"domestic market obligation" (DMO) policy after the Eid festival in May.
In second-largest producer Malaysia, palm oil inventories at end-March slid 21.08% from the previous month to 1.67 million tonnes as exports surged, data by the Malaysian Palm Oil Board showed on Monday. "We expect lower production in April 2023 due to fewer working days because of the Hari Raya (Eid) festival during the month," UOB KayHian said in a note.
A strong recovery in production is unlikely as oil palm trees are showing sign of stress from too much of rainfall over the last three years, and there has been poor field upkeep, it said. Meanwhile, exports from Malaysia during April 1-10 fell between 16% and 35.6% from the same week in March, cargo surveyors said. Demand for crude palm oil may be soft given the strong supply of other vegoils globally, while it is also losing pricing competitiveness, UOB KayHian added. Dalian's most-active soyoil contract gained 0.9%, while its palm oil contract rose 3.1%. Soyoil prices on the Chicago Board of Trade were down 0.2%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. ($1 = 4.4160 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mei Mei Chu; editing by Varun H K and Uttaresh Venkateshwaran)
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils Malaysian palm oil exports CBOT soyoil futures CBOT soybean futures Indian solvent Dalian Commodity Exchange Dalian soyoil futures Dalian refined palm oil futures Zhengzhou rapeseed oil European edible oil prices/trades ))
