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Malaysian palm oil futures fell 0.73% on December 29 in line with weaker rival soyoil. Traders expected talks between Argentina's soy processors and striking oilseed workers to restore supply.
The market was also awaiting Malaysian production and export data.
A resolution of the Argentine strike would restore soymeal and soyoil exports, easing competition for vegetable oils and pressuring palm prices. The effect is a near-term shift in sentiment rather than a change in fundamentals.
brecorder.comReutersDec 29, 2020After 24 past logistics events, Palm Oil moved a median -0.1% over 5 sessions (46% higher; middle half -1.0% to +2.7%), and +1.3% over 20.
After 13 past bearish logistics events, Soybean Oil moved a median +0.2% over 5 sessions (54% higher; middle half -1.3% to +3.0%), and +0.3% 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.
