Palm oil prices seen higher thanks to increased demand and stagnant production

In Malaysia, Reuters reports palm oil prices are expected to rise over the next few months in part due to increasing demand for biodiesel as well as stagnating production in key countries Indonesia and Malaysia. Palm oil prices have already increased 10% in 2024. Growth in palm oil is expected to be the lowest in the past four years at less than 300,000 metric tons, with Indonesia’s production expected to shrink by 1 million tons.