Analyst Mielke predicts that refined palm olein will average 23% more in the first half of 2025.
Thomas Mielke, a leading industry analyst, said that the price of palm olein in Malaysia, which is refined, bleached, and deodorized, will be $1,100 per ton, free-onboard (FOB), in the first half 2025. This represents a 23% increase from last year.
RBD palm oil prices could rise, which would support the benchmark Malaysian palm futures and increase demand.
Mielke, who spoke at the Globoil India Conference, said that palm oil production in Indonesia, the top producer, is expected to drop by up to 1,5 million metric tonnes by 2024 due to a growing local demand for biodiesel. This will lead to fewer exports, and therefore lower prices.
Last month, Indonesia’s energy minister announced that it would increase the percentage of palm oil used in biodiesel from 35% in January 2025 to 40% by then to reduce fuel imports as well as emissions from fossil fuels.
Mielke stated that Argentina's Soyoil Prices could average $1.130 per ton FOB in the period January to June next year. This is a 27% increase from last year.
He said that sunflower oil prices could reach $1,220 a ton in the Black Sea Region, an increase of nearly 51% compared to a year earlier, due to a likely fall in production in Russia and Ukraine, two leading producers.
(source: Reuters)
