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Malaysian palm oil futures settled higher for a fifth straight session on December 20. The gain followed Brazil's decision to raise its mandatory biodiesel blend from early next year, and Argentina's plan to hike export taxes on soybean oil and meal.
Indonesian October palm exports fell 31% year on year.
A higher Brazilian biodiesel mandate could reduce Brazil's soyoil exports, lifting palm demand. Argentina's export tax proposal also supports vegetable oil prices, while meal export taxes tighten soymeal supply.
brecorder.comReutersDec 20, 2023After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 172 past bullish policy events, Soybean Meal moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +1.7%), and -0.8% 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.
