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Malaysian palm oil futures reversed early losses on Wednesday, closing up 1.51% at 2,683 ringgit a tonne. The Indonesian Palm Oil Association reported that Indonesian crude palm oil output fell 8.9% to 23.5 million tonnes in January-June, due to drier weather and lower demand.
A sharp drop in Indonesian output, the world's largest palm producer, tightens global vegetable oil supply and supports prices.
brecorder.comReutersAug 12, 2020After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), 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.
