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The Indonesian Oil Palm Research Institute forecast 2016 palm oil production at 34.71 million tonnes, down 2.26% from 35.51 million tonnes in 2015. The decline is attributed to dry conditions linked to the El Nino weather pattern.
A smaller 2016 crop from the world's largest palm oil producer tightens global vegetable oil supply. This supports palm oil prices and the broader oilseed complex.
reuters.comDec 19, 2016After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% 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.
