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Malaysian palm oil futures fell nearly 7% early on Monday to 3,480 ringgit per tonne, extending losses to a third session. The drop followed weakness in rival edible oils amid recession fears and a leading analyst's forecast of a more than 30% fall by year-end.
Weakness in rival oils and a bearish outlook reinforce downward pressure on palm oil prices, lowering costs for vegetable oil ingredients used in feed.
brecorder.comReutersSep 26, 2022Not 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.
Palm oil fell nearly 7% on the same Monday on recession fears and weak rival oils; palm is the main substitute vegetable oil, so the weakness spilled over to soybean oil.
Palm fell nearly 7% on Sept 26 on weak rival oils, recession fears and a bearish analyst forecast, contributing to the same selloff.
