India news — Vesper

Funds add to their sugar bets while Brazil's crush slows in the rain

Raw sugar futures are back above 21 US cents a pound for the first time since February 2025, while rain cut Brazil's early September cane crush by a third.

India turns to palm oil while sunflower cargoes run short

BMD palm oil rebounded from last week's lows as Indian buyers returned. India's sunflower oil arrivals could fall to 160,000 tonnes in October.

India's Diwali buying lifts almond exports while sales slow

US almond exports rose 31% in August, led by India at 170%. August sales fell 25% and uncommitted 2026 crop inventory more than tripled on last year.

Sunflower oil rebounds while Black Sea shipping stays stuck

Crude sunflower oil rebounded about 3% this week, while Ukraine's monthly exports halved in August and September. Palm oil kept sliding on the week.

A storm halves Guntur chili arrivals, and prices hold

A deep depression halved red chili arrivals at Guntur in late September, but weak export volumes kept prices in range. Small and big cardamom split.

Basmati snaps back as old stock runs out

Indian basmati fell about 20% on new 1509 arrivals in early September, then rebounded as packers and stockists competed for new crop with old stock nearly gone.

Brazil's rains trim this season's sugar and may pad the next

Heavy rain has cut Brazil's sugar output and could leave a record volume of cane in the fields for 2027/28, while drought in India weakens its export outlook.

Palm oil falls to a three-month low on a looser Malaysian balance

BMD palm oil fell 4.7% on a looser Malaysian balance while soy, rapeseed and sunflower oil also slipped. See where Vesper expects prices to turn.

Peanut supply thins abroad while US stocks stay heavy

Argentina, Brazil and India point to smaller peanut crops while the US leans on record carryover, and Alimenta expects international prices to rise.

Two routes into Rotterdam narrow at the same time

A cracked bridge has halved truck capacity to the Maasvlakte for up to eight weeks, while the Rhine at Kaub fell to 16 centimeters on 21 September.

October white sugar delivery lands at a third of last year's

Under 500,000 tonnes were delivered against October London white sugar, against over 1.5 million a year ago, while funds built their largest long since 2023.

Festival buying lifts cumin while coriander futures slide

Cumin ground higher through early September on festival buying while coriander futures dropped close to 5% with spot flat. Turmeric ended the fortnight nowhere.

Malaysian palm stocks climb 7.5% while Q4 supply looks thinner

August MPOB data put Malaysian palm stocks up 7.5% at 2.82 mmt and BMD prices eased, but the Q4 view is tighter. Rapeseed sowing is the nearer European risk.

Red chilli breaks a month of stasis with a 16% jump

Delhi 334 red chilli moved 16% in a week after a month near $253/quintal, with Andhra's monsoon 40% below normal. Nepal's bumper crop is resetting big cardamom.

Peanut acres fall 27% into a record carryout

USDA cut 2026 US peanut acres by 27% while carryout sits near a record 1.6 million tons, and 2027 kernels already price above this year's crop.

India's duty-free sugar imports lose their appeal

India approved 1 MMT of duty-free raw sugar imports, but mills may take only half of it. EU output is set to fall almost 20% as drought hits beet yields.

Basmati climbs on a 40% kharif shortfall

Indian basmati rates rose through August as kharif output came in around 40% below normal, with mills and mandis holding almost no old paddy to fall back on.

Thai cane area at risk from higher tapioca prices

Thailand's 2026/27 cane area looks set to shrink as tapioca pays better, and the mills are turning to white sugar exports for the rest of the year.

Turmeric's third rally in a row ends the same way

Turmeric rallied and gave it back for the third fortnight running, even with carryover stock down to 5 lakh bags against 140 lakh bags of annual demand.

India moves toward its first major sugar imports since 2017

India is weighing a cut to its 100% sugar import tax as a weak monsoon threatens next season's cane crop, with global prices already firming.

Palm oil's forward curve breaks above MYR 5,000 while spot eases

Palm oil's March contract broke above MYR 5,000 a tonne even as the spot month eased, while Brent's climb past $90 lifted soybean and rapeseed oil.

Macadamia crop grows 11%, almond kernels come in small

Global Trading's August tree nut report has the macadamia crop up 11% and pressuring prices, while small first almond kernels push that market higher.

Smaller cashew and pistachio crops meet a macadamia rebound

ofi's July update puts the cashew crop 10% to 12% below last year and the 2026 pistachio crop near half of 2025, while hazelnut supply stays comfortable.

Typhoon Dolphin's backlog outlasts the storm

Typhoon Dolphin has cleared the Zhejiang coast, but Ningbo and Shanghai backlogs, a record-low Rhine and new EU packaging rules keep shippers under pressure.

China's ports reopen. The shipping backlog does not.

Typhoon Dolphin has passed, but the container backlog at Ningbo-Zhoushan and Shanghai lands on an already tight August for shippers.

El Niño risk spreads across sugar-growing regions, lifting prices

Sugar futures rose 3.8% as El Niño intensifies, threatening crops in Brazil, India, Thailand and the EU just as the 2026/27 balance tightens.

India's spice markets share one problem: thin carryover stock

Cumin, coriander, turmeric, chilli, pepper and cardamom each moved on a different trigger, but India's spice markets share one thin carryover stock problem.

India freight congestion deepens: blank sailings become the new normal

Container shortages and blanked sailings at Nhava Sheva and Mundra are delaying exports and pushing peak season surcharges sharply higher on the Europe route.

Why sugar prices held steady through a volatile week

Raw sugar futures stayed under 14.70 cents a pound even as oil markets swung wildly, with EU beet yield cuts and Brazilian crushing delays in focus.

Reefer space, monsoon ports and a low Rhine: this week's freight pressure points

Shypple flags three freight pressure points for food shippers: sold-out reefer space, monsoon and typhoon port delays, and a Rhine too low for full barges.

Sugar eases as India's monsoon catches up

Sugar prices have eased as India's monsoon narrowed its rainfall deficit, pulling weather risk premium out of the market against a firmer longer-term backdrop.

Palm oil holds firm on stronger crude and festive demand hopes

Palm oil firmed this week as Brent crude climbed and Indian festive demand built, even as Indonesia's biofuel mandate timeline softened.

Coriander leads a spice rally on thin arrivals and Hormuz optimism

Coriander rose about 9% on thin Baran arrivals, leading a broad Indian spice rally as US-Iran talks lifted hopes the Strait of Hormuz would reopen to trade.

White sugar rallies on weather risk while physical prices sit still

White sugar futures rallied to $475/mt on El Niño and heatwave risk to crops in India and the EU, even as physical prices stayed calm on comfortable supply.

Freight update: ocean rates near the top, new emission costs from July 1

Asia to North Europe ocean freight rates look to be peaking after six weeks of gains, as capacity stays tight and new EU emission surcharges take effect July 1.

California almonds firm up as May shipments beat expectations

The California almond market is holding firm into the close of the crop year, after a May position report that beat trade expectations on shipments and sales.

New Sathi crop bends old basmati prices, but the floor holds

New Sathi paddy reaching mandis in western Uttar Pradesh and Uttarakhand reset India's basmati market in early June, forcing old rice to reprice lower.

Thin arrivals support Indian spices, but demand won't chase

India's spice complex spent the first half of June in a standoff: arrivals kept thinning across the major mandis, yet buyers refused to chase prices higher.

Thai rice up 25%, wheat swings 40 EUR in a month: grains reprice across the board

Thai rice rose 16 to 25% in May, parboiled A1 leading from 220.73 to 275.61 USD/mt, while EU milling wheat fell to 180 EUR/mt then jumped 36 EUR the next day.

Cumin finds its floor while coriander supply tightens

India's spice markets waited on buyers through late May, and cumin produced a rare clear signal: Unjha traders named a floor of $2.09 to $2.11/kg.

Basmati paddy is gone at Indian trading centres; mills are paying up for what remains

India's basmati paddy has effectively run out at every major northern trading centre, and Punjab mills are now bidding against each other for what is left.

Sugar's 2026/27 deficit is confirmed, but the size gap between forecasters is enormous

The International Sugar Organization projects a 2026/27 global deficit of 262,000 tonnes, a directional signal, though the spread between forecasters is huge.

India's spice markets have a supply story, but buyers aren't listening yet

Six Indian spice categories, one story: supply is genuinely tight but buyers have gone quiet. Cumin arrivals at Unjha fell over 80% from the mid-April peak.

California almond shipments beat March expectations, Turkey absorbs Middle East rerouting

California almond shipments reached 257.99 million lbs in March, well above the roughly 225 million expected and up 16.5% on last March's 221.37 million.

Indian spice markets caught between tight supply and stalled export demand

Indian spice markets show one pattern across the complex: supply is tight, sometimes severely, but weak demand keeps capping or reversing every rally.

El Niño risk reshapes sugar's 2026/27 supply outlook

Raw sugar edged higher on Brazil's planned anhydrous ethanol blend increase from 30% to 32% and firmer crude, with Sugar No. 11 settling at 14.11 cents/lb.

Gulf shipping disruption reshapes Indian spice export flows

Conflict in West Asia and disruption in the Strait of Hormuz are reshaping Indian spice exports, with sellers avoiding freight-inclusive terms entirely.

Indian basmati prices climb on tight supply and Gulf shipping uncertainty

Indian basmati has risen over three weeks, with 1509 Steam up to USD 90-91 per quintal from USD 82-83 and 1718 Sela climbing to USD 94-96 per quintal.

Soy and palm oils lead vegetable oil gains on biofuel policy and crude rebound

Soybean and palm oil led the vegetable oil complex higher, with CBOT soy oil up to 69.63 US cents/lb from 65.50 on a crude rebound and Southeast Asian policy.

Sugar retreats from March highs on easing geopolitical risk

Sugar No. 11 stood at 13.88 cents/lb and No. 5 white at $424/mt on April 14, as ample supply and India holding its export quota outweighed easing geopolitics.

Fuel surcharges climb and containers pile up as Strait of Hormuz disruption deepens

The Strait of Hormuz blockade is pressuring ocean and air freight, with emergency fuel surcharges rising and 200,000 containers trapped in the Persian Gulf.

European egg shortage deepens ahead of Easter as disease outbreaks hit supply

Europe's egg market is under severe pressure 15 days from Easter, as HPAI and Newcastle Disease outbreaks force the culling of millions of laying hens.

Why a $100 oil price isn't lifting sugar markets

Crude briefly touched $100 a barrel after the Strait of Hormuz closed, yet sugar has barely responded, with Sugar No. 11 edging up to just 14.45 cents/lb.

Sugar market forecast: raw, white, sweeteners

Sugar in 2026 is a surplus market, but the headline hides a lot: energy, Brazilian cane allocation and European supply all pull the picture in different ways.

Sugar markets stabilise after Q1 surplus pressure, with Brazil and energy dynamics shaping the outlook

Raw and white sugar spent most of Q1 under surplus pressure before stabilising into early March, as strengthening energy markets provided the counterweight.

High EU sugar stocks keep market under pressure

EU sugar stocks have reached their highest level for this point in three years as the beet campaign ends, keeping the market under sustained pressure.

How the Middle East conflict is moving commodity markets

As the Middle East conflict disrupts the Strait of Hormuz, Brent crude tops $105, find out how it's moving prices across commodity markets.

Weather anomalies raise risks across key sugar regions

Unusual February weather raised production risks across Europe, Brazil, India and China, with northern France recording rainfall far above the seasonal norm.

Sugar prices near multi-year lows as global surplus holds, crude volatility adds uncertainty

Sugar hit multi-year lows in mid-February before recovering, with Sugar No. 11 at 13.93 cents/lb on 3 March as crude volatility offset a global surplus.

Tree nut markets in early 2026: cashews, macadamias, almonds, and pecans

Tree nut markets are picking up into Q2, with buyers and sellers across cashews, macadamias, almonds and pecans working out strategy. Where each one stands.

US-Iran tensions push Brent crude higher, lifting vegetable oil prices

Concern over a potential US-Iran conflict pushed Brent to $71.5 a barrel from $68.65, lifting vegetable oil prices broadly across the complex in week 9.

Sugar markets hit five-year lows as global surplus weighs on prices

Raw sugar fell to 13.86 cents/lb and white to $403/mt, the lowest since October 2020, as a projected surplus and rising European stocks weigh on the market.

Palm oil prices decline on weak February exports; POC conference flags 2026 supply risks

BMD CPO settled at $1,030/mt from $1,043/mt on weak early-February exports and Lunar New Year, while the POC Malaysia conference flagged 2026 supply risks.

WPC80 shortage intensifies with producers in control of pricing and allocation

Global whey protein concentrate 80 market reaches critical tightness with structural shortage affecting all whey products. Producers control pricing as domestic

India's soybean oil duty cut set to reshape vegetable oil import dynamics

India's planned reduction in soybean oil import duties under US trade agreement expected to reshape procurement patterns and intensify competition across palm,

U.S. Treasury's 45Z guidance tilts biofuel policy toward North American crop oils

New 45Z guidance restricts eligible fuels to US, Canadian and Mexican feedstocks and removes ILUC penalties, lending support to CBOT soybean oil prices.

Palm oil prices rise on strong January exports as Indian buyers shift from soybean oil

BMD crude palm oil rose to $1,051/mt from $1,003/mt on Malaysian January exports up 8-10%, as Indian buyers cancelled soybean oil shipments in favour of palm.

India's sugar production jumps 22% while global surplus widens to 4.7 million tonnes

India's sugar production rose 22% to 15.9 million tonnes through mid-January, while analysts widened the 2025/26 global surplus forecast to 4.7 million tonnes.

Brazilian sugar mills drop allocation to 35.5% in seventh consecutive fortnight decline

Brazilian sugar allocation fell for a seventh consecutive fortnight to 35.5%, down from 44.6% a year earlier, raising questions about the 2026/27 season.

Indian importers secure 150,000 metric tons monthly of South American soy oil

Indian buyers have committed to more than 150,000 tonnes of South American soybean oil a month from April to July 2025, fearing tighter palm and sunflower.

Egg markets face dual pressure from avian flu outbreaks and rising energy costs

Germany reports 25 farm cases and France 33, the Netherlands has culled 62,000 hens, and Arctic weather is driving a sharp November energy cost spike.

European sugar processors announce 2026 acreage cuts following stock accumulation

European processors have announced larger-than-expected 2026 acreage cuts on high stocks, while Brazilian mills wrap up early with 120 units finished.

Palm oil prices decline on weaker crude oil and slower Malaysian shipments

BMD crude palm oil fell to $976/mt from $993/mt as Malaysian shipments dropped 19% in November and soybean oil faced pressure from China trade concerns.

Coffee futures fall 16.55 cents amid partial US tariff relief

Coffee futures fell 16.55 cents to $376.6 US cents/lb after the White House announced tariff exemptions that excluded both Brazil and India from relief.

Bullish mood for palm and rivals after the IPOC Conference in Indonesia

BMD crude palm oil climbed to $993/mt after the IPOC conference in Indonesia, where views diverged on production declines, land seizures and biodiesel.

Palm oil drops $50/mt on B50 doubts and weak demand

BMD spot crude palm oil fell $50 to $974/mt as doubts grew over Indonesia's B50 timeline and Malaysian stocks rose, with Indian buyers shifting to cheaper oils.

Raw sugar prices hit four-year lows on surplus concerns

Raw sugar futures fell to 14.37 cents per pound, the lowest since April 2021, after São Paulo conferences raised Brazilian output and Indian export concerns.

European sugar prices trade below import parity while 2026 acreage faces potential cuts

European beet belt sugar prices are trading below the €586 per tonne import parity threshold, while early data points to a 3% acreage cut for 2026.

Indonesia's B50 biodiesel program could reshape palm oil supply in 2026

Indonesia's proposed B50 biodiesel mandate would need around 3 million extra metric tons of palm oil, raising the prospect of tighter exports in 2026.

Dry European weather and China frost risk test global grain outlook

European grain regions face a predominantly dry spell on the ECMWF forecast, while China's central corn and soybean belt braces for potential frost damage.

Palm oil prices strengthen as Malaysian stocks tighten and Trump signals renewed China trade talks

Palm oil prices strengthened in October as Malaysian stocks tighten and Trump signals soybeans will be key in China talks.

European sugar prices fall below import parity amid 2025 harvest season

European white sugar for 2026 delivery has dropped below import parity for the first time in a year, opening a rare window for manufacturers to cover.

Record global grain production pressures prices across wheat, corn and barley markets

Global grain markets face downward pressure as record wheat, corn and barley production forecasts overwhelm seasonal patterns.

Argentina's tax holiday triggers massive soybean sales, pressuring global vegetable oil markets

Argentina's brief export tax suspension triggered 1.3 million tonnes of soybean sales to China and 300,000 tonnes of soybean oil to India in three days.

Palm oil markets face competing pressures as policy shifts collide with tightening supply signals

BMD crude palm oil fell to $1,026/mt from $1,038/mt as Argentina's tax suspension triggered soybean oil sales, even as Malaysian production data hinted tighter.

Raw sugar futures break below 16 cents as Brazilian mills weigh ethanol shift

Raw sugar futures closed at 15.9 cents per pound on higher supply expectations and negative fund positioning, as Brazilian mills weigh a shift to ethanol.

Palm oil prices rise on stronger crude oil and rival vegetable oils

Palm oil prices increased to MYR 4,383/mt driven by stronger Brent crude and rival oils, though gains remain limited amid complex vegetable oil dynamics.

Global dairy markets tumble as demand weakness triggers widespread price declines

Dairy markets face sharp declines as demand weakness triggers widespread selling. Butter approaches critical $2/lb level while milk powder prices fall over 5% a

Trump tariffs begin in India, with rice, dairy, and tea amongst products impacted

US tariffs of 50% on most imports from India kick in today, affecting key commodities like basmati rice, spices, pulses, tea and dairy.

Brazil cuts sugar production forecasts as yields decline

Brazil's Center-South has trimmed 2025/26 sugar output estimates to 40.9-41 million tonnes on lower agricultural yields and declining sugar content in cane.

Indonesian palm oil stocks remain at normal levels as production exceeds estimates

Indonesian palm oil stocks have held at normal seasonal levels after a surprising 15% jump in June production, confounding earlier estimates of tightness.

Sugar contract negotiations see delayed activity in European market this year

European sugar contracting is running later than the usual June-July window, as elevated 2024 production leaves higher stock availability across the market.

Sugar prices drop to 16 cents as Brazil's Center-South production picks up pace

Sugar prices decline to near 16 cents/lb driven by Brazil's Center-South production increase and potential Indian export expansion.

CBOT soybean prices reach new lows amid China demand concerns

CBOT soybean prices hit new lows at 969 cents per bushel as China plans 10 million tonne import cuts, with weather volatility expected through August.

Increased inventories in the palm oil market due to slower exports and strong production in Malaysia

Malaysian palm oil inventories rise as production increases 5.52% while exports decline 9.23%. CPO prices drop to $983/mt.

Tracking Trump’s US agri-commodity trade tariffs

US President Donald Trump is set to implement taxes as high as 50% on agricultural imports unless deals can be negotiated before August 1.

Vegetable oil markets show mixed signals as laurics reach historic highs

Latest vegetable oil market analysis reveals coconut oil reaching crisis levels at $2,700/mt while palm oil gains on reduced US tariffs.

USDA drastically revises soybean oil outlook as biofuel regulations reshape US demand

USDA projects record 15.5 billion pounds soybean oil for biofuels, cuts exports from 1.7B to 700M bushels. Palm oil and sunflower oil rally.

How rising coconut oil prices are driving up ice cream costs this summer

Rising coconut oil prices have pushed the cost of ice cream and production to soaring levels. What's behind the increase?

Vegetable oil markets rally as US biodiesel regulations and tariff threats reshape global trade

Palm oil and soybean oil rally as US limits biodiesel credits to North American feedstocks. Tariffs threaten global trade flows.

Oils sector calm for now: 3 key takeaways from Israel-Iran conflict so far

Oil prices climbed Wednesday after Trump announced China can continue buying Iranian oil. Analysis of Middle East tensions, vegetable oils volatility, biofuel m

Vegetable oil prices surge as geopolitical tensions and biofuel mandates drive market volatility

Vegetable oil markets surge as Brent crude hits $73.23/barrel amid Israel-Iran conflict and EPA proposes higher biofuel targets.

Sugar prices hit four-year low as global surplus outlook emerges

Sugar futures hit lowest levels since 2021 as global surplus emerges. Brazil production recovers while European markets face mixed signals.

Vegetable oil markets face supply uncertainty as rapeseed crops disappoint

Rapeseed crops disappoint as EU production cut to 18.6M tons. Palm oil pressured by Malaysian inventory while soy complex gains on energy rally.

Global Vegetable Oil markets face tariff turbulence and weather uncertainty

Vegetable oil prices volatile as 50% EU tariffs flip daily while weather threatens crops. Palm, soy, rapeseed & sunflower oil analysis + AI forecasts.

Sugar market analysis: Short-term volatility amidst long-term pressure

Vesper's latest sugar market analysis reveals short-term price support from Brazil's 53% production drop, while long-term bearish pressure looms from India and

Whey protein markets: diverging paths between concentrates and sweet whey powder

Latest whey market analysis reveals supply constraints driving WPC80 and WPI prices, while sweet whey powder buyers remain hesitant ahead of Q2.

RK Singhal says CPO should decrease by $50/mt to attract Indian demand

Palm oil trading volumes stay subdued as prices remain uncompetitive, with Malaysian exports down 7.5% in early March. Vesper forecasts CPO at $1,000/mt.

Vegetable oils market analysis – week 8: palm oil prices drop amid lower Indian imports

Palm oil prices drop as India’s imports hit a 14-year low, while Indonesia’s exports surge. Get the latest market insights.

The Global Impact of Foot and Mouth Disease (FMD) on the Dairy Market

Explore the impact of Foot and Mouth Disease (FMD) on the global dairy market, from price shifts and buyer preferences to trade bans.

Global Sugar Market Update: Pressure on global prices persists

Pressure on global sugar prices, production declines in Brazil & Europe, and the outlook for 2025. Stay informed with Vesper.

Palm Oil and Palm Olein Prices in India Have Reached Their Peak – According to RKS Insights

India's import duties on edible oils aim to boost domestic production, with a 20% customs duty on crude oils like palm, and soybean.

EUDR-compliant S.G. Low Moah Crude Palm Oil Benchmark Rises Week-Over-Week

Vesper's EUDR-compliant S.G. Low Moah crude palm oil benchmark rose week over week, with BMD CPO November futures climbing to MYR 4,074/mt from MYR 3,766/mt.

India's Import Duty Hike: Impact on Global Vegetable Oil Prices

India raises import duties on edible oils, impacting palm oil and global vegetable oil prices. Download our market highlights for free.

Rising Global Sugar Deficit Forecasted

Discover how recent policy shifts in India and severe fires in Brazil are impacting sugar supply - forecasted deficit of 3.58 MMT for 2024/25.

Is the Global Sugar Market on the Brink Amid Mounting Uncertainties?

Explore the latest insights on the global sugar market's volatility amid Brazil's drought and policy uncertainties in India.

How will India’s and Brazil’s Sugar Production Projections Impact Global Prices?

Learn how India’s and Brazil’s sugar production forecasts may impact global prices, and explore Vesper’s price forecast predictions.

Weather Drives Volatility in CBOT Soybean Prices: Discover Vesper's AI-Driven Price Forecasts for the Next Six Months

Discover how weather and geopolitical events are impacting CBOT soybean prices, and learn what Vesper's price forecasts are predicting.

Early signs of trouble ahead in the global sugar market

The sugar market sees a price rise due to concerns over CS Brazil's 24/25 sugar output potentially falling short from early drought.

Weather shifts ahead: La Niña’s impact on the global sugar market in 2024

La Niña is now more than 80% likely in the second half of 2024, bringing weather shifts that could cut Central-South Brazil rainfall and hit sugar output.

Prices plunge in the sugar market, as supply concern fades

Sugar prices fell sharply last week, returning to January 2023 levels as supply concerns. Get detailed insights on price changes here.

Diverging production outputs from global sugar markets

Dubai & Datagro Conferences reveal a lower cane availability in CS Brazil, while India's pivotal export changes affect global sugar prices.

Global sugar prices: a temporary standstill or a prelude to change?

Global sugar prices staged a substantial recovery in January, driven by industrial buying, dry Brazilian weather, and lower 2024/25 output forecasts.

Palm Oil and Soybean Oil Prices: Latest Updates and Future Projections

Stay updated on palm oil and soybean oil prices, with insights from the latest MPOB report and impact of mineral oil price.

Adjusted Indian sugar production forecast for the 23/24 season due to better-than-expected January yields

Check out the latest sugar yields and their effect on India's sugar production forecasts - a narrowing gap in sugar production.

Vegetable oils, except palm oil, have weakened since the last report, influenced by the Red Sea crisis and a bumper soybean supply.

Vegetable oils other than palm have weakened on the Red Sea crisis and bumper soybean supply, while heavy Malaysian rain cut January palm oil output.