# Palm falls on profit-taking, weaker Chicago soyoil, crude oil - Markets - Business Recorder

> 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.

- Date: 2024-10-08 · published 2024-10-08T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/7768-palm-falls-on-profit-taking-weaker-chicago-soyoil-crude-oil-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- PALMOIL: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40326076

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.