Palm oil futures in Malaysia seen higher ahead of data

Maybank branch in SingaporeMalaysian Banking, or Maybank, branch in Singapore

Crude palm oil futures are expected higher on Wednesday after a two-day holiday with official data due from the Malaysian Palm Oil Board on Sept. 12.

Markets were shut for trading in Malaysia for the king’s birthday holiday on Monday and Awal Muharram on Tuesday.

August end-stocks are forecast up to 2.41 million metric tons, a 9 percent increase from the previous month and its biggest monthly gains since November 2017. Production also likely jumped by 9.9 percent from July to 1.65 million metric tons, its highest levels so far this year.