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Indonesia's palm oil output is forecast to rise in 2017 to 33-35m tonnes after a weak 2016 harvest, helped by better weather and expanded acreage. Officials warn that higher output could push prices down and have called for more domestic consumption.
Higher Indonesian supply from the second half of 2017 is bearish for palm oil prices and may weigh on related vegetable oil markets.
oxfordbusinessgroup.comOBG AdminMay 21, 2017After 29 past bearish weather events, Palm Oil moved a median -0.3% over 5 sessions (38% higher; middle half -2.2% to +0.6%), and -1.4% over 20.
After 49 past bearish weather events, Soybean Oil moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), and -0.3% 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.
