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December soybean oil closed up 0.46 cent last week at 29.02 cents per pound, just above its 100-day average for the first time since April. Malaysian October palm oil rose 95 ringgits to 2,067 ringgits per ton after nearing 10-year lows.
A potential double bottom and bullish weekly momentum suggest vegetable oil prices may be turning higher, though USDA expects world palm oil output to rise 3% in 2019-20.
dtnpf.comTodd HultmanJul 29, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
