MARC Ratings forecasts a slightly positive palm oil price trend into 2024, with futures projected between RM3,700 and RM4,100 per ton. The outlook cites seasonal production, hotter weather, and growing biofuel demand, while noting sunflower oil prices had recovered from selling pressure.
Forecast firmness in palm oil and biofuel-driven demand supports palm and soybean oil prices, while sunflower oil recovery may cap upside.
After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% 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.