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Malaysian palm oil futures rose 3.39% to 3,390 ringgit per tonne on June 2, 2023, their highest daily gain in nearly a month, though the week still showed a 5% decline. Rival oils firmed, and El Niño concerns over hot, dry Asian weather and American drought supported buying interest.
El Niño-related dryness threatening Asian crops and US drought support vegetable oil and feed grain prices. The rebound partly reverses the week's losses, though the weekly trend remains lower.
brecorder.comReutersJun 2, 2023After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% over 20.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% 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.
