Palm oil is the world's most-consumed vegetable oil, a $60B+ market that feeds into biofuels, processed foods, and cosmetics. Its price is a leading indicator of soft commodity inflation. With El Niño threatening Southeast Asian production in 2024, the current stockpile build is a temporary reprieve, not a structural fix. Crypto markets, now highly correlated with macro liquidity conditions, will feel the ripple effects of any food inflation resurgence.

Palm Oil

Malaysian palm oil stockpiles likely reached a record high last month due to an output surge, providing a buffer against potential El Niño-related production disruptions.