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Malaysian palm oil futures fell about 4% on Thursday to 5,943 ringgit per tonne, erasing part of a roughly 10% gain from the prior three sessions. The drop followed weaker crude oil prices, which made palm less attractive as a biodiesel feedstock.
Soyoil on the Chicago Board of Trade also fell 1.26%.
Palm oil competes with other vegetable oils and tracks crude because of its biodiesel demand, so weaker crude pressures palm and soyoil prices. For feed buyers, lower vegetable oil prices can ease costs for oil-based feed ingredients.
brecorder.comReutersMar 25, 2022Not 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.
Palm fell about 4% on March 24 to 5,943 ringgit, erasing part of the prior rally as weaker crude and soyoil reduced palm's biodiesel appeal; this falls inside the 5-day window.
