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International Palm prices anticipated to fall 23% in 2023 amid higher production - poll

Trader’s poll from Reuters forecasts Palm oil prices to slip in 2023 by 23% amid a mild recovery in production, but will likely remain above pre-pandemic levels as Indonesian policies constrict global supplies. Benchmark palm prices will average 3,800 ringgit a tonne in 2023, down 23% from last year's record average of 4,910 ringgit, according to the median estimate of a poll of 18 analysts and those in the industry.

Production in Indonesia is expected to increase by 2.4% to48 MMT. While, Malaysia’s Palm oil production may jump by 3% to 19 MMT. Indonesia’s B35 biodiesel mandate is indicating towards a slight bullish tilt, as it would increase their domestic consumption.