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Malaysian palm oil futures opened lower on Wednesday, the June contract on Bursa Malaysia falling 1.76% to 3,509 ringgit per tonne after a 4.6% drop the previous day. Losses in rival oils weighed, and traders awaited US soy planting reports and Malaysia's monthly export and production data.
Palm trades alongside soyoil and other vegetable oils, so a broad vegetable oil sell-off pressures palm prices and feed-related oilseed co-products sentiment. Tracking rival oil weakness suggests near-term downside unless export and output data surprise.
brecorder.comReutersMar 31, 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.
Palm opened sharply lower on 31 March after a 4.6% drop the day before, with losses in rival oils and pending export/output data driving position reductions.
