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BMI raised its 2024 average forecast for Bursa Malaysia third-month palm oil futures to RM3,750 per tonne from RM3,515. It still expects prices to soften from current levels, with contracts averaging RM3,830 through February 14, 2024, and projects a 2025 average near RM3,500.
A higher forecast signals firmer palm oil values, which supports the vegetable oil complex and competes with soyoil and meal for feed buyers. The expected softening through 2024 and possible La Niña support to output temper the upside.
malaymail.comFeb 20, 2024Not enough comparable past events yet for a historical read.
Not 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.
