Palm OIl Traded To 6,350 Riggint Per Tonne Prospects Of Higher Production This month

Malaysian Palm Oil:  Traded around MRY 6,350 per tonne, not far from a near five-week high of 6,546 hit on April 20th as stronger edible oil and crude futures supports buying of palm in spite of weak export data and prospects of higher production this month.

Exports of Malaysian palm oil products for April 1-20 fell by 14%-18% from the same period in March, according to data by cargo surveyors while markets were expecting strong exports due to higher Indonesian export taxes.

On top of that, the Southern Peninsula Palm Oil Millers’ Association estimated April 1-15 production rose 5.28% from the month before.

Also, the Malaysian Palm Oil Council forecast a slight rise in 2022 global output, with Malaysia’s production seen at 18.9 million tonnes and Indonesia’s at 47.1 million tonnes.