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Malaysian palm oil futures climbed to their highest since February 2011, with the March contract up 3.44% to 3,724 ringgit a tonne. The rise followed a strike by grain inspectors in Argentina and dry weather in South America that lifted soyoil.
Floods in Indonesia and Malaysia were also flagged as a possible supply risk.
Argentine disruption and South American dryness tighten soyoil and soybean supply, and palm oil follows as a substitute, raising vegetable oil and feed fat prices.
brecorder.comReutersJan 4, 2021After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% 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.
Reports the 3.44% Jan 4 gain, driven by soyoil strength from the Argentine inspector strike and South American dryness, plus flood-related supply risk in Malaysia and Indonesia.
Futures jumped 3.44% on Jan 4 as the Argentine inspector strike and South American dryness lifted soyoil and flood risk added supply concern.
