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Aveno's biweekly update says palm oil futures sank below 4,000 ringgit per ton to their lowest in over a month as seasonal output rose. Soybean oil weakened considerably with funds holding record shorts, while rapeseed oil gained on poor EU weather and biodiesel demand.
Seasonal palm supply growth and a weak soyoil complex point to lower vegetable oil prices, while rapeseed strength reflects tighter European supply. Buyers of oil-based feed inputs should note the divergence across oils.
aveno.beAvenoApr 29, 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.
Aveno's update dated Apr 29 says soybean oil weakened considerably with funds at record shorts while palm oil sank, pointing to fund-driven selling and weak rival oils.
It describes palm futures breaking below 4,000 ringgit on rising seasonal output and record fund shorts in soyoil, which set up the supply-driven selling pressure heading into May 1.
Notes seasonal output rising and weak soyoil with record fund shorts, which pressured palm below 4,000 ringgit and set a bearish backdrop.
