"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.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange slid 31 ringgit, or 0.83%, to 3,693 ringgit ($921.41) a tonne during early trade.
