Loading…
Malaysian palm oil futures reached a new all-time high on September 30 as Chinese buyers rushed to book shipments. Chinese soybean crushers had slowed or suspended operations due to power outages, with an estimated loss of 160,000 to 180,000 tonnes of soy oil in September-October.
Chinese restocking ahead of Golden Week and the loss of domestic soy oil output push buyers toward palm oil, lifting prices. Reduced crushing also cuts meal output, which is supportive for soybean meal.
spglobal.comAditya KondalamahantySep 30, 2021After 15 past bullish logistics events, Palm Oil moved a median -0.1% over 5 sessions (47% higher; middle half -2.4% to +3.9%), and +0.5% over 20.
After 85 past bullish logistics events, Soybean Oil moved a median +0.7% over 5 sessions (64% higher; middle half -1.3% to +2.7%), and +3.1% over 20.
After 167 past bullish logistics events, Soybean Meal moved a median +0.5% over 5 sessions (54% higher; middle half -1.8% to +2.9%), and -1.2% 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.
Malaysian palm futures hit an all-time high on Sept 30 as Chinese buyers rushed to book cargoes to offset soy oil lost to power-outage crusher shutdowns, a direct demand and substitution driver within the window.
