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Malaysian palm oil futures hit a near 10-month high on Wednesday, gaining 1.95% to 3,130 ringgit a tonne. Traders expect October stockpiles and output to have fallen, as COVID-19 restrictions and labour shortages hampered harvesting.
La Nina rains in Southeast Asia have also squeezed supply.
Expected stock drawdowns and lower output tighten palm supply, supporting vegetable oil prices and feed fat costs. La Nina weather is likely to persist into early 2021.
brecorder.comReutersNov 4, 2020After 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.
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.
