Malaysian palm oil futures were trading around MYR 3,800 per tonne, continuing their downside momentum after hitting a four-month high of near MYR 4,000 in early July, amid caution ahead of production and inventory data later this week. Reuters projected that Malaysia’s palm oil inventories at the end of July likely rose 4.2% from the prior month to a five-month peak of 1.79 million tons. Production was pegged to rise 9.2% to 1.58 million tons, while exports likely surged 8.5% to 1.27 million tons, the survey showed. Meantime, top producer Indonesia has set its crude palm oil reference price at $826.48 per ton for August 1-15, higher than $791.02 for July 16-31, while keeping export tax and levy for the first half of the month. Limiting the falls were an escalation of tensions in the Black Sea after the Ukrainian drone attack near a Russian export hub over the weekend.
