Jakarta. Palm oil prices edged higher on Wednesday but remained under pressure as a stronger ringgit, softer export demand, and swelling inventories reinforced a bearish outlook for the commodity.

Benchmark palm oil climbed 0.23 percent to 3,999 ringgit ($967.5) per tonne on Nov. 26, rebounding slightly after sliding more than 8.5 percent over the past month and down nearly 17 percent from a year earlier, according to CFD data tracking the global benchmark. Futures in Kuala Lumpur hovered near 4,025 ringgit, touching their weakest level since late June, Trading Economics said.

The firmer ringgit continued to dampen export appetite, while weaker contracts on China’s Dalian exchange added to the downward pressure. Traders also braced for softer shipment figures ahead of cargo surveyor data for Nov. 1–25, with early estimates pointing to a 14 percent–20 percent month-on-month drop in exports during the first 20 days of November.

Malaysia’s Palm Oil Board has set a lower crude palm oil reference price for December, amplifying bearish sentiment. At the same time, industry data showed a sharp 11 percent jump in October output, the strongest since August 2015, pushing stockpiles to a six-and-a-half-year high.

Still, some losses were cushioned by expectations that India, the world’s largest buyer, could boost palm oil purchases by about 20 percent in the next marketing year amid more competitive pricing.

Indonesia, the top global producer, is also navigating domestic headwinds. Agriculture Minister Andi Amran Sulaiman criticized the discovery of 2.04 tonnes of illegally imported cooking oil in Batam, calling it “ironic” for a country that dominates global crude palm oil production. He warned the inflow of illegal products risks discouraging local farmers and undermining domestic confidence.

Meanwhile, Trade Minister Budi Santoso said Indonesia’s CPO exports remain stable ahead of the rollout of the B50 biodiesel mandate in 2026. He said that there were no signs of weakening shipment volumes despite expectations that the higher biofuel blend could absorb more CPO domestically.

The B50 program, which will raise the palm-based fuel blend in diesel to 50 percent, aims to eliminate Indonesia’s remaining diesel imports, projected at 4.9 million kiloliters in 2025. The Energy Ministry estimates biodiesel use between 2020 and 2025 has already saved $40.7 billion in foreign exchange, with B50 expected to add another $10.8 billion in savings in its first year of full implementation.

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