Palm Oil Monthly Update ‒ June 2022

USD Malaysian Crude Palm Oil futures volume and open interest

In May 2022, CME Crude Palm Oil volume totaled 14,216 lots (355,400 metric tons) and the end-of-month open interest was 45,895 lots (1,147,375 metric tons).

Volume in the first three contract months were 5,962, which was about 42% of the total monthly volume.

End-of-month open interest in the first three contract months were 16,679, which was about 36% of the total open interest.

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Source: CME Group

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settled at $1,422.25 per metric ton at the end of May 2022, creating a -$135.50 price movement from the beginning of the month.

During the month, 20-day rolling volatility ranged from 31.6% to 53.6%, with an average of 47.6%.

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 decreased from $377.91 per ton at the beginning of the month to $295.59 per ton by the end of the month. The monthly movement was -$82.32.

Source: CME Group

Palm Oil - Gasoil (POGO)*** decreased from $422.86 per ton at the beginning of the month to $208.85 per ton by the end of the month. The monthly movement was -$214.01.

Source: CME Group

The FOB Indonesia basis****, the price spread between Indonesian and Malaysian crude palm oil, was not available for the month of May 2022. The Indonesian crude palm oil prices were not assessed due to the government ban on palm oil export.

Source: CME Group

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* 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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