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DTN analysis says Malaysian palm oil futures fell to a new contract low of 2,010 ringgit, near 11-year lows, while holding above the 2015 low. July soybean oil also hit a contract low of 27.35 cents per pound as US soybean inventories built during the China trade dispute.
The analyst sees signs of a bottom in both markets.
Record US soybean oil stocks and weak prices are bearish, but healthy vegetable oil demand growth may limit further declines. Buyers should watch whether technical support holds.
dtnpf.comTodd HultmanMay 6, 2019Not 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.
