On March 24, Kuala Lumpur edible oil industry analysts said that global edible oil prices are about to approach their peak, but the process of falling back to previous levels may be slow and gradual due to low inventories, slow recovery of output and global biofuels Increased production demand.
Major industry analysts said at the palm oil and laurel oil price outlook web conference that the oil prices such as palm oil and soybean oil may reach multi-year highs in 2021, due to production disruptions, recovery in food consumption, and optimistic prospects for biofuel demand And many other factors.
However, the continued labor shortage in Malaysia has limited the recovery of palm oil production, and the stagnant growth in soybean meal demand has led to a decline in China’s soybean oil production, which will prevent vegetable oil prices from falling sharply.
Analysts said that rising palm oil prices have restricted food demand in price-sensitive markets such as India, but US President Biden’s biodiesel plan will stimulate demand in this area.
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