Palm retreats from 21-month high on stock outlook, weak exports

JAKARTA: [Malaysian palm oil futures](https://palm oil) pulled back from a 21-month high on Thursday to trade little changed, pressured by weak exports and expectations that stocks could rise this month. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 2 ringgit, or 0.04%, at 4,996 ringgit ($1,220.17) a metric ton by the midday break. Earlier in the day, the contract hit its highest level since December 2024. “Palm oil fundamentals remain weighed down by weak September exports and expectations that end-month stocks could rise to around 3 million tons,” said Paramalingam Supramaniam, a director at Selangor-based brokerage Pelindung Bestari. However, the market drew some support from speculation that India may cut import duties on vegetable oils and that Indonesia could raise its biodiesel blending mandate, he said. Dalian’s most-active soyoil contract rose 0.4%, while its palm oil contract gained 0.18%. Soyoil prices on the Chicago Board of Trade were down 0.29%. Palm oil tracks rival edible oils as it competes for a share of the global vegetable oils market. Palm oil output in the major producing region of Kalimantan in Indon