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Indonesia set its 2024 palm-based biodiesel allocation at 13.4 billion liters, up from 13.1 billion liters in 2023, and kept the B35 blend mandate. Gapki expects palm oil use for biodiesel to exceed food use in 2023 for the first time.
Exports are forecast to fall to 29 million tonnes in 2024.
A higher biodiesel allocation and a larger domestic share of palm use reduce exportable supply, which supports international palm and vegetable oil prices.
aboissa.com.brVanessa FerreiraDec 11, 2023After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% 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.
