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Malaysian palm oil futures hit a fresh one-month top on Thursday, charting a fourth session of gains in five, as expectations of falling end-March stockpiles boosted the market.

Malaysia's palm oil inventories for the end of March are expected to have slipped to their lowest in five months, a Reuters poll showed, as a surge in exports outpaced production growth.

Palm oil may rise into a range of RM2,471-2,498 per tonne, driven by a wave C.

The trade war between the world’s two largest economies has moved up a gear after more goods were added to the United States and China’s tariff lists.

The Malaysian palm oil industry is not expected to benefit from the China’s tit-for-tat move to impose tariffs on US soybean imports in the brewing trade spat between the two countries, according to industry analysts.

Crude palm oil (CPO) stands to benefit from China’s latest move to impose 25% tariff on soybean imports from the United States, say analysts.

KUALA LUMPUR: Malaysia's exports for February fell 2% to RM70.3bil due to lower exports of palm oil products and liquefied natural gas (LNG), which was in sharp contrast with Bloomberg's survey of an 8% increase.

Malaysia's February 2018 exports fell 2% year-on-year to RM70.3 billion due to a decline in external sales of oil palm-based goods, natural rubber and liquefied natural gas (LNG).

CIMB Equities Research expects the lower palm stockpile projected for March and concerns over lower soybean crops to be supportive for crude palm oil (CPO) prices.

Indonesia, one of the world’s largest exporter of crude palm oil and palm oil products, relies on the commodity as its major foreign exchange earner.

Palm oil may test a support at RM2,440 per tonne, a break below which could cause a further loss to the next support at RM2,424.

Argentina will apply export taxes on soybeans and soy products on the shipment date, rather than the date a deal closes, the Agricultural Ministry said in a decree published in the country’s official gazette on Tuesday.