"Malaysia CPO reference prices is up for 10 straight months and Indonesia is likely to follow suit when it announces its April CPO export tax," Varqa added.
The ringgit -- palm's currency of trade -- fell 0.3% against the dollar on Wednesday, making the commodity cheaper for holders of other currencies. It has lost nearly 3% of its value so far this year.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 37 ringgit, or 1.02%, at 3,679 ringgit ($908.62) a tonne.
CGS-CIMB pegged crude palm oil output at 1.13 million tonnes, little changed from the previous month.