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Malaysian palm oil futures fell for a fourth straight session to their lowest in nearly a year, down 2.8% after a 10% intraday drop. Recession fears, Indonesia's raised export quota, and weaker Dalian edible oil and crude futures drove the decline.
Indonesia's larger export quota and rising stocks add supply while weaker crude and recession fears reduce demand for palm as a biodiesel and food oil. Lower vegetable oil prices ease feed costs but signal soft demand across commodities.
brecorder.comReutersJul 6, 2022After 400 past bearish policy events, PALMOIL moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), and +0.2% 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.
Fourth straight decline to a one-year low on recession fears, Indonesia's raised export quota and weaker Dalian and crude futures.
Fourth straight losing session to a one-year low, attributed to recession fears, larger Indonesian export quota and weak Dalian oils and crude.
