Malaysian palm oil outlook: Palm oil futures expected to open higher

On June 26, according to media reports, on Monday morning, the Bursa Malaysia Derivatives Exchange (BMD) palm oil futures may open higher, as palm oil production fell, Chicago soybean oil futures rebounded strongly last Friday.

Last week, the Malaysian Palm Oil Association (MPOA) estimated that Malaysian palm oil production from June 1-20, 2023 would decrease by 3.64% month-on-month, and the South Malaysian Palm Oil Association (SPOMMA) estimated that Malaysian palm oil production would decrease by 2% from June 1-20. .

Due to the recent drop in palm oil prices, analysts forecast that India’s palm oil imports in June 2023 will rise by 46% month-on-month to 640,000 tonnes, the highest level in three months.