Market Focus - Indonesia's Energy Ministry announced that road tests for vehicles using 50% palm oil biodiesel (B50) will begin in early December, with plans to implement mandatory B50 measures in the second half of next year, increasing the current B50 ratio from 40% [1] - Due to the implementation of B50 biodiesel, Indonesia's palm oil exports are projected to decline by 11% to 12% by 2026, although it remains unclear if this estimate is based on a full year or just half a year of the policy [1] - Malaysia's palm oil exports from November 1-10 were reported at 459,320 tons, a decrease of 12.28% compared to the same period last month, while another independent inspection agency reported a slightly lower figure of 448,328 tons, down 9.5% [1] Production and Import Trends - Malaysia's palm oil production is expected to exceed 20 million tons for the first time in 2025, driven by favorable weather, improved labor supply, and high-yield new plantations, surpassing the previous record of 19.96 million tons set in 2015 [2] - India's palm oil imports for the 2024/25 marketing year are projected to decline by 15.9% to 7.58 million tons, the lowest level since the 2019/20 marketing year, while soybean oil imports surged by 59% to a record 5.47 million tons [2] Market Performance - Malaysian palm oil is expected to reach a production high of over 20 million tons in 2025, creating downward pressure on palm oil prices, which fell to a monthly low below 4,080 [4] - Domestic palm oil futures in China are showing a cautious trading atmosphere, with overall performance weaker than soybean and canola oils [4]
Mhy20251113油脂晚评：马棕油年度产量创新高，盘面承压弱于其他两大油脂