Palm oil output in 2024 to recover in Malaysia, drop in Indonesia, Glenauk Economics says

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Malaysian palm oil output is expected to recover this year as foreign workers arrive on plantations, while output by Indonesia is seen dropping by just over a million metric tons, analyst Julian McGill told a palm oil conference on Friday.

Next year, output by Indonesia, the world's biggest producer, is expected to recover by 1.5 million tons, McGill, managing director at consultancy Glenauk Economics, told the Indonesia Palm Oil Conference in Bali.

Malaysian palm oil prices are seen trading at around $950 to $1,050 per metric ton in 2025, he said, while Indonesia's crude palm oil FOB price is seen at $1,000 per ton before the end of 2024.

The benchmark palm oil contract in Malaysia was trading at around 5,000 ringgit ($1,141) per ton on Friday. – Reuters

Source: www.thestar.com