Malaysian palm oil outlook: Palm oil futures expected to open higher

May 9th, according to foreign media reports, BMD Malaysian palm oil futures may open higher on Tuesday morning, as the market expects palm oil inventories to decline and international crude oil futures to strengthen. The Malaysian Palm Oil Association (MPOA) estimated that Malaysian palm oil production in April fell 8.3% month-on-month, raising concerns that palm oil output was lower than market expectations, meaning palm oil inventories were tighter than expected. Affected by the drought, Argentina’s soybean production has declined sharply this year, threatening soybean oil production and export prospects, and boosting the export demand prospects of other vegetable oils. Markets are also concerned that the Black Sea deal, which expires later this month, may not be renewed, potentially disrupting exports from top sunflower oil exporter Ukraine.