Malaysia consumer: Pulse check – September 2026

Commodity prices broadly cooled in September, which should be neutral to slightly positive for the margins of F&B and consumer product companies. Cocoa and coffee prices declined 17% and 15% m-m respectively on an improved near-term supply outlook; wheat, crude palm oil and sugar fell 9%, 4% and 3%, while egg prices rose on higher feed costs. Crude oil rose 14% m-m on renewed escalation of the West Asia conflict and soybean meal rose 5%; whole milk powder and corn were flat m-m. The sharp decline in coffee prices coupled with lower sugar prices is positive for coffee suppliers and café operators; higher soybean meal should be offset by higher egg prices and be neutral to slightly positive for egg producers such as QL Resources;