1.) CPO futures benchmark month switches to February 2023—Front-month November 2022 expires…
2.) ITS, Amspec and SGS 1-15 November Malaysia export—Expect exports to be sustained at…
3.) Malaysia CPO reference price and export tax for December— Malaysia’s CPO reference price is likely to rise to…
4.) ITS Indonesia October palm oil export—Exports are poised for a strong performance with the market pricing in over…
5.) SPPOMA 1-15 November Malaysia production—Production is seen moving slightly…
6.) ABM Climate Model Summary Update—La Niña weather condition is underway now bringing higher than usual rainfall to eastern areas of Borneo and peninsular Malaysia—key oil palm areas. Most models suggest the La Niña conditions are expected to last to December 2022, before returning to normal in January 2023. The next update will provide the latest forecast on the expected length and severity of the La Niña event.
7.) Malaysia General Election on 18 November—Expect volatility in the equities and the Malaysian ringgit. The ringgit has already lost 13% against the dollar from the start of the year languishing at 24 years low. A weaker ringgit makes Malaysian exports including palm more competitive but with most emerging market currencies also facing a rapid fall from the strengthening dollar, the export advantages are limited. With some states closed for public holiday on 18 November, plus reports of localized flooding—production will be impacted in the 15-20 November cycle.
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