Malaysian palm oil futures receded to MRY 3,400 a tonne in February, after the world’s biggest buyer India imposed an additional 17.5% tax on oilseeds imports to promote farmers to increase domestic output. Also, China completed restocking for the Lunar New Year and global buyers have been discouraged to buy palm oil as it has been very expensive compared with soybean oil in global markets. China National Grain and Oils Information Center said purchases may drop 8.8% to a 3-year low in 2020-2021. Palm oil doubled in price from its low in May and reached a 10-year high on January 6th amid tight supplies in Malaysia, the second-largest producer.
Historically, Palm Oil reached an all time high of 4298 in March of 2008. Palm Oil - data, forecasts, historical chart - was last updated on February of 2021.
Palm Oil is expected to trade at 3376.53 MYR/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2900.56 in 12 months time.