Institutional data show that Malaysia's crude palm oil production and exports both posted notable month-on-month increases over June 125, putting near-term pressure on the supply side. Last week, 45 new palm oil purchase vessels were added, along with two washout vessels for profit-taking, while domestic basis levels are moving toward normalization. The market generally expects convergence between palm oil futures and spot prices. Domestic palm oil demand remains largely for essential needs, and overall CNF backwardation persists, so the domestic spot basis is expected to fluctuate within a range.