Palm Oil Faces Headwinds of Increasing Inventories

Crude palm oil prices are consolidating Thursday after pushing below weekly support levels as a strong recovery in Malaysia’s crude palm oil production in March and April, are weighing on price action. Forecasts for output in the No.2 grower are expected to surge 18 percent in March from a month ago to 1.32 million tonnes which would be  its first rise since August. The pick up in output is expected to overtake…