Malaysian palm oil futures hovered around MYR 4,450 per tonne on Wednesday, recovering from the prior session’s sharp drop as a weaker ringgit and firmer Chicago soyoil prices supported sentiment. Bargain hunters also stepped in after prices hit a 4-1/2-month low. Export prospects further boosted sentiment, with shipments of palm oil products for March 1–10 estimated to have surged 37.9%–45.3% from the same period in February, reflecting strong Ramadan and Eid demand. Monthly data from the Malaysian Palm Oil Board showed February stocks fell 3.9% to a four-month low of 2.70 million tonnes, while crude palm oil output slumped 18.6% to 1.28 million tonnes. Separately, Indian buyers increased purchases amid concerns that soyoil and sunflower oil shipments could be disrupted by Middle East tensions. Gains were capped, however, as Indonesia, the world’s top producer, considered accelerating its B50 biodiesel mandate, which could tighten export supply.
