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Analysts at a Kuala Lumpur conference forecast that a rebound in Southeast Asian palm oil output will push prices lower in the second half of the year. Bursa Malaysia crude palm oil futures fell to their lowest since early November, with the main contract hitting 2,821 ringgit a tonne.
Three industry analysts expect prices to decline by year-end or early 2018, with Mistry projecting a fall to about 2,500 ringgit by June-July.
Rising output from Indonesia and Malaysia alongside slowing Indian and Chinese demand points to softer vegetable oil prices, which weighs on palm oil and competing soybean oil values used in feed fat blends.
jakartaglobe.idNaveen Thukral, Emily ChowMar 9, 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.
