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Malaysian palm oil futures rose 8.82% on July 29 to 4,306 ringgit per tonne, their highest in over three weeks, and posted a second weekly gain. The gain followed stronger soyoil, short covering, and US Midwest heat forecasts, while palm lost 12.3% in July as Indonesia scrapped its export levy until August 31.
Palm oil's rebound on soyoil strength and weather-driven soy concerns supports vegetable oil prices, though Indonesian export supply remains a drag.
brecorder.comReutersJul 29, 2022Not enough comparable past events yet for a historical read.
Not 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.
