# Palm oil gains on overnight Chicago soy strength - Markets - Business Recorder

> Malaysian palm oil futures rose 0.3% on February 4 to 3,237 ringgit a tonne, tracking overnight gains in Chicago soyoil ahead of a USDA report. Traders noted that poor demand limited sustainability of the gains.

- Date: 2021-02-04 · published 2021-02-04T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/48728-palm-oil-gains-on-overnight-chicago-soy-strength-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Palm prices follow soyoil in the competing vegetable oil complex, so moves in CBOT soyoil transmit into palm and feed fat costs.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40059936

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.