Malaysian palm oil futures were trading below MYR 3,900 after rising to as high as MYR 3,978 in the prior session, amid a fall in rival edible oils following larger US soybean pods data. Production at South Peninsular Palm Oil Mills Association mills showed better recovery than anticipated during August 1-20, up 7% from the same period last month. Meantime, Malaysia increased its reference price for palm oil while maintaining its export tax for September at 8%. Separately, cargo data from Intertek Testing Services and Amspec Agri showed that shipments of Malaysian palm oil products for August 1-20 rose between 9.8% and 17.4% from the same period a month earlier. In Indonesia, an industry association said that its top buyer China may purchase 7 million tons of palm oil in 2023 and at least 8 million tons next year.
