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Chinese soybean oil fell 2.69% and palm oil fell 3.16% in a single day on August 18 after a sharp prior rally. Soybean oil had risen more than 6% over two weeks, supported by a bullish USDA report and strength in Malaysian palm oil.
The one-day drop reflects profit taking after a rally, and soyoil's weaker performance relative to palm oil points to pressure from inventories. Price direction will depend on the next USDA and Malaysian palm data.
sunsirs.comAug 19, 2021Not 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.
