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Malaysian palm oil futures rose to a near five-week closing high on the first trading day of 2023, with the March contract up 1.94% to 4,255 ringgit a tonne. Southern Peninsular Palm Oil Millers Association data showed December output fell 1.68% from November, and Malaysian December exports dropped between 1.7% and 2.8%.
Lower Malaysian output and expected stock declines tighten near-term palm supply, which supports palm oil prices and raises the cost of palm-based feed ingredients for buyers.
brecorder.comReutersJan 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.
Same-day report of the palm rally on the first trading day of 2023, citing lower December output and weaker exports that signal a tighter supply outlook.
