Palm gains on soyoil strength at Dalian and Chicago

Published 2025년 1월 14일

Tridge summary

Malaysian palm oil futures experienced a surge on Monday, with the benchmark contract for March delivery on the Bursa Malaysia Derivatives Exchange increasing by 2.12% to 4,484 ringgit a metric ton. This rise is linked to the strength in soyoil markets in Dalian and Chicago. The US Department of Agriculture's bullish crop reports have led to an uptick in soybean production, making US soybeans more affordable and potentially cutting into palm oil's market share. Despite this, the weakening of the Malaysian ringgit against the US dollar has made palm oil cheaper for international buyers, which could mitigate some of the pressure on the commodity.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil futures extended gains on Monday, tracking strength in rival soyoil on Dalian and Chicago markets. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 93 ringgit, or 2.12%, to 4,484 ringgit ($994.90) a metric ton by the midday break. “Today’s market is tracking external performance of Dalian and Chicago soyoil,” a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract rose 2.44%, while its palm oil contract added 2.43%. Soyoil prices on the Chicago Board of Trade were up 1.1%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. China’s soybean oil and meal futures logged their biggest daily rise since 2023 on Monday, while rapeseed meal and palm oil contracts also jumped, following a rally in the Chicago soy complex after the release of bullish USDA crop reports. The US Department of Agriculture (USDA) last Friday projected ...

Source: UkrAgroConsult