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USDA raised its 2023/24 global sunflower oil production forecast to 22.03 million tonnes from 21.65 million, with Ukraine, Argentina and Russia all revised up. Export and import forecasts also rose, with India's imports up 500,000 tonnes to 2.7 million.
Higher global sunflower oil supply and import demand from India offset each other, leaving a mixed but mildly bearish effect on vegetable oil prices.
tridge.comNur HameedOct 26, 2023After 114 past neutral report events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.7% to +1.4%), and +0.5% over 20.
After 66 past neutral report events, Palm Oil moved a median +0.2% over 5 sessions (58% higher; middle half -0.4% to +2.0%), and +2.2% 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.
