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Vegetable oil prices are falling as buyers shift to cheaper oils or new-crop contracts, reducing demand for expensive oils. Chicago July soybean oil futures fell from 1,500 to 1,450 per tonne, and sunflower oil prices are declining on weaker demand from India and China.
Soybean planting in the United States is accelerating.
Weaker demand and expanding US soybean planting weigh on soybean oil and palm oil prices, though a Malaysian quarantine in June could limit palm output and partly offset the downside.
graintrade.com.uaMay 31, 2021Not 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.
Weak vegetable oil demand as buyers shift to cheaper oils or new-crop contracts, with soybean oil futures falling, pressured palm oil in sympathy on the same day.
Dated 2021-05-31, it reports weak demand as buyers shift to cheaper oils or new-crop contracts and soybean oil futures fell, a demand and sentiment drag on palm oil ahead of the 1 June drop.
