# Palm set for weekly loss amid strong ringgit, weak rival oils - Markets - Business Recorder

> 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.

- Date: 2022-12-02 · published 2022-12-02T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/9752-palm-set-for-weekly-loss-amid-strong-ringgit-weak-rival-oils-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

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.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40212158

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