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Malaysian palm oil futures jumped 5% to a two-week high of 4,093 ringgit per tonne. Dry weather in US and Canadian crop areas and lower crop expectations in South America fueled concerns about global edible oil supply.
USDA data showed US soybean planting at 84%, behind expectations.
Weather-related crop concerns and slow US soybean planting tighten global vegetable oil supply, supporting palm oil and soyoil prices. Traders should watch crop conditions in the US and South America.
brecorder.comReutersJun 2, 2021After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
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.
