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The European Parliament's environment committee adopted a report by 56 votes to 1 calling on the EU to halt palm oil-driven deforestation. The report urges a phase-out of palm oil in biodiesel by 2020 and a single certification system for imports.
It notes that 45% of EU palm oil imports go to biofuels.
A committee position is not yet law, but a phase-out of palm oil in EU biofuels would cut a major source of demand and weigh on palm oil prices. Substitution toward rapeseed and soy oil could support those vegetable oils.
agenceurope.euMar 8, 2017After 400 past bearish policy events, Palm Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), and +0.2% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% 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.
