USDA Counselor: Malaysian Palm Oil Production Downgraded to 18.80 million Tons in 2023/24

Gold Ten Futures, July 5th, according to foreign media news, the US Agricultural Counsellor released a report, lowering the forecast of Malaysian crude palm oil production in the 2023/24 year (October to September of the following year) to 18.80 million tons, lower than the 18.39 million tons in the previous year, due to the impact of hot and dry weather related to El Niño and labor shortages. With the occurrence of moderate to moderate El Niño, most parts of Malaysia have hot weather and rare rainfall. Under the influence of El Niño, palm oil production in the final stage of this year has declined. The Malaysian Meteorological Department expects El Niño to fully subside in July 2024. With the emergence of La Niña later this year, the weather in Malaysia will become rainy by the end of this year.