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Industry analyst Julian McGill of LMC International forecast crude palm oil at $590 per tonne CIF Rotterdam by year-end, supported by free-market biodiesel demand. He expects soybean oil to fall to $700 per tonne CIF Rotterdam by year-end, assuming crude oil at $80 a barrel.
He cited the US-China trade war and biofuel waivers for cutting US biodiesel demand and soybean prices.
Biodiesel demand is the main support for palm oil, while soybean oil faces downward pressure from trade and waiver effects. The forecast implies a firmer palm oil outlook relative to soyoil, with prices tied to crude oil.
reuters.comEmily Chow, Rajendra JadhavSep 27, 2018Not 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.
