MP Evans’ FY25 crop production update confirms that it has enjoyed a good year supported by strengthening pricing. The FY25 average mill gate price of US$866 is 5% higher than last year and 1.9% ahead of our November forecast, though offsetting this was a 3% decline in CPO production to 360,800 tonnes, which was 5.7% lower than we had expected. MP Evans continues to actively reduce the amount of purchased FFB to focus on its own, high-margin crop. Palm kernel pricing was also higher than we had ....
