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Malaysian palm oil futures fell on October 8, 2024, with the December contract down 1.66% to 4,272 ringgit after profit-taking. Chicago soyoil dropped 2.2% and crude oil also declined.
Oil World estimated 2024/25 global palm output would rise by 2.3 million tons.
Projected higher global palm output in 2024/25 adds bearish supply pressure, while weaker crude removes biodiesel support. Together these point to softer vegetable oil prices in the near term.
brecorder.comReutersOct 8, 2024Not 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.
