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Rabobank raised its quarter-average Kuala Lumpur palm oil price forecast for late 2022 by 500 ringgit per tonne and lifted 2023 expectations. The bank still expects the October palm rally to fade because Malaysian inventories, which hit a near three-year high, will stay elevated and Indian imports are declining.
Expected high Malaysian stocks and weaker Indian demand point to limited upside for palm oil, and the bank's forecasts remain below futures pricing. Softer palm prices can also weigh on competing vegetable oils.
grainpricenews.comMike VerdinOct 28, 2022Not 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.
