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Malaysia's palm oil exports fell 41.7% in the first month of its Movement Control Order, to 890,331 tonnes from 1.53 million tonnes a year earlier. China has also decided to draw 500,000 tonnes from its soybean reserves because Brazilian cargoes were delayed.
Malaysia is also deferring the next phase of its B20 biodiesel mandate.
Weaker export demand and deferred biodiesel mandates both reduce palm oil consumption, pressuring CPO prices. China's soybean reserve drawdown also cuts its near-term imports, which weighs on soybean prices.
themalaysianreserve.comDzul4 mei 2020Na 158 eerdere neerwaarts handel-gebeurtenissen bewoog Palmolie zich mediaan +0,0% over 5 sessies (51% hoger; middelste helft -1,3% tot +0,8%), en -1,4% over 20.
Na 803 eerdere neerwaarts handel-gebeurtenissen bewoog Sojabonen zich mediaan +0,0% over 5 sessies (51% hoger; middelste helft -1,7% tot +1,7%), en +0,9% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
Malaysian exports down 41.7% during lockdown, B20 biodiesel deferral and extra Chinese soybean reserve supply point to weak demand and lower palm prices (published 4 May, within the window).
Published 2020-05-04, it reports a 41.7% drop in Malaysian exports, a deferred B20 biodiesel phase and weak demand, all bearish for palm oil prices in the window.
