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Malaysian palm oil futures fell about 2% on Tuesday after two sessions of gains, with the July contract down to 3,834 ringgit per ton. Expectations of weaker Malaysian exports and a drop in Chicago soyoil prices pressured the market, while Israel-Hamas ceasefire talks eased crude.
Lower expected exports and weaker soyoil point to softer vegetable oil prices. Weaker crude also reduces palm's appeal as biodiesel feedstock.
ukragroconsult.comMay 1, 2024Not 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.
Dated on the move day, it reports palm futures falling on expectations of weaker Malaysian exports and lower Chicago soyoil, a direct demand and sentiment driver, though the stated drop (~2%) is smaller than the -7.34% move.
Reports the roughly 2% fall on Tuesday April 30 on expectations of weak Malaysian exports and lower Chicago soyoil, with crude easing on ceasefire talks, which are the immediate demand and input-cost drivers.
