached 519,566 tonnes, data from industry group Solvent Extractors Association of India (SEA) released on Thursday September 12 shows.

Freight rates for vessels carrying palm oil cargoes within Asia were stable to soft during the week to Wednesday September 11 on limited inquiries and plentiful space available for September, sources told Fastmarkets.

Freight sentiment for routes carrying palm oil in Asia remained lackluster on Wednesday September 4, due to abundant tonnages.

Indonesia has raised it crude palm oil (CPO) reference price for September to $839.53 per tonne, up from $820.11 per tonne in August, the country’s trade ministry announced in a circular issued on Friday August 30.

News that the Indonesian government is planning to adjust export levies for palm oil waste products, such as palm oil mill effluent (POME) and palm acid oil (PAO), has brought to the fore ongoing discussions on stricter controls being mulled on product exports that can play a significant part in biofuel production.

Freight rates for vessels carrying palm oil cargoes from Southeast Asia to India fell in the week to Wednesday August 21 on plentiful tonnage and limited fixing of stems.