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Malaysian palm oil futures fell 3.98% to 3,405 ringgit per tonne on May 30, 2023, their largest daily drop since May 16. The decline followed weakness in rival edible oils and oversupply worries.
Dalian soyoil and palm contracts and Chicago soyoil also fell.
Losses in rival edible oils and oversupply concerns weigh on vegetable oil prices, reducing the value of palm and soy oil as feed fat ingredients. The drop signals continued bearish sentiment in the oilseed complex.
brecorder.comReutersMay 30, 2023brecorder.comReutersMay 30, 2023Not 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.
The 3.98% drop on May 30 on rival oil weakness and oversupply worries began the downward momentum that carried into the following sessions.
The prior day's 4% drop on rival oil weakness and oversupply worries set up downward momentum into May 31.
