Palm oil prices seen rebounding in 2024

In Malaysia, Platts reports that palm oil prices are expected to recover next year thanks to increased demand following increases in biodiesel blending worldwide, while palm oil production is likely to remain stagnant in Indonesia and Malaysia. By the third quarter of 2024, analysts expect palm oil futures prices to reach beyond $850 per metric ton, well above prices seen in 2023 that were 23% lower than in 2022, while physical trade is seen at closer to $900/ton.