Malaysia increases estimate for 2020 palm oil average by 5%

In Malaysia, Reuters reports that the government expects prices for palm oil and crude palm oil will finally start to strengthen in 2020 to an average of $500.95 per metric ton, up 5% from this year’s estimate, on the back of increased demand from the impending B20 blending mandate. At the same time, it expects palm oil production to reach 22.2 million tons in 2020 compared to an estimated 21 million tons in 2019 against 19.5 million tons last year.