Indonesia cut palm oil exports by 10% in November
According to Intertek Testing Services (ITS), Indonesia’s palm oil exports fell 10% in November after reaching a four-month high of 2.23 million tons in October to 2.01 million tons.
Indonesian palm oil export performance is expected to remain subdued until the end of 2024 as the country plans to increase the mandatory palm oil blend in biodiesel from the current 35% to 40% from January 1 by introducing the B40 program.
Local experts speculate that the updated biodiesel mandate will limit global palm oil supply and ensure a jump in palm oil futures in the coming 2025.
Transgraph Consulting forecasts that Indonesia’s B40 rollout could be slow and gradual in 2025 and likely faster in 2026.Analysts previously estimated that Indonesia’s biodiesel plan would increase palm oil demand by 1.5 million to 1.7 million tons.
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