Malaysia’s palm oil board urges countries to reconsider food versus fuel priorities

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Commodities Update — Gold dips; Soyoil rises; Malaysia triggers food vs fuel debate

RIYADH: Gold prices dipped on Monday to their lowest in more than two weeks, as bets for an increasingly aggressive and hawkish US Federal Reserve approach to tightening monetary policy boosted the dollar and pressured demand for bullion.

Spot gold was down 0.3 percent at $1,923.74 per ounce at 0321 GMT, hitting its lowest since April 7. 

US gold futures were down 0.6 percent at $1,923.30.

Silver, Palladium down

Spot silver dipped 1 percent to $23.89 per ounce, while platinum eased 0.4 percent to $927.00.

Palladium fell 2.9 percent to $2,305.69.

Soyoil climbs after Indonesian palm oil export ban

Chicago soyoil futures gained more ground on Monday to trade near their highest since 2008, as Indonesia’s decision to ban exports of rival palm oil heightened concerns about global edible oil supplies.

The most-active soybean oil contract on the Chicago Board of Trade added 1.3 percent to 81.59 cents per pound at 0201 GMT. Dalian palm oil futures rose 3.5 percent, while soyoil DBYcv1 added 1.5 percent.

Chicago wheat futures rose 0.5 percent to $10.80-1/2 a bushel.

Corn slid 0.3 percent to $7.87 a bushel.

Malaysia urges countries to review food v/s fuel priorities

On Monday, Malaysia’s palm oil board said it is time for governments to review their food versus fuel priorities, as Indonesia’s palm oil exports ban has ignited a global edible oil shortage crisis.

“It’s very important for countries to ensure available oils and fats are used for food and…temporarily stop or reduce their biodiesel mandates,” director-general of the Malaysian Palm Oil Board Ahmad Parveez Ghulam Kadir told Reuters.

Palm oil, the most widely used edible oil, is also used as biodiesel feedstock. 

Malaysia is the world’s second-largest producer of palm oil after Indonesia. However, its producers have said they cannot meet the global supply gap triggered by Indonesia’s ban on palm oil exports which is due to come into effect on April 28.

(With inputs from Reuters)

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