Palm oil futures in Malaysia fell to a one-month low on Thursday

RBD Palm Oil

Malaysia

Published Mar 18, 2023

Original content

Following a 12% drop in oil prices since Monday, Malaysian palm oil futures fell to a one-month low yesterday amid a possible US banking crisis, despite a boost in exports. June palm oil futures on Bursa Malaysia yesterday fell 0.8% to their lowest level since February 15 at 3,935 ringgit/t or $875/t, losing 6.9% for the week and 10.6 for the two weeks %. The day before, quotations for soybean oil fell by 2.8%, and for palm oil - by 1.1%, on the Chinese stock exchange in Dalian. Experts believe that the reason for the sharp drop in quotations is the crisis in the banking industry, which has affected the broad financial markets. Macroeconomic forecasts have turned sharply negative, despite the still solid fundamental indicators. In addition, there remains uncertainty regarding weather conditions due to the El Niño phenomenon. According to surveyors, Malaysia increased its palm oil exports by 55-72% for March 1-15 compared to the same period in February, as India steps up purchases ...

Source: Graintrade

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