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Palm and soybean oil prices rose as crude oil gained about 2.5% during the week. Bursa Malaysia April palm oil futures climbed 1.58% to $824 per tonne, and Malaysian palm product exports fell 11.8-14.3% in February 1-25 according to surveyors.
Energy-driven gains lifted vegetable oils despite weaker export flows, so higher crude and falling Malaysian exports together point to firm palm and soyoil prices.
commodity-board.comElizabeth GilbertFeb 29, 2024commodity-board.comElizabeth GilbertFeb 27, 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.
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.
Crude oil strength lifted palm and soyoil futures on 2024-02-29, just before the 2024-03-01 move, via biodiesel/energy-linked demand and substitution, though weak February exports are a partial offset.
