A sharp speculative increase in quotations for palm and soybean oil continues on the global stock exchanges

A speculative rally in the soybean complex on the Chicago Stock Exchange, fueled by forecasts of hot and dry weather in the US soybean-growing regions in June, weighed on nearby canola and palm oil markets, which also started to rally. Last week on the Chicago Stock Exchange, the number of November soybean contracts increased by 11%, and November soybean futures rose 3.8% to $493.2/t (+11.4% for the week) on Friday. while July soybean oil futures rose 4.5% to $1,288/t (+7.3% for the week). Monday's US crop status report will weigh on quotes, which remain under pressure from speculative demand. August palm oil futures on Malaysia's Bursa exchange rose for four straight sessions amid flooding in the country and a heatwave in the US, rising 6.3% on Friday to their highest since May 10 at 3,743 ringgit/t, or 811 $/t, adding 11.2% of the price for the week. In Malaysia's largest commodity-producing state, Sabah, palm plantations are experiencing water stress amid the first signs of El ...