USDA's Jakarta office forecast Indonesian palm oil output at 44.70 million tonnes for 2022-23, below its earlier 46.50 million estimate due to low fertilizer application. Palm oil exports are forecast at a record 29.0 million tonnes, 500,000 tonnes above USDA's forecast, supported by Chinese and Indian demand and the suspension of the export levy.
A production shortfall combined with record exports tightens exportable palm oil supplies, supporting world vegetable oil prices and competing feed-related oil values.
After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% 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.