Malaysian palm oil futures rose for the second session in a row, hovering around MYR 3,950 per tonne, amid signs of a rise in soy demand from China. The country’s soybean imports from Brazil surged 71% yoy in October following a bumper crop in the South American nation. Meantime, data from Chinese Customs showed China bought 4.81 million tons of the oilseed from Brazil last month. Separately, Malaysia said shipments of its palm oil and related products to China will stay robust this year following a total purchase of $3.72 billion in 2022 from the country. Limiting the rise was further strengthening in ringgit following sound Malaysia’s Q3 GDP growth. Meantime, cargo surveyor data from independent inspection AmSpec Agri indicated that exports of Malaysian palm oil products between Nov. 1-20 fell 1.9% from the same period in October to 869,143 tonnes. Further, shipments of palm oil products for the Nov 1-20 period shrank by 2.3%, according to Intertek Testing Services data.
