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Malaysian benchmark palm oil futures fell about 3% to their lowest since October 2022 on May 31, 2023, with the August contract at MR3,281/mt. Dalian palm and soyoil contracts also dropped sharply.
Analysts blamed weaker crude oil, Black Sea sunflower oil weakness and soybean oil pressure.
Broad vegetable oil weakness lowers the cost of palm and soy oil inputs, feeding into cheaper oilmeal and feed fat alternatives for buyers. Bearish momentum across the oilseed complex points to continued softness in near-term prices.
spglobal.comMay 31, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
Explains the May 31 slide to an 8-month low through weaker crude oil, Black Sea sunflower oil and soyoil pressure (substitute-oil and input-cost sentiment).
The vegetable oils sell-off, with weaker crude oil, sunflower oil and soyoil, pushed palm to an 8-month low on May 31 and added substitution and sentiment pressure.
