Palm Oil Monthly Update – October 2022 – CME Group

CME Group USD Malaysian Crude Palm Oil futures volume and open interest

In September 2022, CME crude palm oil volume totaled 21,758 lots (543,950 metric tons) and the end-of-month open interest was 50,913 lots (1,272,825 metric tons).

Volume in the first three contract months were 9,268 which was about 43% of the total monthly volume.

End-of-month open interest in the first three contract months were 17,967 which was about 35% of the total open interest.

Source: CME Group

Source: CME Group

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USD Malaysian crude palm oil price and volatility

USD Malaysian Crude Palm Oil Futures* settles at $740.50 per metric ton at the end of September 2022, creating a -$188.25 price movement from a month ago.

During the month, 20-Day rolling volatility ranged from 38.6% to 56.9%, with an average of 44.2%.

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 $631.90 per ton at the end of the previous month, to $700.22 per ton at the end of the month. The monthly movement was $68.32.

Source: CME Group

Palm Oil – Gasoil (POGO)*** decreased from -$175.18 per ton at the end of the previous month, to -$218.42 per ton at the end of the month. The monthly movement was -$43.24.

Source: CME Group

The FOB Indonesia Basis****, the price spread between Indonesian and Malaysian crude palm oil, increased from $73.75 per ton at the end of the previous month, to $74.50 per ton at the end of the month. The monthly movement was $0.75.

Indonesian crude palm oil prices were not assessed during May 2022. In addition, the FOB Indonesia basis prices starting June 2022 were calculated using Refinitiv crude palm oil FOB Indonesia second forward month prices, instead of the third forward month.

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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 front month CBOT Soybean Oil futures converted into USD/MT and USD Malaysian Crude Palm Oil futures first nearby contract month that is not in the monthly averaging period.

*** Defined as the differential of settlement price between USD Malaysian Crude Palm Oil futures and European Low Sulphur Gasoil futures first nearby contract months that are not in the monthly averaging period.

**** 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 first nearby contract month that is not in the monthly averaging period.

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