Some analysts say the global food crisis is likely to have reached its peak.
Earlier, in April, Indonesia was struggling with the high food prices brought about by the Russian-Ukrainian conflict and launched a package to drive down the price of overheated food in the country, but with little success. As a result, Indonesia announced on April 22 that it would stop palm oil exports, and oil prices rose and hit a new high.
With the easing of high prices in Indonesia and heavy pressure, Indonesia lifted the export ban on May 23, and market prices fell.
According to media reports, on June 20, local time, the price of palm oil fell by about 9%, and on June 21, it fell by another 8.4%, which is the opposite of the high price in April. The reason is that Indonesia, the world's largest palm oil exporter, has increased its export volume and absorbed inventories.
Previously, after the lifting of the ban in Indonesia, it suddenly announced that it would ensure that the domestic stock should have 10 million tons of edible oil. The sharp increase in export volume can be said to be a change in Indonesia's attitude of "refusing to return" since April. It is reported that Indonesia has issued 1.51 million tons of palm oil export licenses, which means that the market will pour in a large amount of palm oil.
At the same time, Indonesia also lowered the reference price of palm oil in July from June, down about $85 per ton. Palm oil market prices in Asia have also fallen accordingly.
It has previously been reported that the wheat in the central region of the United States has two heavy days of drought and flood, which may have a serious impact on the grain harvest. According to the latest reports, the outlook for wheat supply in North America is improving, and Russian wheat production is expected to be at a historic high due to the favorable weather this year; The United Nations food price index has also fallen back from its highs. It is also one of the few pieces of good news that the tight food market has ushered in.
Some analysts said that as the global palm oil supply gradually returns to normal levels, the price of edible oil on the mainland will also fall.
Chen Xiaoning, a | of literature| Zeng Yi, | Li Zeju