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Veteran trader Dorab Mistry said stagnating production and dwindling stockpiles will support palm oil prices relative to other edible oils in the near term. He expects Indonesian output to fall by at least a million tons in 2024, with Malaysian output roughly flat.
He said the trend could last at least five years due to aging trees and erratic weather.
A forecast of falling Indonesian output tightens global vegetable oil supply and supports palm prices against competing oils. This raises the cost of fats used in feed.
bloomberg.comAnuradha RaghuMar 5, 2024Not enough comparable past events yet for a historical read.
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.
