Malaysian palm oil futures were around MYR 3,890 per tonne, rising for the first session in three amid higher rival soyoil as Argentina may cut its estimate for the 2023/24 soybean crop due to dry and hot weather. Markets tried to recover from their lowest level in two months hit earlier in the week, supported by an extended rise in crude oil prices and signs of robust exports. Cargo surveyors' data indicated that shipments of Malaysia's palm oil products for April 1-20 rose between 10.2% to 14.3% from the same period in March. The latest industry figures for March showed that palm oil exports jumped 28.6%. For the week, however, the contracts are heading for the third straight decline, down around 0.9%, dented by a potentially rising production in Q2 as Malaysia's Programme Advisory Committee reportedly had discussed ways to improve crop materials and efficient farm management to boost yields. Meantime, there was uncertainty about near-term demand as recent festive buying ended.
Palm Oil increased 192 MYR/MT or 5.16% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Palm Oil reached an all time high of 7268 in March of 2022. Palm Oil - data, forecasts, historical chart - was last updated on April 26 of 2024.
Palm Oil increased 192 MYR/MT or 5.16% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil is expected to trade at 4296.97 MYR/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4594.89 in 12 months time.