# Palm rises for second straight week - Markets - Business Recorder

> 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.

- Date: 2022-07-29 · published 2022-07-29T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/40580-palm-rises-for-second-straight-week-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Palm oil's rebound on soyoil strength and weather-driven soy concerns supports vegetable oil prices, though Indonesian export supply remains a drag.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- PALMOIL: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40189038

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.