Palm Oil Steady Ahead of MPOB Data, Strong Early Exports

Malaysian palm oil futures were little changed, hovering near MYR 4,255 per tonne after modest gains in the previous session, as traders awaited the Malaysian Palm Oil Board’s July supply and demand report due later today. Reuters estimated that July stockpiles rose for the fifth straight month to a near two-year high, while exports likely increased 3.2%, limited by stiff competition from Indonesia’s discounted offerings. Meanwhile, cargo surveyor Intertek Testing Services reported that Malaysian palm oil product shipments for August 1–10 surged 23.3% from the same period in July to 482,576 metric tons. Investors also monitored the August 12 deadline for China to reach a lasting tariff deal with the U.S. In Indonesia, biodiesel demand stayed strong, supported by the 50% blending mandate, while in top consumer India, early buying is expected in August and September ahead of the mid-October Diwali festivals.