Malaysian palm oil outlook: Palm oil futures expected to open higher

On Wednesday morning, June 7, crude palm oil futures on the Bursa Malaysia Derivatives Exchange may open higher, following the surge in Chicago soybean oil futures.

A surge in U.S. soyoil futures will boost early performance in Malaysian crude palm oil futures. However, the fundamentals of the palm oil market are bearish, which will suppress the upward momentum of the broader market.

Data from the shipping survey agency showed that Malaysia’s palm oil exports fell by 0.8% to 1.8% in May from the previous month.

India’s palm oil imports fell to a 27-month low in May as palm oil prices became less attractive.