US: Soybean and palm oil prices continue to increase despite lower oil prices

Against the backdrop of an increase in the US Fed's interest rate to 5-5.25% and in anticipation of a recession in the US economy, traders are unwilling to invest in stocks and oil futures, as a result of which oil prices fell another 4-4.4% after the previous decline by 5-5.6%. At the same time, traders stepped up speculative purchases of soybean and palm oil, hoping for increased imports by China and India. Yesterday, July Brent oil futures on the London ICE exchange fell another 4% to $72.4/barrel (-9.3% in two days), and WTI oil on the New York exchange fell by 4. 4% to $68.5/barrel (-10% in two days) as traders do not expect an increase in demand in the near future. July palm oil futures on Bursa Malaysia rose 0.26% to 3,430 ringgit/t or $771/t yesterday. July soybean futures on the Chicago Mercantile Exchange rose 1.5% to $1,159/t yesterday, as traders invested more actively in agricultural assets than in oil, which continues to fall in price. Under the pressure of low ...