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Malaysian palm oil futures tumbled 10% on Wednesday to a near one-year low. The fall was driven by fears of rising stockpiles and a commodity sell-off on concerns that demand may weaken in a possible global recession.
Sliding palm prices lower the cost of vegetable oil for feed blenders, but the drop reflects weak demand and high stocks rather than a supply shock. Buyers may see further downside while inventories remain elevated.
reuters.comRajendra JadhavJul 6, 2022Not 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.
A 10% single-day plunge to a near one-year low on stockpile fears and recession-driven commodity selloff directly accounts for much of the 5-day drop.
10% one-day plunge on stockpile fears and a commodity sell-off on global recession demand concerns.
