Palm Oil Monthly Update ‒ May 2022

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USD Malaysian Crude Palm Oil futures volume and open interest

In April 2022, CME Crude Palm Oil volume totaled 23,240 lots (581,000 metric tons) and the end-of-month open interest was 52,454 lots (1,311,350 metric tons).

Volume in the first three contract months were 10,436, which was about 45% of the total monthly volume.

End-of-month open interest in the first three contract months were 20,308, which was about 39% of the total open interest.

Source: CME Group

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Source: CME Group

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settled at $1,557.75 per metric ton at the end of April 2022, creating a $224.50 price movement from the beginning of the month.

During the month, 20-day rolling volatility ranged from 43.1% to 59.4%, with an average of 49.4%.

Source: CME Group

Bean Oil – Palm Oil Spread, Palm Oil – Gasoil Spread Price and Palm Oil FOB Indonesia basis price

Bean Oil – Palm Oil (BOPO)** price increased from $208.66 per ton at the beginning of the month, to $377.91 per ton at the end of the month. The monthly movement was $169.25.

Source: CME Group

Palm Oil – Gasoil (POGO)*** increased from $272.50 per ton at the beginning of the month, to $388.50 per ton at the end of the month. The monthly movement was $116.00.

Source: CME Group

The FOB Indonesia basis****, the price spread between Indonesian and Malaysian crude palm oil, decreased from $246.75 per ton at the beginning of the month, to $232.25 per ton at the end of the month. The monthly movement was -$14.50.

Source: CME Group

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Source for all charts shown: CME Group.

* Based on USD Malaysian Crude Palm Oil futures first nearby contract month that is not in the monthly averaging period. Contract month rolls at the beginning of each month.

** Defined as the differential of settlement price between CBOT Soybean Oil futures converted into USD/MT and USD Malaysian Crude Palm Oil futures.

*** Defined as the differential of settlement price between USD Malaysian Crude Palm Oil futures and European Low Sulphur Gasoil futures.

**** Calculated as the differential between the Refinitiv crude palm oil FOB Indonesia third forward month price and the settlement price of USD Malaysian Crude Palm Oil futures.

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