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S&P Global polled eight industry analysts and trade bodies, who expect Malaysian third-month crude palm oil futures to average about MR 3,800/mt in 2023, below 2022's record-high average of MR 4,943/mt. Higher Malaysian and Indonesian output is expected as foreign workers return, though labor shortages, China's reopening and recession risks could alter the outlook.
A forecast of lower palm prices reflects expected supply recovery that would ease vegoil costs for feed buyers. The outlook remains uncertain because demand depends on China and the global economy.
spglobal.comNurul Darni, Aditya KondalamahantyJan 3, 2023Not 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.
