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Malaysian palm oil futures fell more than 1% on August 27, tracking weaker Dalian and Chicago soyoil, but still logged a 1.5% weekly gain on concerns about tight global edible oil supplies. Indonesia raised its September export tax to $166 per tonne from $93, a move widely expected.
The EPA has reportedly recommended retroactively lowering 2020 biofuel blending mandates.
Soyoil weakness and profit-taking pressured palm prices, while tight global edible oil supply and the possible US biofuel mandate change provide offsetting support. The net price signal is mixed.
brecorder.comReutersAug 27, 2021Not 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.
