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Malaysian palm oil futures fell for a second day, with the February contract down 1.79% to 4,005 ringgit a tonne and set for a weekly loss. A strengthening ringgit and weaker rival oilseeds pressured prices.
US soyoil also fell after the EPA proposed smaller-than-expected biofuel blending requirements.
A stronger ringgit makes palm oil more expensive for foreign buyers, and weaker soyoil reduces competing vegetable oil demand. Both factors point to lower prices for palm and soy oil used in feed formulations.
brecorder.comReutersDec 2, 2022Not 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.
