Indonesia's trade minister said on Monday cooking oil producers must increase supply to the domestic market by 50% for the next three months to meet rising demand ahead of Islamic religious festivities, but it would not affect the export-to-domestic sales ratio. The nation's palm oil fund (BPDPKS) estimated that 30.22 trillion rupiah ($2.02 billion) would be needed to subsidise palm oil-based biodiesel distribution in 2023. In Malaysia, exports from Malaysia in January slumped 27% from a month earlier due to weaker demand from key markets Europe, China, and India, cargo surveyor data showed. Dalian's most-active soyoil contract fell 0.5%, while its palm oil contract eased 2%. Soyoil prices on the Chicago Board of Trade were down 0.6%. Malaysia's financial markets will be closed on Wednesday for a public holiday. Trading will resume on Thursday, Feb. 2. ($1 = 4.2630 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mei Mei Chu; Editing by Subhranshu Sahu, Uttaresh.V and Louise Heavens)
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