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Malaysian crude palm oil futures fell to an eight-day low in the week ending December 2, dropping 4.4% on the week. The decline followed a sharp fall in CME soyoil after the planned US biofuel blending changes, and a stronger ringgit added pressure.
Weaker soyoil and a firmer ringgit reduce palm oil's price competitiveness and export values, which pressures palm oil quotes and related feed fats.
fastmarkets.comthe Fastmarkets teamDec 5, 2022After 400 past bearish policy events, Palm Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), and +0.2% over 20.
After 351 past bearish policy events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% 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.
