Malaysian palm oil futures continued their upward trajectory to MYR 4,180 per tonne, the highest in five months fueled by robust export demand and mounting concerns surrounding Black Sea edible oil supplies. Malaysia’s palm oil exports during July 1-20 rose 19% from the month before, cargo surveyor Intertek Testing Services. Another cargo surveyor, AmSpec Agri said exports from the world’s second-largest producer rose 10.1%. Separately, industry data from top producer Indonesia showed that the country’s palm oil exports, including refined products, stood at 2.23 million tonnes in May, compared with just 763,000 tonnes in the same month last year. Meanwhile, a year-long agreement allowing the safe export of Ukraine’s grain expired last week after Russia quit and warned it could not guarantee the safety of ships.
