Foreign media, January 18: Asian palm oil spot prices rose last week, supported by gains in external edible oils and international crude oil prices.

On Friday, the February 2026 delivery quote for 33-degree refined palm oil stood at $1,032.50 per ton, up $5 from a week earlier; the March quote was $1,045 per ton, up $17.50; April to June quotes were $1,035 per ton, up $7.50; July to September delivery was quoted at $1,045/mt, up $10; October to December delivery was quoted at $1,045/mt, up $10. All prices are FOB Malaysian ports.

Quotations for 24° refined palm oil for February 2026 delivery: $1,037.50/ton, up $15 from a week ago; March: $1,045, up $12.50; April to June: $1,050, up $7.50; July to September quotes stood at $1,050 per ton, up $10; October to December quotes were $1,050 per ton, up $10. All prices are FOB Malaysian ports.

Regarding related market trends: As of the week ending January 16, the April palm oil futures contract on the Bursa Malaysia Derivatives (BMD) closed at RM4,071 per ton, up 0.55% from a week earlier; the March soybean oil futures contract on the Chicago Board of Trade (CBOT) closed at 53.47 cents per pound, up 7.61% from a week earlier; Dalian Commodity Exchange May soybean oil futures traded at 8,016 /ton, up 0.28% from a week earlier; May palm oil futures traded at CNY8,674, down 0.09% from a week earlier.

Palm oil extended its gains for a second consecutive week, buoyed by surging soybean oil prices in Chicago. This followed media reports that the U.S. would announce the long-awaited biofuel blending quotas before March. Sources indicated the Trump administration would finalize the 2026 biofuel blending targets in early March, helping to resolve months of policy uncertainty plaguing the biofuel sector. Brett Gibbs, an analyst at Bloomberg Intelligence, stated that if the increased targets are implemented, biodiesel production would surge significantly. Soybean oil is a key raw material.

Palm oil export prospects are expected to improve ahead of the Chinese New Year and Ramadan. Shipping surveyors reported that Malaysian palm oil exports rose 17.5% to 18.6% in the first half of January compared to the previous month.

On Thursday, Malaysia's Palm Oil Board (MPOB) announced a 9.0% export tax rate for crude palm oil in February, down from January's 9.5%. This reduction in export tax burdens also supports Malaysia's palm oil export outlook.

In Indonesia, the world's top palm oil producer, a military-backed forestry task force threatened legal action against dozens of plantation and mining companies that refused to pay hefty fines.

The depreciation of the ringgit on Friday reduced the cost of purchasing palm oil for buyers holding foreign currencies. The ringgit traded at 4.057 ringgit per US dollar on Friday, compared to 4.054 ringgit on Thursday and 4.073 ringgit a week earlier.

Note: 1 US dollar = 4.057 ringgit

As an integrated internet platform providing benchmark prices, on January 20th, the benchmark price of palm oil, according to SunSirs.com, was 8620.00 /ton, an increase of 0.65% compared to the beginning of the month (8564.00 /ton).

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