# Palm oil extends losses on weaker US soybean oil - Markets - Business Recorder

> 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.

- Date: 2023-07-27 · published 2023-07-27T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/10707-palm-oil-extends-losses-on-weaker-us-soybean-oil-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

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.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40254859

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.