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Palm oil futures rose toward $534 per tonne on concerns over an extended Malaysian plantation work ban tied to COVID-19. Soybean oil in Argentina climbed to $595 per tonne FOB, and US soybean oil reached a one-month high, while South American soybean crop forecasts were cut by drought.
Lower South American soybean and palm output estimates, along with the Malaysian labor restrictions, tighten vegetable oil supplies and support vegetable oil prices, though the article notes actual demand is weakening.
graintrade.com.uaApr 8, 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.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% 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.
