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Global vegetable oil output is expected to hit a record in 2023/24, while sunflower oil output may fall about 10,000 tonnes to 20.8 million tonnes. EU sunflower seed production is raised by the European Commission to 10.8 million tonnes, and June vegetable oil prices fell 2.4% month on month.
Abundant palm and sunflower oil supply is pressuring vegetable oil prices, although Ukrainian sunflower output may be lower as farmers shift to soybeans. The net effect is mildly bearish for sunflower oil with supply tightness possible in Ukraine.
tridge.comNur HameedJul 21, 2023After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% 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.
