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Malaysian palm oil futures fell for a second session on July 26, 2023, with the October contract down 3 ringgit to 4,063 ringgit per tonne. Weaker Chicago soyoil, a firmer ringgit and a lack of fresh buying from destinations pressured prices.
Dalian soyoil and palm contracts rose during the same session.
Palm oil competes with soyoil in the global vegetable oil market, so weakness in CBOT soyoil and a stronger ringgit that raises the cost to foreign buyers both pressure palm prices lower.
brecorder.comReutersJul 27, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
