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The Indonesian Palm Oil Association projects 2023 crude palm oil output at 50.07 million tons, up 7.15% from 2022, helped by expanded plantings and no major El Niño impact on producing areas. Domestic consumption rose 8.9% to 23.13 million tons, driven by biodiesel use.
Strong production growth is offset by faster domestic biodiesel-driven demand, leaving the exportable surplus tighter and supporting palm oil prices.
gapki.idadminFeb 28, 2024After 66 past neutral report events, Palm Oil moved a median +0.2% over 5 sessions (58% higher; middle half -0.4% to +2.0%), and +2.2% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
