Palm oil futures hit a fresh record high of MYR 5,080, as the vegetable oil market faces a significant squeeze due to a combination of lower output, supply chain issues, and growing demand from the biofuels industry. The Malaysian Palm Oil Association said crude palm oil production fell 0.39% to 1.703 million tonnes in September, amid labour shortages, flooding in parts of Malaysia and logistical issues related to the coronavirus. For the year, the association caps total output at 18.4 million tonnes, a 0.7 million tonne drop from last year. At the same time, the Indonesia Palm Oil Association sees total palm oil exports climb 1.2% in 2021 in the world’s top producer, as refined palm products more than offset a sharp drop in crude palm oil shipments.
Historically, Palm Oil reached an all time high of 5220 in October of 2021. Palm Oil - data, forecasts, historical chart - was last updated on October of 2021.
Palm Oil is expected to trade at 4198.31 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 4745.75 in 12 months time.