Malaysian palm oil futures were trading around the MYR 4,600-a-tonne level, near a six-month low of MYR 4,500 hit earlier in a week as supply concerns eased. Indonesia has recently announced an export acceleration scheme to ship at least 1 million tonnes of crude palm oil and derivatives. The world's biggest exporter also reduced the maximum export tax rate and levy for crude palm oil to $488 per tonne from $575 per tonne to boost shipments. Meanwhile, in Malaysia, the production is expected to increase in the months ahead on higher crops and as migrant workers are set to return.
Historically, Palm Oil reached an all time high of 7268 in March of 2022. Palm Oil - data, forecasts, historical chart - was last updated on June of 2022.
Palm Oil is expected to trade at 5639.44 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 6234.47 in 12 months time.