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Fitch raised its 2021 palm oil price forecast to MYR3,400 per tonne from MYR3,050, citing high demand, lower output and elevated oilseed prices. It expects a softer 2022 outlook and warns that Indian lockdowns could cut demand.
A higher price forecast signals firm vegetable oil costs for feed buyers through 2021, while the bearish 2022 view points to possible easing later.
businesstoday.com.myApr 29, 2021After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% 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.
