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Malaysian crude palm oil for August delivery closed 9.7% lower on May 31 to a contract low, the weakest since January 2021. The benchmark has now posted a third consecutive monthly loss, with spillover weakness reported in soybean oil.
Sustained palm oil weakness to multi-year lows signals ample vegetable oil supply, pressuring oilseed and oil prices globally.
dtnpf.comCliff JamiesonMay 31, 2023Not 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.
Reports the August contract closing sharply lower at a contract low on May 31 with spillover weakness in soybean oil, matching the size of the move.
