
Malaysian crude palm oil production rose 15% year on year in September to a record 2.1 million tonnes, while inventories climbed 24.5% to a record 3.5 million tonnes. Prices fell 3.5% in October; exports picked up later in the month, including increased buying from India, but had not yet drawn down the accumulated stocks.
Record stocks and elevated production increase available supply and limit price gains, despite recovering export demand. This is bearish for palm oil prices.
After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% 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.