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Malaysian palm oil futures closed lower on Monday, with the July contract down 31 ringgit to 3,617 ringgit per tonne. Traders cited rising Indonesian output, weak demand after Indonesia cut its export tax, and weaker crude, soyoil and Chicago soybean prices.
Higher palm output and a cheaper Indonesian export tax add supply pressure that pulls palm and related vegetable oil prices lower. Forecasts of record US soybean and corn crops point to further weakness in those grains.
brecorder.comReutersMay 15, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
On May 15 palm oil fell on rising Indonesian output and weak demand, and weaker soyoil and crude weighed on vegoils, so the pressure carried across competing oils.
