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The CPOPC palm oil producers' board, led by Indonesia and Malaysia, forecasts 2020 Indonesian crude palm oil output of 1-2 million tonnes below last year's 44 million tonnes. It expects Malaysian output to fall 4.3% to 19 million tonnes, with possible La Niña rains complicating harvesting.
Lower palm output from the two largest producers tightens vegetable oil supply, supporting palm oil prices and substitute oils such as soybean oil.
reuters.comJul 22, 2020reuters.comJul 22, 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.
