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LMC International analyst Julian McGill forecasts crude palm oil at US$590 per tonne CIF Rotterdam by year end, supported by free-market biodiesel demand. He expects soyoil to fall to US$700 per tonne, citing the US-China trade war and biofuel waivers that cut US biodiesel demand.
Palm prices are at two-month lows on rising production and stocks.
Expected weakness in soyoil and rising palm stocks point to softer vegetable oil prices, while biodiesel demand provides some support for palm.
theborneopost.comSep 28, 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.
LMC's $590/t year-end CPO forecast and soyoil downside, with palm at two-month lows on rising production and stocks, weigh on sentiment.
