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The Malaysian Palm Oil Council raised its 2020 price outlook to a high of RM2,994 per tonne from RM2,594 previously, saying current prices already exceed its earlier forecast. MPOC expects Malaysian output of 19.6 million tonnes in 2020.
The forecast depends on Malaysia and Indonesia implementing biodiesel mandates and lower European oilseed output.
An upgraded industry price outlook tied to biodiesel mandates and weaker European oilseeds supports palm and competing oils used in feed.
themalaysianreserve.comZukriAug 1, 2020After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), 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.
