The night session's decline narrowed substantially from yesterday's day-session drop of 2.91%, but palm oil remains the weakest of the three major oils, mainly because weaker crude oil undermines the substitution value of biodiesel, compounded by spillover from the decline in BMD Malaysian palm futures. On fundamentals, the bearish overhang of Malaysia's September stocks at a historic high of 3.51 million tonnes remains unresolved, but SPPOMA data show production in October may have inflected, with output down 3.5% month-on-month over October 125, a preliminary realization of seasonal production cuts. The El Nio index has risen to 3.4C, and NOAA assesses the probability of a strong El Nio persisting through Q1 2027 at over 90%; riverbeds in West Kalimantan, Indonesia, are drying up and disrupting transport, with the rainy season possibly delayed until November.