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Malaysian palm oil futures rose on flood-related supply concerns in peninsular Malaysia and a higher Indonesian export tax and levy for December. Indonesia raised its CPO reference price to $1,071.67 per ton, lifting the export tax to $178 per ton from $124.
Expected declines in November exports partly capped gains.
Floods and Indonesian export tax increases both raise the effective cost of palm oil supply, supporting vegetable oil prices and feed fat costs.
brecorder.comReutersDec 3, 2024After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% over 20.
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.
