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Malaysian palm oil futures fell for a second session on March 31, 2022, to 5,862 ringgit a tonne, after crude oil dropped more than $5 on reports the US may release strategic reserves. Dalian soyoil rose 0.6% while CBOT soyoil fell 1.1%.
Lower crude oil weakens palm's attractiveness as biodiesel feedstock, pushing vegetable oil prices down. The move reflects energy-driven selling rather than a change in palm supply.
mettisglobal.newsMG NewsMar 31, 2022Not enough comparable past events yet for a historical read.
Not 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.
Crude fell more than $5 on March 31 on reports the US may release strategic reserves, a direct supply-side driver of the -11.56% five-day drop.
On March 31 palm fell for a second session to 5,862 ringgit as crude dropped over $5 on US strategic reserve release reports, which cut biodiesel-feedstock appeal and drove the end of the 5-day decline.
Palm fell for a second session on Mar 31 as crude slid over $5 on US strategic reserve reports, reducing biodiesel-linked support, and CBOT soyoil fell.
March 31 second straight palm decline on a crude drop of more than $5 on US reserve release reports, which lowered the biodiesel-feedstock premium and set up the April 1 selloff.
On March 31 palm futures fell for a second session as crude dropped more than $5 on reports of a US strategic reserve release, which cut biodiesel-linked demand and sentiment.
