“Malaysia’s palm oil export performance in the March 1-25 period is seen recovering from March 1-20 period but it would still be around 5% lower compared to the Feb 1-25 period.

“The market is now waiting for the Southern Peninsula Palm Oil Millers' Association March 1-25 production estimates,” he told Bernama. 

Meanwhile, at a palm oil webinar today, the Malaysian Palm Oil Council (MPOC) forecast Malaysian palm oil production to rise to 18.9 million tonnes in 2022, from 18.1 million tonnes last year.

It also estimated exports at 17 million tonnes, up from 15.57 million tonnes in 2021, and end stocks at 1.95 million tonnes, up from 1.61 million tonnes last year.

According to MPOC chief executive officer Wan Aishah Wan Hamid, palm oil prices would likely remain at between RM5,700 and RM6,300 per tonne until May this year if the Russia-Ukraine conflict were not resolved.

At the close on Monday, the CPO futures contract for April 2022 dipped RM37 to RM6,579 a tonne, May 2022 fell RM47 to RM6,252 a tonne, June 2022 slid RM49 to RM5,978 a tonne, July 2022 decreased RM50 to RM5,808 a tonne, August 2022 slipped RM40 to RM5,705 a tonne, and September 2022 declined RM53 to RM5,645 a tonne.

Total volume shrank to 28,246 lots from Friday (March 25)’s close of 53,615 lots, while open interest narrowed to 213,075 contracts from 240,695 contracts previously.

The physical CPO price for April South was RM20 lower at RM6,680 a tonne.

Read more at https://www.theedgemarkets.com/article/cpo-futures-end-lower-march-28-2022-tracking-weaker-cbot-soybean-oil-prices