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Malaysian palm oil futures closed at their highest in more than a week on Wednesday, rising for a third session with rival edible oils. Malaysian palm exports for Aug.
1-15 fell 20.2% from the previous month, and reports suggested China planned a 2 million tonne soyoil restocking program.
Possible Chinese soyoil restocking would lift demand for vegetable oils, supporting palm and soy oil prices. Weaker exports and a firmer ringgit limit the upside.
brecorder.comReutersAug 19, 2020After 133 past bullish trade events, Palm Oil moved a median +0.7% over 5 sessions (64% higher; middle half -0.8% to +2.3%), and +1.7% over 20.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), 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.
