Loading…
Malaysian palm oil futures rose more than 3% to 2,818 ringgit, their highest close since September 28. The gain tracked stronger CBOT soyoil and a rebound in crude oil.
Forecasts of lower output from heavy La Nina rains also supported the market.
Higher soyoil prices and expected lower palm output from La Nina rains tighten vegetable oil supply, lifting palm and soyoil prices. Fitch notes that rain could boost 2021 yields but could cause flooding that supports prices in the near term.
brecorder.comReutersOct 6, 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.
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.
