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Oil World executive director Thomas Mielke said record vegetable oil prices are near their peak and likely to fall for the rest of 2021. He attributed the doubling of prices over the past year to a global production deficit, low stocks, and biofuel consumption.
Expected falling veg oil prices reduce the cost of fats used in feed rations, though tight palm supply and biodiesel demand limit the downside.
ofimagazine.comQuartz Business MediaMar 25, 2021After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% over 20.
After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
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.
Oil World's call that record vegetable oil prices are near a peak and will fall prompted sentiment shift and profit-taking.
Oil World's call that vegoil prices are near a peak encouraged profit-taking after a roughly 30%+ rally.
