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AGRICOMMODITY NEWS 2020

KUALA LUMPUR: Malaysia is losing up to 25% of its potential palm oil yield due to a labour shortage that is expected to worsen in the coming months, the Malaysian Palm Oil Association (MPOA) said on Monday.
The group, which represents plantation firms, said the government's decision to freeze the recruitment of new foreign workers until December could lead to the "demise" of the industry.
"Pre-COVID, we were already short of 36,000 workers. This (shortage) has already resulted in us not realising our potential production by 10%-25%," MPOA Chief Executive Officer Nageeb Wahab said in a conference.

KUALA LUMPUR: Malaysia is losing up to 25% of its potential palm oil yield due to a labour shortage that is expected to worsen in the coming months, the Malaysian Palm Oil Association (MPOA) said on Monday.
The group, which represents plantation firms, said the government’s decision to freeze the recruitment of new foreign workers until December could lead to the “demise” of the industry.

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rallied today to close at the highest level in more than five months, tracking the robust rise in soybean oil and palm olein prices on the Dalian Exchange.
The benchmark palm oil contract for August 2020 rose to RM2,754 per tonne -- the highest since Feb 18,2020.
Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said a lower production outlook amid improving exports also kept the market prices firm.
"CPO price is likely to advance and test RM2,700 per tonne while a bout of profit-taking will set in, ” he told Bernama.

KUALA LUMPUR: The Ministry of Plantation Industries and Commodities (KPPK) is coming up with strategic solutions to rid the country from allegations regarding labour in the palm oil and rubber industries, deputy minister Willie Mongin said.
Malaysia according to him, does not condone forced labour, adding that as this is a very delicate issue and requires cooperation from various ministries as well as agencies.
“We are doing our part in coming up with the solutions and it is going to be our continuous effort to expel these allegations and eradicating labour issues that plaques the commodity sector,” he said in a special address ‘Powering Malaysia’s Plantation and Commodities Industry’ at Invest Malaysia 2020 – Virtual Series 2.

KUALA LUMPUR, July 20 -- Plantation sector mainly palm oil and rubber, which are the two top contributors to the gross domestic product (GDP) for agriculture industry are in dire need of workers to speed up their production capacity due to higher demand, especially for the rubber gloves as the world battle against coronavirus.
Sadly, this industry was deemed as the 3D industry – dirty, dangerous and difficult (some even say demeaning) by the locals, resulting in companies to hire more foreign workers.
As of March 31, 2020 it was estimated that there are more than 500,000 workers involved in this sector and under plantation, palm oil has the highest reliance on foreign workers, which is at 77 per cent mainly from Indonesia and Bangladesh.