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Malaysian palm oil futures rose on Friday after two sessions of declines, tracking stronger U.S. soyoil prices on the Chicago Board of Trade. The benchmark November contract gained 0.5% to 2,229 ringgit a tonne, though it was down 0.4% for the week.
Malaysian Palm Oil Association data showed August 1-20 output up 13.8%, above expectations of under 10%.
Palm oil competes with soyoil in the vegoils market, so firmer soyoil supports palm prices, but a larger-than-expected Malaysian output rise is bearish and limits gains.
yahoo.comReutersAug 24, 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.
