Latest Oils & Fats International News

EU olive oil exports is set to rise by 11% to a record high of 625,000 tonnes in the 2018/19 season, with production expected to grow by 3%, according to an April 2019 report from the European Commission (EC).

A third of the palm oil being processed by members of the EU Vegetable Oil and Protein Meal Industry (FEDIOL) is still not certified as sustainable, with time running out to achieve an industry target of 100% sustainability by 2020, FEDIOL said on 7 May.

Asian food and agribusiness Olam International says it has achieved Roundtable on Sustainable Palm Oil (RSPO) certification for the first oil palm plantation in Africa developed on 100% grassland.

Beijing announced on 13 May that it would raise tariffs to as high as 25% on US$60bn worth of US goods in retaliation against the USA increasing 10% tariffs on US$200bn worth of Chinese products to 25% on 10 May.

A California jury has ordered German chemical firm Bayer to pay more than US$2bn to a couple that developed cancer after using the Monsanto Roundup weedkiller, in the third and largest verdict against the company.

Over 800 scientists and representatives from the agricultural sector will meet in Berlin from 16-19 June to attend the 15th International Rapeseed Congress (IRC), the first rapeseed congress to be held in Germany in 45 years.

Malaysian palm oil production rose 10% to just under 5M tonnes in the first three months of 2019, compared to last year, reaching a record 3.05M tonnes in February, Germany’s oil and protein plants association, UFOP reported on 30 April.

Major Russian rail grain transporter RusTransCom (RTC) announced on 26 April that it had postponed plans for an initial public offering (IPO) in favour of a private equity transaction.

Food and drink giant Nestlé announced on 30 April that just over three-quarters (77%) of its agricultural commodities (meat, palm oil, pulp and paper, soya and sugar) were now verified as deforestation-free, compared to 63% in 2018.

In a sharp escalation of the US-China trade war, the USA hiked its 10% tariffs on US$200bn of Chinese goods to 25% on 10 May.

Latin American members of the Roundtable on Sustainable Palm Oil (RSPO) achieved 1M tonnes of Certified Sustainable Palm Oil (CSPO) production capacity in April.