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October 2, 2023

Crude palm oil decreases, global container rates decrease by 19%

1 RM (Malaysian Ringgit) = 0.21 USD
1 USD = 0.82 GBP

*Exchange rates calculated and market prices reported on September 29

Crude Palm Oil

Average August Palm Oil Export Prices

  • Indonesia
    $889 tonne (-$23/tonne

  • Malaysia
    $861/tonne (-$23/tonne)

Average Palm Oil Export Prices Oct 23

Source: USDA Foreign Agricultural Service

Malaysia palm market

The monthly average for Malaysia’s Crude Palm Oil (CPO) settlement price has declined for a second month to 3,748 RM/tonne ($799.06) in September following a high of 3,952 RM/tonne ($842.55) in July.

September started with a high of 4,040 RM/tonne ($861.32) on the 1st, ending September 27 at 3,771 RM/tonne ($803.97). September was a volatile month, seeing a low of 3,678 RM/tonne ($784.14) on September 21.

Malaysia CPO Settlement Price RM

Malaysia palm prices CPO Settlement Price RM Oct 23

Soybean oil

August 2023 Soybean Oil Export Prices $/tonne
August 2023 Soybean Oil Export Prices $/tonne Oct 23

Soybean oil export prices decrease  

According to USDA, soybean oil decreased as a result of a weaker vegetable oil market lowering competitive oils.  

“Soybean oil pricing fundamentals followed ups and downs in both crude oil and weather concerns for soybeans, but averaged lower on the month. Other major vegetable oils were down on large inventories for rapeseed and sunflowerseed oils and higher production expectations for palm oil, further supporting the decline in soybean oil prices,” says USDA

Average 2021/23 Soybean Oil Prices $/tonne

Average 2021/23 Soybean Oil Prices $/tonne Oct 23

Rapeseed oil
Average 2021/23 Rapeseed Rotterdam (Canola) Oil Prices $/tonne
Average 2021-23 Rapeseed Rotterdam (Canola) Oil Prices $/tonne Oct 23Sunflower oil
Average 2021/23 Sunflower Seed Oil Prices $/tonne

Average 2021/23 Sunflower Seed Oil Prices $/tonne Oct 23

Shipping Update

Global container rates have decreased by 19% since the end of September

From the September 28, 2023, Drewry World Container Index report:

  • Drewry WCI composite index decreased from $1,740 per 40-foot container on August 31 to $1,404 by September 28, for a 19% decrease throughout September
  • The latest Drewry WCI composite index of $1,404.38 per 40-foot container is now 1% below than average 2019 (pre-pandemic) rates of $1,420
  • The average composite index for the year-to-date is $1,747 per 40ft container, which is $932 lower than the 10-year average rates of $2,678

Drewry Supply Chain Advisors Oct 23

Source: Drewry Supply Chain Advisors

View Drewry shipping data here.

Disclaimer: The information in this document has been obtained from or based upon sources believed to be reliable and accurate at the time of writing. The document should be for information purposes only and is not guaranteed to be accurate or complete.