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Malaysian palm oil futures fell 0.26% to 2,649 ringgit per tonne as rival soyoil dropped. The Council of Palm Oil Producing Countries said a possible La Nina could bring wetter weather to Indonesia and Malaysia, and forecast 2020 Indonesian output 1-2 million tonnes below last year.
Malaysian output is expected to fall 4.3%.
Forecast production declines from La Nina-linked rains support palm prices even as short-term trading follows soyoil lower.
brecorder.comReutersJul 23, 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 49 past bearish weather events, Soybean Oil moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), 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.
